This is the time of month that I usually post the State & County Sales Stat.
What I really want to talk about is what has happened to Eastman in the last year to year and a half. Here are some great numbers that to look at:
After the financial crisis of September 08′ buyers that were in the middle of a transaction kept going and stayed the course. In the fourth quarter there were 10 total transactions, 6 homes and 4 condos were sold. A respectable number considering buyers basically vanished. We didn’t see the affects of the melt down until the first half of 09′ particularly the first quarter. There was one condo sale and three homes sold. By the end of the second quarter there were 11 home sales and one condo for a total of twelve for the quarter. The total home/condo sales for the first half of 2009 is 16.
The third quarter 09′ things in the financial markets were starting settle down and the stock market was showing signs of recovery bouncing as much as 20% from the lows of the year. This stabilization brought out some home buyers along with tax incentives, low interest rates and fallen home prices. Buyers were looking, but the weather played a roll as the early summer months brought plenty of rain. From 07/01/09 through 09/30/09, six homes and four condos sold. A slight drop from the previous quarter.
Nicer weather and the looming end to tax credits brought buyers out the decision to buy was made. There were 17 total transactions. Twelve homes and five condos were sold. This momentum seems to have carried over to this year as the first five weeks of 2010 we have had five home sales and two condo sales, far surpassing 09’s first quarter already.
As long as interest rates stay around 5% we should see this momentum carry on. The forecast is for rates to rise to 6% or higher and I believe that will stop the rebound in housing sales. I can only hope we don’t see a fourth quarter like the first quarter or 09