Next week real estate sales statistics will be released for the month of September, 2010.
As expected sales will be down by over 40% for the fourth consecutive month, carrying on with record low sales.
The R/E propaganda machine, however, will pounce on a glaring anomaly from the stats: the average price of the single family house will have risen, eclipsing the one million-dollar mark once again.
Fewer houses have sold, but those that have sold have traded at very high prices - thus distorting the average. I do believe there was even a sale of a $9 million dollar property in Vancouver this month.
But when you look beyond the R/E spin that is sure to flow, the stats tell a story that cannot be denied.
Sales on all brand new real estate units (houses, condos, etc) in Vancouver are utterly abysmal and have plunged lower than anything seen in the month of September over the last 15 years.
Here are the numbers according to the contributor 'Inventory' over on Vancouver Condo Info:
Sept New unit sales
1994 = 364
1995 = 310
1996 = 422
1997 = 317
1998 = 286
1999 = 305
2000 = 235
2001 = 232
2002 = 218
2003 = 400
2004 = 421
2005 = 545
2006 = 300
2007 = 322
2008 = 242
2009 = 396
2010 = 170 (as of Sept 29)
The 2010 total will be well below even the dismal 2008 & 2002 totals.
Downtown there are a stunning number of new condo developments slated to come onto the market in the months ahead... and sales of new units are absolutely cratering. Headlined, of course, by the Olympic Wasteland.
Fall/Winter is shaping up to be wicked.
Will December be a time to deck the halls with desperation?
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