Well, the numbers are in, and I'm officially "priced out forever" in my hope of owning a house in the Fraser Valley. Obviously, houses are going to continue increasing in value until the end of the world and I've missed the opportunity to own one. Well, I could get a 40 year mortgage and rent out every room in the house to boarders . . . . hmmmmm . . . . or maybe I should give up blogging and start flipping 'luxury' condominiums in Whalley for quick profits.
Sputter, sputter, cough, cough, okay, I have my tongue out of my cheek now!
Fraser Valley Real Estate Board statistics are out for the month ending April 30th, 2007. Sales are down 5% YOY and active listing are up 51% over last year. Active listings are at the highest level in 2.5 years.
Prices are up - a lot. Median detached is $480,000, attached is $312,500 and apartments are $210,000. Those Whalley condos are hot, hot, hot.
The house price index is up 2.2% MOM, 4.4% QOQ, and 14.4% YOY.
Months of inventory increased to 4.4 and the trend is up, up, up. Which means prices will go down, down, down. If this trend continues, the months of inventory will be over 10 by the end of the year. Choices galore.
The belief that these prices will hold is so prevalent now among most people I talk to and for some reason most people believe its a good thing. Contrarian psychological analysis would lead me to believe that we are very near the top of this market.