Homes sales in Dekalb County showed signs of promise in June, compared with recent trends. According to local multiple listing services provider Realtracs, there were 11 homes sold in the month here, just one off the 12 sold a year ago. Average sales price was a near match, at $135,636 for the month, compared with $134,625 a year ago.
A notable change, however, is in the number of houses on the market: 266 now, compared with 236 a year ago.
The June numbers don’t begin to reverse the year’s overall trends, however. Through the first six months of 2009, 59 homes listed on RealTracs were sold, compared with 95 through the first half of 2008. That’s a decline of 38 percent, and 2008, it should be remembered, was an off year.
Nevertheless June’s sales suggest seeds of a residential market revival may have been sown, and the worst may behind us. Only time will tell.
Not so for land sales, however. Only 4 listed parcels changed hands in June, compared with 7 a year ago, a 43 percent decline. Average selling price was up, however to $71,750, compared with $50,414 for the month last year.
It continues to be a tough year for land sales, overall. Through the first six months of 2008, 74 parcels had been sold, only 25 through June 2009. If there is a bright spot, it is there is much less on the market. Daily average through June shows 547 active listings for land, lots and farms, compared with 617 in 2008.
Apparently many property owners have decided to wait until more demand is there.
Friday, July 10, 2009
Wednesday, June 10, 2009
May...then June?
First let’s accentuate the positive:
Land sales were up in May, registering a 10 percent increase over a year ago. Eleven parcels listed on the RealTracs MLS within DeKalb COunty exchanged hands in May, compared with 10 during the month last year.
That’s where the good news ends...unless one believes the market has slowed to the point where things absolutely have to turn around. There’s some cause for hope. Dekalb County was slower to experience the decline in the real estate market than other areas of country; it’s reasonable to expect we may lag in the revival. Elsewhere there are reports things are starting to pick-up.
But May proved another month it would be better to forget. Year-to-date land sales are off a whopping 69 percent when compared with a year ago. Through May 2008, 67 parcels had sold; this year, just 21. Silver linings: average closing price up, to $78,892; active listings down to 541, compared with 578 land, lots or farms on the market a year ago.
The home market? May sales down 53 percent, 9 units sold against 19 for the month in 2008. Prices? Way off—down 58 percent. Average closing price May 2008: $214,846. May 2009, $88,405. Year to date home sales through RealTracs: 48 in 2009, 83 in 2008 for a 43 percent decline. Average selling price $117,970 now, $153,187 then, a 23 percent decline.
Buyers, what are you waiting for? There could be no better time for those in sound financial shape, with a sure job and stellar credit to buy or invest real estate.
These days can’t last.
Land sales were up in May, registering a 10 percent increase over a year ago. Eleven parcels listed on the RealTracs MLS within DeKalb COunty exchanged hands in May, compared with 10 during the month last year.
That’s where the good news ends...unless one believes the market has slowed to the point where things absolutely have to turn around. There’s some cause for hope. Dekalb County was slower to experience the decline in the real estate market than other areas of country; it’s reasonable to expect we may lag in the revival. Elsewhere there are reports things are starting to pick-up.
But May proved another month it would be better to forget. Year-to-date land sales are off a whopping 69 percent when compared with a year ago. Through May 2008, 67 parcels had sold; this year, just 21. Silver linings: average closing price up, to $78,892; active listings down to 541, compared with 578 land, lots or farms on the market a year ago.
The home market? May sales down 53 percent, 9 units sold against 19 for the month in 2008. Prices? Way off—down 58 percent. Average closing price May 2008: $214,846. May 2009, $88,405. Year to date home sales through RealTracs: 48 in 2009, 83 in 2008 for a 43 percent decline. Average selling price $117,970 now, $153,187 then, a 23 percent decline.
Buyers, what are you waiting for? There could be no better time for those in sound financial shape, with a sure job and stellar credit to buy or invest real estate.
These days can’t last.
Tuesday, May 12, 2009
Holding, but hopeful
The prevailing wisdom in the national media has been that real estate will lead the economy out of the recession.
MLS numbers here suggest we’ve still got a way to go. That’s important, for all sectors of the local economy because so much depends on home sales.
