What’s to say? There’s light at the end of the tunnel...we’re just not there yet, and the tunnel may course its way a little longer than anticipated...or liked.
Once again in September home sales sales were off, keeping with year-long trends. For the month 13 homes listed in the MLS sold, down 41 percent compared with a year ago. Average sales price, was up significantly, $220,035 compared with $120,777. That uptick demonstrates how one or two high priced sales can skew averages, for better or worse.
One unwelcome development is the rise in the monthly number of homes for sale; 247 MLS listings last month, compared with 234 a year ago. More homes, less sales—It’s just one indicator how the national housing crises can impact a local market. Seller beware.
Year to date sales look slightly better, down roughly a third compared with last year. Through September 2008, 131 homes listed on the MLS have closed; through the first nine months of 2007 201 had sold.
The land market looks better, though activity there has slowed too. September sales were off by a third, with six parcels sold this year against 9 last year. Despite the drop, year-to-date sales have registered a modest gain of five percent, with 95 parcels sold.
Again, note the number of listings: in September the daily average was 626 active land listings son our MLS. A year ago the average was 534. None of these numbers—for homes or land— take into account what’s for sale by owners, and the level of activity there.
Everything runs in cycles. Sooner or later things will start to swing back in the other direction. Until then, hold on.
Thursday, October 9, 2008
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