The January housing market data was made available today. There was an improvement on many fronts, but first the cold hard facts...
39 Homes went pending, the most since September (67).
12 Homes sold in January. This is largely driven by the lower pendings in the previous 2 months.
Inventory decreased for a 6th consecutive month, down to 652 from a high of 1010 (July).
Median Price was $151,000, down from last months $180,000, and down from a January 08 median of $190,000.
Average Price Sold price was $189,000, up from last months $184,000, but down from a January 08 average of $197,000.
The average time to sell a home was 221 days, which is significantly higher than the years historical average.
There is still a large inventory(54 months based on closed sales, and 16.7 months based on pending sales) that will continue to enable buyers to pick and choose their property closely, and will continue to drive the prices down. The good news is the inventory keeps decreasing.
Marty
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