When people move into a new house, they buy a lot of new things, and hire crews to make the house more their home. When they purchase land as the building site, their plans pump dollars into everything from material sources to construction crews. Store owners, carpenters, laborers, etc use the money earned to buy buy lunch and the family groceries, meet their mortgage obligations, shop local stores, etc, etc.. When housing slows, so goes the local economy.
April saw modest sales of 14 homes listed with the MLS RealTracs in DeKalb County, a modest decline from the 19 sold April 2008. But year to date sales paint a more dramatic picture. Through the end of April 39 homes in our MLS sold. A year ago, by the end of April 64 homes had sold here. That’s a 39 percent drop, and a sure hit for local commerce.
Land...it’s just not happening. In April, just one parcel sold, and it for just $8K —in a month when the daily average was 551 parcels for sale on RealTracs. That’s only a 30 percent decline from last year, when two parcels sold. Year-to-date sales from the MLS reveal a more telling hit: through April of this year a total of 10 parcels have sold, compared with 57 through April 2008.
With so little activity, and so much for sale, one would think we’d be experiencing a buyer’s market. But buyers, even investors, need some sense of confidence the worst is behind us, most evident in the free flow of available financing back into the system. Sooner or later, that will happen, but until the market seems stuck in a holding pattern.
MLS numbers here suggest we’ve still got a way to go. That’s important, for all sectors of the local economy because so much depends on home sales.
When people move into a new house, they buy a lot of new things, and hire crews to make the house more their home. When they purchase land as the building site, their plans pump dollars into everything from material sources to construction crews. Store owners, carpenters, laborers, etc use the money earned to buy buy lunch and the family groceries, meet their mortgage obligations, shop local stores, etc, etc.. When housing slows, so goes the local economy.
April saw modest sales of 14 homes listed with the MLS RealTracs in DeKalb County, a modest decline from the 19 sold April 2008. But year to date sales paint a more dramatic picture. Through the end of April 39 homes in our MLS sold. A year ago, by the end of April 64 homes had sold here. That’s a 39 percent drop, and a sure hit for local commerce.
Land...it’s just not happening. In April, just one parcel sold, and it for just $8K —in a month when the daily average was 551 parcels for sale on RealTracs. That’s only a 30 percent decline from last year, when two parcels sold. Year-to-date sales from the MLS reveal a more telling hit: through April of this year a total of 10 parcels have sold, compared with 57 through April 2008.
With so little activity, and so much for sale, one would think we’d be experiencing a buyer’s market. But buyers, even investors, need some sense of confidence the worst is behind us, most evident in the free flow of available financing back into the system. Sooner or later, that will happen, but until the market seems stuck in a holding pattern.
Wednesday, April 1, 2009
Residential Rebound?
A quick look at preliminary sales figures from the RealTracs MLS for March indicate the home market here is coming back. This after a February that looked so bleak I didn’t want to talk about it. Hence, the gap since last entry.
Final tallies for March won’t be available until next week, but at least 14 homes were sold through RealTracs in March, at least matching sales seen a year ago. That’s a welcome improvement over February. Then, sales of just 6 homes meant a 57 percent decline from 2008, when 14 homes were sold during the month.
Land is different, with preliminary figures for March indicating sales still way off. Slow might be a generous way to describe it, with three, maybe four land sales recorded off the MLS. Believe it or not, that’s an improvement over February, when two parcels sold here,compared with 27 a year ago.
More when the official numbers for the month are released. In the meantime, buyers take note: good financing available for those with great credit, and the government is offering lucrative $8000 tax incentives for first time buyers. As far as land goes, months ahead should hold some great deals.
Final tallies for March won’t be available until next week, but at least 14 homes were sold through RealTracs in March, at least matching sales seen a year ago. That’s a welcome improvement over February. Then, sales of just 6 homes meant a 57 percent decline from 2008, when 14 homes were sold during the month.
Land is different, with preliminary figures for March indicating sales still way off. Slow might be a generous way to describe it, with three, maybe four land sales recorded off the MLS. Believe it or not, that’s an improvement over February, when two parcels sold here,compared with 27 a year ago.
More when the official numbers for the month are released. In the meantime, buyers take note: good financing available for those with great credit, and the government is offering lucrative $8000 tax incentives for first time buyers. As far as land goes, months ahead should hold some great deals.
Tuesday, February 17, 2009
Better soon than later...
Sooner or later the market is going to bottom out. And if January’s residential sales hold any weight, that bottom can’t be too far off.
