I am lucky that I don’t work for a newspaper, or a news blog. I can publish statistics on mine as they come out and without any spin. The first chart shows average sale prices for all of the homes, which includes townhouses and condo’s that sold and closed during the first half of 2007. The data is from the RMLS, and is deemed reliable but not guaranteed. Part of the reason for the increase in average home price is that last month a higher number of upper bracket homes sold.
The second graph, also made from data found in the RMLS, shows how may homes were put on the market each week and how many were sold each week. I personally like the way the lines are going. As they get closer to each other the market becomes more balanced in terms of how many buyers there are and how many sellers there are.
When looking at the charts consider that each year home prices do go up slightly in the spring, because there are more buyers and a little bit more competition. The number of listings also goes up in the Spring, and starts to decline during the summer. Some times we see an up tick in the fall and then hit a decline around thanksgiving. Any graph that shows buyer activity is going to look better during the first half of the year than it does during the second.
I hear predictions about the housing market and often find that they are wrong. The reason is because there are multiple factors that affect housing costs, some of them can not be anticipated.
Look for the June home prices by nieghborhood update next week.
*the median sale price for St. Paul, for the first six months of the year is $191,000. Median home prices by neighborhood will be included in next weeks update.
Thankfully in many markets, the number of expired listings is diminishing and the number of actual sales are going up. For many markets, the going is slow, but we are almost out of the woods.
-4MySales
Any chance you could publish median sale price instead of or alongside the average?
Curious – when I publish the average prices by neighborhood next week for the Month of June I will include Median price.
Like the monthly updates. Keep them coming!
How much is your home worth? Well, it all depends where you live.
The real estate market is still shaking. New data suggests that home prices have hit a new record low. In every new study that comes out, homeowners from Miami, to Las Vegas, Phoenix and Los Angeles, have seen their home value go lower every time.
Is that disappointing? Of course it is.
Should we sell? Is not a good time.
Should we stick to it? Yes, if you can.
Have we hit bottom? Nobody knows.
Banks are facing their worst foreclosure crisis.
Don’t take me wrong, it’s good if you are in the market to buy a home for yourself or if you are an investor, but if you are not, and you own a home, most likely the value of your property is down at least 15 %.
Why do banks care if you are loosing your home? By having to sell repossessed homes, banks have to literally slash their prices down. It gets very costly for them, after all, they have to pay property taxes, maintenance costs, and whatever utilities that need to be paid, all of this expenses for a house that it’s just sitting there, vacant, and the bank is getting nothing in return.
The latest study by the S&P/Case-Shiller Home Price Index of 20 cities, revealed the news that for 22 consecutive months home prices dropped. Only from April to May, 2009 the decline was of 0.9 %