Saturday, August 2, 2008

July Sales Numbers

2008 will certainly mark the beginning of the bear run. In July, sales continued to decrease, inventory remained high, and prices have rounded the corner and are dropping. The VREB stats can be found at their website.

Median sale price of SFH dropped for the 4th consecutive month and is 2.9% higher than July 2007.

Median condo sale price is the lowest since August 2007. Sales are 31% lower than July 2007. If this does not have the condo developers getting worried, then I have no idea what will.

Townhome sales are an anomaly. Median sale price was the second highest on record, however, sales are down 50% from July 2007.

Months of inventory of all properties jumped over the 7 month mark. This is the highest of all data I have access to (dating back to 2005).