Hello and thanks for stopping by my blog.
Time to take a look back at the market stats for the month of February.
New listings: 1223 resale homes came on the market last month. This is a 2% increase from Jan 09, but a 19.6% drop from Feb 2008. This is a significant drop from this time last year. If rates stay low and buyers continue to be active we will see the kind of decreases in inventory needed to get back to a balanced market!
Total active resale listings: We closed out Feb at 4418 listing. This is a 2.1% increase over Jan but an 8.8% decrease from Feb of 08. Once again this reflects a decrease in overall inventory levels needed to get back to balanced.
Sales: We sold 465 homes in the resale market for the month. This is an increase of 22.4% over a very lackluster sales number for Jan. It does represent a decrease of 6.6% for the same sales number for Feb 08.
So what does all this mean. Sales are at a slower pace from this time last year, however inventory is dropping at a faster rate. This is due to the huge drop in new listings coming into the market. Low interest rates, new soldiers coming to FT. Carson and the first time buyer credit should all help our market this year. How much is the million dollar question.
As always I welcome your questions and comments.
Till next time.