Hello there and welcome to another market update from your truly. I am going to go out on a limb and make a prediction. Are you ready (a hush falls over the crowd) If the current trends stay true I believe we hit the bottom of our local housing market in January 09. Lets break down the numbers and see if this makes sense.
New listings: 1496.
This number is a 22.3% increase from Feb 09 but still down 5.7% from the 1586 we added to the market this time last year. Less is good as we still have plenty of inventory to get through this year.
Sales: 523.
This is a 12.3% increase from Feb 09 but still down 18.7% from this time last year. Winners, homes under 200,000. Losers, everything else.
Total Active: 5108.
A modest increase of 3.2% from last month(this is a good thing) and down 10.7% from last year. A very good thing.
So all the numbers reflect some catching up to do with last years numbers, but for two months running we have moved up from Jan to Feb-Feb to March. Some of the factors-the tax credit-low rates-influx of troops to Carson. We still need job numbers to change and overall consumer confidence to come back before we start seeing movement in the upper price ranges. That of course translates into great deals for the buyers brave enough to tackle the upper price ranges.
As always I welcome you questions and comments. In addition, let me know if I can be of service. Here is the market graph for the year to date-take care.
