Sales of single-family, re-sale
homes were up, year-over-year, by
21.5% in January. We expect this
momentum to continue as
the market works its way
through the glut of bankowned
properties.
The median price for reversed
course, again, and
fell 1.7% from December.
Since September, the median
price has gone up,
down, up, down. This is
usually a sign the market is looking
for a bottom. The median price was
down 27% year-over-year.
Inventory was down 21.6% from
last December. This is the ninth
month in a row inventory has declined
year-over-year.
In spite of the decline in inventory,
and because home sales were
down 29.5% month-over-month, our
Days of Inventory indicator regained
the 71 days it had shed in
December and is now back at 284
days. In a balanced market, the
supply of homes is usually around
five to six months.
The sales price to list price ratio
rose 0.7 of a point to 97%.
Days on market gained
eleven days to 86 days.
Condo sales were down
12.5% from December, but
were up 75% year-over-year.
The median price for condos
lost 16.9% from the month
before, and was down 41.1%
compared to last January.
The real estate market is
very hard to generalize. It is a market
made up of many micro markets.
For complete information on a
particular neighborhood or property,
call me.
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