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.