June 2008 Month End Statistics
Half of 2008 is in the books. On one hand I am thankful for the activity that is out in the market and to my loyal clients who have kept my sales right on track. On the other hand the market has lagged behind where I thought it would be. The total number of sales is down roughly 13% for the year and down about 25% when compared to June 2007. The chart below shows this trend.Prices for the most part are holding well. While I am noticing larger negotiations on sold listings we are not seeing a major run up in inventory, a precursor to falling prices. Our market has seen both fewer homes on the market and fewer buyers looking (balance). Prices of single family homes in the city and county are within 1% of where they were six months ago and prices of condos have actually increased during that time frame. The number of active listings that are currently under contract is right around 25%. This indicates to me that houses and condos are still moving. The market of homes on the market is smaller but the activity is keeping up.
For many people in many situations this is a great time to buy. It is my sense of things that there is quite a bit of pent up demand, just waiting for some good news. If you look ahead a few years I think we will recover quite nicely. Rewarding those who are able to purchase now.