So how’s the market… (part 2)

• · Last 6 months of 2009: 215 Sales of which 47 (21.9%) were foreclosures
• · Active Inventory as of 01/31/2010: 266 of which 16 (6.0%) were foreclosures
• · Absorption Rate: 36 Months Inventory: 7
• · Median sales price: $141,065 Lo: $22,000 Hi: $573,500 DOM: 66 SPL: 95.3%
• · Foreclosure Median Sales Price: 47 Sales $78,226 (Lo: $22,000 / Hi: $289,900 DOM: 61 SLP: 93.0%)
• · Non-Foreclosure Median Sales Price: 168 Sales $150,148 (Lo: $40.000 / Hi: $573,500 DOM: 67 SLP: 96.18%)
• · Pending Sales: 40 of which 18 (45.0%) are foreclosures
• · Pending Foreclosure Median Sales Price: 18 Sales $67.950 (Lo: $19,900 / Hi:$209,900 DOM: 66)
• · Pending Non- Foreclosure Median Sales Price: 22 Sales $152,400 (Lo: $112,900 / Hi: $234,500 DOM: 164)

Conclusions: While Pending Sales indicate a definite increase in sales activity (higher than the absorption rate or average number of monthly sales for the past 6 months), we remain and will remain for some unforeseen period in a Buyer’s Market. Foreclosures combined with inventory levels continue to put downward pressure on pricing with foreclosures representing a larger portion of actual sales than they represent as a percentage of active listings of any of the examined markets by up to a ratio of 3:1.

Next week, I will look closer at how this information might impact real estate decisions with a focus of sellers who after all are those most negatively impacted by the market conditions present today.

NOTE: DPM (Days On Market; SPL (Sales Price to List); Median: the point at which half are above and half are below.

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