Have to say that the only word that describes my feelings after reading this is shock. Is this a joke? I guess not.
Looking at our end of the market, I wouldn't have predicted this at all. We've been seeing very little activity, and numerous price changes downward. My only explanation for the increase in average and median prices is maybe this is the last push by the flippers to not get caught with their pants around their ankles.
It would make sense that anyone who has purchased and updated their properties in the past 12-18 months would likely get more. If there is increased product on the market and more competition between places, then the nicer ones should go first one can assume. Maybe that's what happened in March?
There were more listings and more sales. This is normal after the winter slowdown. VT says the first quarter score has the bulls running away with the game thus far. My bears are a third period team playing the wrong game on the wrong field apparently.
Maybe we'll rethink the whole rent and wait this one out... OK, that's just my shocked emotions talking, but seriously, my gut feels pretty sick about this one.
Here's a serious question that demands a serious answer (and I ask all the bears that read this to really take an analytical look at our bearishness): are we fooling ourselves? Could it be that our wishful thinking has deluded us into believing that the downward correction is coming a lot sooner than it is? I'm not saying there will be no correction, but it apparently isn't coming anytime soon. After all, September 2006 - January 2007 looked pretty flat, even showing some slight declines in certain price ranges/neighbourhoods; it would seem like that 'trend' died in February.