Median Prices in May:
Detached - $473,000
Attached - $315,000
Apartment - $210,000
Monday, June 04, 2007
May 2007 FVREB Statistics
May statistics were released today by the Fraser Valley Real Estate Board on their spiffy new website. Not surprisingly, sales were down from last year (-4%), inventory was up (+52%) and prices were up. I am a little surprised by the strength in sales but a little surprised by the inventory number as well - its more than I expected. I expected a small decline in Months of Inventory in May and it fell from 4.4 in April to 3.9 in May. The MOI number is much higher than the last two years for which I have statistics and is poised to head much higher throughout the rest of this year if the trend in sales and listings holds.
I really like the graphs the FVREB includes - definitely indicates some weakness this year compared to the past two.
ReplyDeleteThat said, I have no idea how long the insanity can continue. All I know is one day it will end.
Could be a certain river might remove some of that excess inventory any time now...
ReplyDeleteCorrect me if I'm wrong here, but does this make the GVREB's house prices the most expensive in North America?
ReplyDeleteFrom Mohican's post a month ago, if we assume that the average house price of $852,428 is the median house price, then at the current exchange rate, that's US$802,738, making the GVREB average house price the highest in North America.
I think the median price is approximately 10% less than the average price by my estimation. This would put the GV Detached median at $722,000 USD - only $3000 behind San Francisco where incomes are waaaaay higher and mortgage interest is tax deductible.
ReplyDeleteWe are close though - we will get there. GV will have the distinction of having the absolute highest real estate prices in North America by 'every measure' possible.
" This would put the GV Detached median at $722,000 USD - only $3000
ReplyDeletebehind San Francisco where incomes are waaaaay higher and mortgage
interest is tax deductible."
As mentioned, I believe that the U.S. medians will implode any month
now. The U.S. median became skewed by the subprime implosion which
reduced the low end. Once the higher end slows to the pace of the lowend and the sales mix returns to more typical levels, the median will get it both barrels (declining prices and shift in sales mix).