Home sales here for the month were off 71 percent compared with last year: five homes sold in January 2009, compared with 17 a year ago. Average closing price consistent year to year, right around $122,000.
Land sales were just as bleak, with three parcels sold against the 12 sold last year. That’s a 71 percent decline. The figures are for most of the country served by the Realtracs MLS. But local discussions reinforce the trends county wide
At the Register of Deeds office, the near 40 percent decline in home sales last year was reflected in property transfers for 2008. Official notes the amount of title searches didn’t seem to drop off, surmising a good share of searches were on behalf of buyers who ultimately did not qualify for a mortgage. No surprise, given the way credit seemed to dry up in the waning months of 2008.
And at the banks, one loan officer shared that much activity, at least for the short term, were more about working with existing borrowers than processing new applications. No one is served when someone loses their home to foreclosure in this atmosphere.
There’s a psychology which seems to have settled in. People running scared, afraid for their economic future, gripped with uncertainty and reluctant to move. But people have to live somewhere, and there are some who must sell their homes, whatever the market. Given all that government is doing to get credit flowing. it seems only a matter of time before things start turning around. That will usher in a great time to buy.
How long that comeback is in arriving will ultimately define the year.
Home sales here for the month were off 71 percent compared with last year: five homes sold in January 2009, compared with 17 a year ago. Average closing price consistent year to year, right around $122,000.
Land sales were just as bleak, with three parcels sold against the 12 sold last year. That’s a 71 percent decline. The figures are for most of the country served by the Realtracs MLS. But local discussions reinforce the trends county wide
At the Register of Deeds office, the near 40 percent decline in home sales last year was reflected in property transfers for 2008. Official notes the amount of title searches didn’t seem to drop off, surmising a good share of searches were on behalf of buyers who ultimately did not qualify for a mortgage. No surprise, given the way credit seemed to dry up in the waning months of 2008.
And at the banks, one loan officer shared that much activity, at least for the short term, were more about working with existing borrowers than processing new applications. No one is served when someone loses their home to foreclosure in this atmosphere.
There’s a psychology which seems to have settled in. People running scared, afraid for their economic future, gripped with uncertainty and reluctant to move. But people have to live somewhere, and there are some who must sell their homes, whatever the market. Given all that government is doing to get credit flowing. it seems only a matter of time before things start turning around. That will usher in a great time to buy.
How long that comeback is in arriving will ultimately define the year.
Thursday, January 15, 2009
One year done, another begun
Now that we’ve closed the books on 2008, it might be best regarded as a year to forget, as far as the economy and real estate market go. Locally , the further we progressed, the more activity mirrored national trends, but that’s not how 2008 started..
Which brings us here. As this year unfolds there is certainly an air of uncertainty, tempered by the fact that housing is a necessity, and no mater what the economy, there will always be people buying and selling property. Given that context, coming months will tell how well prices hold up, how quick the recovery takes hold and credit starts flowing, and when we start to see a return to what might be considered a normal market. At this point, all predictions seem guesswork.
What follows is a partial picture for the gone by, based on reports from RealTracs, the MLS for the majority of DeKalb County. Some sales are reflected in activity for the Upper Cumberland MLS, and I don’t have those numbers asa right this. It’s also hard to gauge just how many sales were handled by owners themselves, therefore not included in MLS activity. L
Let’s start with as bright a picture as can be painted, with land sales. As far as units go, 2008 wasn’t that bad. There were 107 parcels sold, just four less than the 111 sold in 2007. Average price was off 24 percent, almost a quarter, however. In 2008 the closing price on land, lots and farms averaged $61,769, compared with $83,617 a year ago.
December sales undermined year long gains: only three pieces sold, compared with nine in December 2007. One high priced parcel brought the monthly average up to $381,833, almost 10 times what the average was a year ago. As the yearly average shows, though, it did little to help the overall picture.
As far as the residential market goes, December was an off-month culminating an off year. RealTracs shows only four listings with the MLS changed hands, compared with 13 homes sold in December 2007. Sales price also fell 14 percent, for an average of $104, 500.
For the year, home sales here fell 37 percent, with 160 sold in 2008, compared with 254 in 2007. Average days on market was about the same—104 in 2008, 107 in 2007— but the yearly average number of listings was up by 10 percent to 227.
