Quote:
Originally Posted by bing
That is a very misleading statement. Where is the source for this data? a blog? and how was "real data" calculated? I think what really happened was that most of the sales lately have been the older townhouses (~15 years old) in the 400-500k range that dragged the median sales prices down while very few people were selling/sold their houses as the prices dipped. There is no house in Terra Nova (the min. ~1.3m) or even a decent plot of land in Richmond for that matter that goes for 688,000 (realistically you will need between 800-900k). Terra Nova is also one of the nicer neighborhoods in Richmond where everything was built new around the same time so its considered a desirable neighborhood.
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Statement was from Ozzie Jurock himself on RET. RET pulled the article after a day (you can guess who would pressure to take that negative info down).
I agree, it could very well be older townhomes only being able to sell now as the market for homes in that area has dropped quickly. That in itself speaks volumes about the housing market in general. However, it's not a misleading statement since it's true, median sales price was the default graph up until last year. REA's just don't want that sort of headline.
It's funny how you ask, how is "real data' calculated, yet you didn't ask how the HPI is calculated. Perhaps you should ask your local realtor, mine didn't have an answer for me.