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July showed a sharp drop off in sales compared to the last several months. Prices have also tumbled just as far. In my opinion, the next 12 months will be the best buying time in this area in the past decade. I believe that many people are surviving through the summer on rental income and once that disappears we will see further price drops. It looks like many people are holding off to buy when this happens.
We are finally hearing better things in the media about the housing market and overall economy. I don't think the bottom is too far off at this point. We all know that the worst is usually over before you realize it is.
Sales and Inventory Report
Category - Detached Single Family Statistics for Entire MLS from 1/1/2006 - 12/31/2008
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Areas:14,15,16,17,18
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MonthYearMonthly SalesAvg List $Avg Sale $Median Sold $Avg DOM% Sold/ListCurrent InventoryMonths Inventory
January
| 2006 |
42 |
$944,555 |
$877,819 |
$509,500 |
148.16 |
92.93% |
1829 |
43.54 |
February
| 2006 |
49 |
$804,299 |
$756,378 |
$425,000 |
129.93 |
94.04% |
1938 |
39.55 |
March
| 2006 |
64 |
$795,214 |
$738,496 |
$508,500 |
127.73 |
92.86% |
2088 |
32.62 |
April
| 2006 |
42 |
$1,213,502 |
$1,084,967 |
$610,000 |
130.33 |
89.40% |
2324 |
55.33 |
May
| 2006 |
59 |
$821,216 |
$757,928 |
$520,000 |
166.62 |
92.29% |
2489 |
42.18 |
June
| 2006 |
60 |
$801,315 |
$717,626 |
$530,500 |
140.91 |
89.55% |
2580 |
43.00 |
July
| 2006 |
68 |
$872,029 |
$785,669 |
$594,500 |
154.73 |
90.09% |
2648 |
38.94 |
August
| 2006 |
58 |
$947,416 |
$893,224 |
$697,500 |
151.72 |
94.27% |
2596 |
44.75 |
September
| 2006 |
47 |
$1,104,089 |
$1,044,400 |
$600,000 |
122.68 |
94.59% |
2611 |
55.55 |
October
| 2006 |
54 |
$1,198,674 |
$1,085,905 |
$642,500 |
150.01 |
90.59% |
2515 |
46.57 |
November
| 2006 |
34 |
$890,405 |
$821,695 |
$540,000 |
199.52 |
92.28% |
2409 |
70.85 |
December
| 2006 |
41 |
$992,745 |
$908,699 |
$675,000 |
176.07 |
91.53% |
2366 |
57.70 |
Annual:
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618 |
$937,408 |
$861,960 |
558,750 |
148 |
91.95% |
2366 |
47.55 |
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MonthYearMonthly SalesAvg List $Avg Sale $Median Sold $Avg DOM% Sold/ListCurrent InventoryMonths Inventory
January
| 2007 |
35 |
$986,548 |
$878,286 |
$700,000 |
196.51 |
89.02% |
2246 |
64.17 |
February
| 2007 |
45 |
$872,323 |
$755,832 |
$560,000 |
217.13 |
86.64% |
2325 |
51.66 |
March
| 2007 |
61 |
$927,461 |
$849,824 |
$521,000 |
208.06 |
91.62% |
2427 |
39.78 |
April
| 2007 |
66 |
$927,835 |
$851,846 |
$517,000 |
176.06 |
91.81% |
2543 |
38.53 |
May
| 2007 |
67 |
$962,431 |
$852,637 |
$531,000 |
232.10 |
88.59% |
2663 |
39.74 |
June
| 2007 |
74 |
$1,169,505 |
$1,051,423 |
$559,250 |
192.72 |
89.90% |
2713 |
36.66 |
July
| 2007 |
72 |
$991,276 |
$885,040 |
$612,500 |
210.56 |
89.28% |
2754 |
38.25 |
August
| 2007 |
66 |
$1,021,511 |
$905,199 |
$466,000 |
215.36 |
88.61% |
2736 |
41.45 |
September
| 2007 |
48 |
$841,265 |
$776,862 |
$527,500 |
154.52 |
92.34% |
2719 |
56.64 |
October
| 2007 |
49 |
$830,587 |
$769,904 |
$527,000 |
209.86 |
92.69% |
2620 |
53.46 |
November
| 2007 |
39 |
$1,011,455 |
$891,039 |
$475,000 |
162.83 |
88.09% |
2613 |
67.00 |
December
| 2007 |
51 |
$826,026 |
$742,499 |
$513,500 |
213.04 |
89.88% |
2552 |
50.03 |
Annual:
| |
673 |
$944,373 |
$848,371 |
518,500 |
201 |
89.87% |
2575 |
48.11 |
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MonthYearMonthly SalesAvg List $Avg Sale $Median Sold $Avg DOM% Sold/ListCurrent InventoryMonths Inventory
January
| 2008 |
46 |
$717,685 |
$660,467 |
$385,500 |
203.53 |
92.02% |
2455 |
53.36 |
February
| 2008 |
49 |
$716,614 |
$606,238 |
$432,500 |
246.77 |
84.59% |
2451 |
50.02 |
March
| 2008 |
64 |
$613,950 |
$554,810 |
$415,750 |
190.84 |
90.36% |
2454 |
38.34 |
April
| 2008 |
66 |
$875,643 |
$771,943 |
$429,150 |
252.14 |
88.15% |
2469 |
37.40 |
May
| 2008 |
81 |
$742,771 |
$659,038 |
$438,000 |
185.97 |
88.72% |
2486 |
30.69 |
June
| 2008 |
85 |
$830,923 |
$731,335 |
$485,000 |
210.81 |
88.01% |
2479 |
29.16 |
July
| 2008 |
51 |
$693,112 |
$611,022 |
$430,000 |
181.22 |
88.15% |
2418 |
47.41 |
August
| 2008 |
0 |
0 |
0 |
0 |
0.00 |
0.00% |
2368 |
0.00 |
September
| 2008 |
0 |
0 |
0 |
0 |
0.00 |
0.00% |
2369 |
0.00 |
October
| 2008 |
0 |
0 |
0 |
0 |
0.00 |
0.00% |
2369 |
0.00 |
November
| 2008 |
0 |
0 |
0 |
0 |
0.00 |
0.00% |
2369 |
0.00 |
December
| 2008 |
0 |
0 |
0 |
0 |
0.00 |
0.00% |
2369 |
0.00 |
Annual:
| |
442 |
$758,579 |
$671,942 |
430,000 |
204 |
88.50% |
1434 |
23.86 |
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Annual:
| 2006 - 2008 |
1733 |
$897,138 |
$810,609 |
515,000 |
183 |
90.35% |
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