Wednesday, March 26, 2008

February Market Stats--you tell me how they look!

So here are the updated stats for Feb 08. No need for me to explain here, you can do that yourself. Overall, the market is still healthy. Listings are selling--if they are priced right. You can plan on your home camping for a year or more if your price is wrong. If you are priced in the correct zone, that baby is gone in 2 months.
Click on the image to expand it in a separate window. If you leave me a post, I'll send ya movie tickets.

Tuesday, March 25, 2008

Market is up, my devils are out

Why oh why can't my devils pull out a win? How do you barely beat Belmont, then lose to WVU? I didn't even know schools existed in WV (anyone moving to slc from West Virginia please ignore that comment and know I appreciate your referrals!). So it looks as if NC will conquer all again. I went out and bought a Longhorn hat just to spite Kansas. I don't even like the Longhorns...alas...

So, the market is apparently up. This is stolen from NAR's site;

The National Association of Realtors reported that existing-home sales rose 2.9% in February to a 5.03 million-unit annual rate amid a sharp decline in median home prices (down 8.2% versus a year ago), leading to a 3% drop in the inventory of homes for sale. This was significantly above consensus expectations of a 0.8% decline in existing-home sales and acted as a positive catalyst for investors interested in housing-related and consumer stocks, in our opinion. Yesterday's data on existing home sales were stronger than expected.

(Me again) You want to know what else is stronger than expected? WVU! Oh my poor dukies.

Tuesday, March 4, 2008

Prices finally coming down

Click on the image to expand it for viewing.
After months and months of insane appreciation, I do believe housing will become affordable again. This is good news for everyone. Sellers might not be happy that their homes only appreciated 5% this year but, puh-leez, if anyone thinks 19% is healthy for our economy, let's go to lunch and I will convince you otherwise.

This graph is taken from our mls. The red line is home sales; which are at a 5 year low. the blue line is average home sale price; finally coming down. The green line is the killer. This is the number of homes for sale. As you can see, last year and at the start of this year, every other home in the valley was for sale. That is no longer the case. What does this mean? Stabilization, baby! The closer that green line is to the red line the better the market is for sellers. The further away they are, buyers reap.