Hey Bill, Where’s The Balance?!
Posted by Craig Pilgrim on 6 October 2008
This kind of reporting really fries my ass!
It is misleading to say the least and is a perfect example of everything that is wrong with reporting real estate statistics in a vacuum and without context. It is also representative of the type of ‘balanced’ article that I complain about and that usually appears in ‘the other Edmonton paper’. Much to my surprise however, it appeared in today’s Edmonton Journal. In fairness to Bill Mah, his article is based upon a report released by a reputable canadian brokerage.
If I were a regular consumer (i.e. not an industry member) and were to read this article by itself I would think the sky was falling — again. It’s no wonder nobody knows what to make of our economy, Edmonton-area real estate, or their real estate investment(s).
Here are some statistics to ponder and to read in conjunction with the aforementioned article:
-
Average SFD selling price down 5.06% for the quarter (i.e. over June);
-
Average residential selling price down 4.82% for the quarter (i.e. over June);
-
Average SFD selling price down 9.37% over September 2007 (i.e. versus the same period for 2007);
-
Average residential selling price was down 1.31% over September 2007 (i.e. versus the same period for 2007);
-
At the end of September there were a total of 8,807 homes listed for sale (versus 10,817 homes listed in June); and
-
Total residential sales reached 71.2% of the total sales for calendar year 2007.
Need more convincing about the condition of Edmonton’s skies? Here are some more statistics I threw together:
|
2008 |
2007 |
2006 |
|
RESIDENTIAL LISTINGS (SEP) |
3,140 |
3,952 |
2,604 |
|
RESIDENTIAL SALES (SEP) |
1,729 |
1,042 |
1,844 |
|
YEAR-TO-DATE |
|
|
|
LISTINGS |
33,702 |
33,168 |
20,170 |
SALES |
14,621 |
17,188 |
17,446 |
|
AVERAGE PRICES |
|
|
|
SINGLE FAMILY DWELLING |
$362,097 |
$399,555 |
$322,077 |
CONDOMINIUM |
$252,234 |
$270,745 |
$212,403 |
DUPLEX/ROWHOUSE |
$315,690 |
$310,110 |
$279,038 |
[SFD means single-family dwelling. Residential prices include SFD, condos and duplex/ row houses. Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. The statistics compiled and presented herein were adapted from the REALTORS® Association of Edmonton Monthly MLS® Report and Quarterly Report, both of which are available online at www.ereb.com.]
The fact is, the sky is not falling. Read my post from last week regarding the most recent MLS® statistics and make sure you check out the simple graphic I produced (at right).
It clearly illustrates just how the sky has been falling this year…
By the way, if you sensed some sarcasm you were right.
///…CP
