Existing-Home Sales Expected in Early 2008, then Gradual Rise
Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said there is a pull and tug exerting itself on the market. "On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline," he said. "On the other, consumers continue to wait for additional signs of market stabilization. There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase."
NAR also encourages the Fed to make a single lump-sum cut in the Fed funds rate to 3.5 percent at the January Federal Open Market Committee meeting, rather than a series of modest cuts throughout the year. "Consumers are also looking to market-time interest rates, and the expectations of further rate cuts are pushing some home buyers to delay. Monetary policy will be much more effective with a one-time large cut, rather than a series of small cuts," Yun added.
As for your Lake View Hills neighborhood, statistics are showed the following for 2007:
Residential Homes Sales
Active Listings: 58
Average Asking Price: $243,178
Average Price per Square Foot: $143
List Price Range: $999,900 (high) to $111,500 (low)
2007 Sales: 113 Sales
Average List Price: $188,437
Average Sold Price: $183,456
Average List Price per Square Foot: $123
Average Sold Price per Square Foot: $120
Sold Price Range: $310,000 (high) to $87,100 (low)
Average days on market: 74
Active Listings: 44
Average Asking Price: $182,431
Average Price per Square Foot: $112
List Price Range: $314,000 (high) to $105,000 (low)
2007 Sales: 37 Sales
Average List Price: $159,767
Average Sold Price: $155,624
Average List Price per Square Foot: $107
Average Sold Price per Square Foot: $105
Sold Price Range: $252,500 (high) to $88,000 (low)
Average days on market: 82
* All information obtained through the SCWMLS courtesy of Mindy Allen, Keller Williams Realty.