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.
