20% less sales than last March
11% less listings than last March
3% less inventory than last March
MOI is 8.4
Benchmark, the number that keeps on giving... up a fraction of a % for SFH and Apartments and DOWN 1.7% for attached.
I suspect the criticism of the cannot-go-down-benchmark must have reached the Top brass.
The President says in his statement..“Inventory levels are not as high as they need to be to put significant downward pressure on prices of the benchmark, or ‘typical’ home. These are homes that have characteristics most common to houses in a given community."
Hmm..with an MOI of 8.4 and sales 70% of the typical March I would suspect there is some downward price pressure. Any Fraser Valley readers out there wanting to comment on what they have seen?
The details are here.
Fun with quant: MS Business Conditions edition - Marketwatch recently reported that Morgan Stanley's Business Conditions Index had deteriorated to levels last seen during the 2007-08 financial crisis. Wow...
8 hours ago