And they're meaningless on purpose, because it's easy to cook the statistics when you don't provide any analysis behind what they actually mean and how current market conditions might be responsible for misleading statistics.
Case in point: Royal LePage's unpaid advertisement (though their PR department likely costs them some sheckels) reprinted without a shred of balance or analysis in the Times Colonist today. (H/T Alexandrahere).
Here's the headline: Condominiums lead price gains
Funny that, for a guy who barely scans headlines anymore because of a lack of faith in local journalism, this headline makes me think that prices for all condominiums rose by more than any other property type. Except immersed in the market as much as we are around here we know this to be utter and total bullcrap.
Let's juxtapose this statement summing up the article in one sentence:
The survey noted prices increased in all housing types with standard condominiums leading the way with price gains of 7.5 per cent to $285,000 compared with the fourth quarter of 2010.With what Just Jack wrote in the comments of the previous post here (he's in the know):
The median price for a non new 800 to 1000 square foot non view condominium in the core municipalities for the last 90 days of 2010 was $255,000.Moral of the story? If a bunch of discounted luxury property sells in a down market, it doesn't make the market, it skews the statistics. The real estate industry does everyone--themselves, the media that nauseatingly repeats their press releases without a shred of analysis, the buyers and the sellers--a great disservice by presenting market data like they do.
The same median for the same period in 2009 was $272,000. A year over year drop of 6 percent.
The volume of sales also dropped 32 percent from this time last year.
The number of days to sell also increased 156 percent from 23 to 59 days.
The last time the median for this condominium grouping was at this level was the last 90 days of 2007 when the median was $252,000. The number or sales was also 30 percent higher then and it only took some 16 days to sell.
Condominiums have failed to build equity through appreciation for the last three years. The best way to insure that you will be priced out of buying a single family home is to buy a condominium.