April 2009 Statistics - Monthly Analysis--I think some of us bears thought we'd see a leak this spring. We didn't get it. I'm not sure we were paying close enough attention to the direction of interest rates, or maybe we discounted the inflamed effect they'd have on this market.
March 2009 shown in ( )
MLS Sales - 747 (602)
MLS listings - 3861 (3859)
SFH Average - $550.7K ($534.7K)
SFH 6 mo. Avg. - $540.2K ($540.2K)
SFH Median - $515K ($503.8K)
All SFH Sales - 421 (343)
Condo Average - $292.3K ($294.3K)
Condo Median - $274K ($266.5K)
All Condo Sales - 204 (163)
Town Average - $400.7K ($405K)
Town Median - $390K ($356.5K)
All Town Sales - 74 (64)
GV - Greater Victoria
April 2008 shown in ( )
MLS Sales - 747 (768) - Down 2.7%
MLS listings - 3861 (3859) - Flat
GV SFH Average - $550.7K ($630.3K) - Down 13%
GV SFH Median - $515K ($558K) - Down 7.7%
GV SFH Sales - 400 (395) - Up 1.3%
GV Condo Average - $292.3K ($326K) - Down 10%
GV Condo Median - $274K ($294.9K) - Down 7.1%
GV Condo Sales - $204 ($235) - Down 13%
GV Town Average - $403.4K ($420.7K) - Down 4.1%
GV Town Median - $395K ($407.5K) - Down 3.1%
GV Town Sales - 72 (80) Down 10%
I will say this: for all my frustration with the spin that comes out of the media and industry, it's certainly proven effective in Victoria, if only temporarily. The greater fools were enticed into excessive leverage situations (notice the absence on mortgage-type data--I'll bet the high ratio mortgages are flying off the shelves comparatively right now).
Despite the cheer leading and patting on the backs of first time buyers coming from the usual suspects, what has happened over the past three months will likely prove to backfire in this market over the coming years.
Let the tug of war continue, the bears just gained ten pounds and the ground will start to make it's usual downhill shift in direction for the rest of the year at the end of May.