2008 is done so let’s gladly move on.
Which brings us here. As this year unfolds there is certainly an air of uncertainty, tempered by the fact that housing is a necessity, and no mater what the economy, there will always be people buying and selling property. Given that context, coming months will tell how well prices hold up, how quick the recovery takes hold and credit starts flowing, and when we start to see a return to what might be considered a normal market. At this point, all predictions seem guesswork.
What follows is a partial picture for the gone by, based on reports from RealTracs, the MLS for the majority of DeKalb County. Some sales are reflected in activity for the Upper Cumberland MLS, and I don’t have those numbers asa right this. It’s also hard to gauge just how many sales were handled by owners themselves, therefore not included in MLS activity. L
Let’s start with as bright a picture as can be painted, with land sales. As far as units go, 2008 wasn’t that bad. There were 107 parcels sold, just four less than the 111 sold in 2007. Average price was off 24 percent, almost a quarter, however. In 2008 the closing price on land, lots and farms averaged $61,769, compared with $83,617 a year ago.
December sales undermined year long gains: only three pieces sold, compared with nine in December 2007. One high priced parcel brought the monthly average up to $381,833, almost 10 times what the average was a year ago. As the yearly average shows, though, it did little to help the overall picture.
As far as the residential market goes, December was an off-month culminating an off year. RealTracs shows only four listings with the MLS changed hands, compared with 13 homes sold in December 2007. Sales price also fell 14 percent, for an average of $104, 500.
For the year, home sales here fell 37 percent, with 160 sold in 2008, compared with 254 in 2007. Average days on market was about the same—104 in 2008, 107 in 2007— but the yearly average number of listings was up by 10 percent to 227.
2008 is done so let’s gladly move on.
Monday, December 15, 2008
As The Year Winds down...
With a month to go on the calendar, we’re not likely to see a dramatic turnaround in the sales trend which have defined the year. There’s small hints the worst might be behind us here. Nevertheless, the national economy, and employment outlook will temper if and when a recovery fully takes hold as 2009 unfolds.
No matter what the economic outlook, there’s some things to keep in mind: economic surge or retreat, people and families always need a place to live. For those with solid credit histories, buying a home never goes out of style. The cyclical retreat in prices—a market correction it could be argued— will help draw qualified buyers back into the market. And for those looking for a good place to park their money, the allure of sensibly-priced real estate as a tangible investment could become even more attractive, given the new sense of uncertainty about the stock market.
November figures for home sales in DeKalb County from RealTracs show only a modest decline of 15 percent when compared with last year. Eleven homes closed last month; 13 during November 2007. If you can believe the averages, what’s selling is priced lower: the average sale in November this year netted $126,863, compared with $192,138 a year ago.
When looking at “averages,” always important to keep in mind how easily that figure can be skewed by a few sales at either extreme of the market.
Year to date figures through November underscore how much a year this wasn’t. Total sales are off 33 percent, with 156 closings for the first 11 months of the year, compared with 241 last year. Nevertheless, the average selling price jumped 11 percent to $157,129 this year, compared, with $141,253 in 2007. Again, though, be wary of those averages.
The November land sales report from Realtracs is not yet available.
No matter what the economic outlook, there’s some things to keep in mind: economic surge or retreat, people and families always need a place to live. For those with solid credit histories, buying a home never goes out of style. The cyclical retreat in prices—a market correction it could be argued— will help draw qualified buyers back into the market. And for those looking for a good place to park their money, the allure of sensibly-priced real estate as a tangible investment could become even more attractive, given the new sense of uncertainty about the stock market.
November figures for home sales in DeKalb County from RealTracs show only a modest decline of 15 percent when compared with last year. Eleven homes closed last month; 13 during November 2007. If you can believe the averages, what’s selling is priced lower: the average sale in November this year netted $126,863, compared with $192,138 a year ago.
When looking at “averages,” always important to keep in mind how easily that figure can be skewed by a few sales at either extreme of the market.
Year to date figures through November underscore how much a year this wasn’t. Total sales are off 33 percent, with 156 closings for the first 11 months of the year, compared with 241 last year. Nevertheless, the average selling price jumped 11 percent to $157,129 this year, compared, with $141,253 in 2007. Again, though, be wary of those averages.
The November land sales report from Realtracs is not yet available.
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