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.
