3rd Quarter '09: Sales Volume Stable; Price still Down
Third Quarter 2009 . . .
Sales Volume Stable; Prices Still Down
In spite of more stabilizing sales volume numbers as was also reported last month,” local home prices are still “trending” downward.
Again, I equate a lot of what’s happening with the slow/gradual, absorption of distressed properties which, seem to be skewing lower the entire county’s average home price number. My guess is that this trend will continue until most REOs (bank owned) and short sale properties have been cleared from the market place.
Rates, on the other hand seem to be “trending” upward. If you are interested in buying, call me while rates are still low. If you are thinking of selling, these same great rates still play a big role in getting your home sold. If you are thinking of doing either, call me so that I help you find the perfect house or get your home listed before rates go up; and, believe me, they will—especially with all of the new inflation-causing “stimulus money” floating around out there! In the meantime, here’s a look at the recent numbers:
Current Market Numbers The total number of homes sold for all areas (covered on my statistics page) thus far for 2009 is 612; last year’s total this time was 662; so for last month, we are down volume-wise, year-to-date, but even when comparing the last two 12-month periods. The current average price of a home is $481,000 (see stats page). 2008’s average price was $608,000.
Additionally, the average number of days that homes are currently spending on the market is 106. 2008’s average was 110. Remember, this “Days on Market” figure is determined by the time a home goes onto the MLS and when it is reported as having been placed into escrow and noted as a “pending sale.” The current average list-to-sales-price ratio is still just under 94 percent. 2008’s average-list-to-sale-price ratio was also 94 percent. Lastly, the current inventory of unsold homes is 7.58 months. 2008’s average was 7.37.
That’s it for this week’s blog entry. Catch more of my local home stats in next blog entry for the coming weeks of June 2009 . . . .
Posted at 10:47AM May 30, 2009 by Paul Pickering in Real Estate | Comments[0]
