Hello All.  I hope everyone had a December with Christmas and the Holidays and I hope everyone is enjoying 2009.  For those keeping up with this blog, I basically was slack in December (no posts).  Hey, everybody needs some time off!

This is the year-end market report for the Catawba Valley MLS area and specifically for the counties of Catawba, Alexander, and Caldwell of NC.  As I stated in my previous post, All Real Estate is Local:, I do not believe in a "National Housing Market."  Yes, national events will affect local markets, but to a large degree, housing markets are intensely local in nature.

As always with any reports concerning data (including National ones), it's important to know where, and how, the data was collected.  This information was pulled using the data from the Catawba Valley MLS system on 1/04/09 and includes only stick-built construction sales, that is only single family homes, condos and townhomes.  It specifically excludes all multi-family units, all commercial, all raw land, and all mobile or modular type home sales.  It does NOT exclude any distressed sales, which include foreclosures and shortsales.

Home values in Catawba County have basically held steady from 2007 through the end of 2008.  The average sold price in 2007 for a home in Catawba County was $171,293.  The average sale price in 2008 ended at $169,600, a difference of only $1693.  That is approximately a 1% drop in value overall, or basically a flat market.  The average days on market in 2007 (DOM) was 136 and DOM in 2008, 146. Again, no real change.  In 2007, 60% of all listed homes sold.  In 2008, that dropped to 49% sold, though there were LESS homes listed in 2008. 

Another important note to that is some interesting data that came up concerning those unsold homes.  The average price of unsold homes in 2007 was 208,500 (rounded).  In 2008, that price jumped to $233,000.  This is important to note, as what this means to me is that the unsold homes in 2008 were grossly overpriced for the market.

In Alexander county, home prices took a bit of a hit.  2007 shows an average sell price of $185,000 (rounded) compared to 2008 of only $175,500 or a $9,500 difference.  That's about a 5% drop in value.  DOM increased from 135 to 157 (but better than the 3rd quarter report of 170).  Total home sales dropped from 55% sold to 45% sold.  NOTE: Alexander county is serviced by multiple MLS systems and this may or may not be an accurate sampling.

Caldwell county is down as well, but some positive news, too.  2008 sale price average for Caldwell was $137,500 (rounded) compared to $133,000 in 2008.  That's a 3.5% drop, though a major climb from the low 3rd quarter report of $127,000.  A very strong third quarter.  DOM has remained pretty much unchanged 132 to 128, respectively.  And total home sales follows the above trend with 57% of all listed sold in 2007 vs. 46% in 2008.

So what does all this mean to you?  As a buyer, it's good to know the market.  With these numbers, it's clear that there should be a number of homes on the market for you to choose from, but now you know that, even though it's a buyer's market, you cannot routinely get lowball offers accepted.  Sellers are still getting what they are asking for (96% of asking price, on average), it's just taking a little longer.  For a seller, you know that it may take a little longer to sell your property.  You also know that your property needs to be in the best show shape that it can be because there are more properties out there.

If you would like to learn more about the market or are interested in buying or selling, you can visit me at www.RogerAJohnson.com or call 828-568-2121 ext 310.