Tuesday, August 7, 2007

Edmonton is sinking fast.....

... despite the futile attempt by the EREB and realtors to hide behind the average price. Anyone with even little understanding of stats knows that median represents the typical item in a sample of items a lot better than the average. Yet, average is still used by a lot of agencies to report their numbers, like the EREB or CREB. Of course, it helps them hide the weakness in their markets.
Sales are at a 5 year low in Edmonton. Inventory is at an all time high of 8183. The median SFH prices are down 2 months in a row (that is the making of a trend if not decisive). EREB doesn't report on the median condo or median combined price. Too bad that they won't publish raw data for anyone with interest to do further number crunching. Indeed, these agencies are living in the dark ages of technology when it takes them 8 days just to compile simple sales numbers.

At least they are admitting that "The housing market is changing rapidly right now..."

Is the average price rise going to convince sellers and buyers that things are all hunky dory? Or are some people really going to smell some nasty things coming to the Edmonton market. With almost 6 months of inventory (and rising) only in the MLS, I don't expect things to magically turn around. After all, it looks like this ship is now sinking and it's not easy to rescue such a giant sinking ship....
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