The official REBGV housing market stats are now out. I’ll link to the version on the Paulb facebook page since he’s been so consistent with providing us the daily stats.
The funny thing about stats is that you can take the same data and spin it either way. GVREB has been doing a bang-up job of posting end of the month news releases in the style of the REBGV, but with a reverse spin. These use factual numbers and quotes, but come across quite different in tone from the official news releases. Here’s an archive thread at Vancouverpeak.com with the most recent one.
And some of you pointed out a few surprising stats. It looks like the most desirable areas are showing the most weakness right now.
VMD pointed out the following:
– despite Greater Vancouver area having a 12.9% increase in sales in Mar/12 vs Feb/12, the following areas showed Declines in sales MoM.1. Richmond SFH – down 60% YoY Y/M Sales %change 12/3 104 n/a 12/2 119 -13% 11/3 262 -60% 2. Van West SFH – down 46% YoY Y/M Sales %change 12/3 152 n/a 12/2 177 -14% 11/3 279 -46% 3. Burnaby SFH – down 40% YoY Y/M Sales %change 12/3 95 n/a 12/2 105 -10% 11/3 160 -40%
And Best Place on Meth pointed out the median prices have taken a month over month dive in those areas:
Median detached prices in the 3 bubbliest areas took a hit last month.
Van West: -$245,000 (-10.7%)
Richman: -$72,000 (-7.1%)
West Van: -$70,000 (-3.6%)
Honourable mention to Burnaby: -$27,000 (-3.0%)
Looks like a HAMPLOSION.
Spring is normally when the market swings into gear and sales and prices start to rise. Have these hot areas burnt themselves out?