The numbers are finally in. Although on a national level they are not great, locally they are not bad.
Home sales dropped 7.2% from December to January but the good news is January 09′ to January 10′ sales were up 11.5%
I see this as a positive number as inventory seems to be declining also.
As for the Northeast, existing-home sales fell 10.9 percent to an annual pace of 820,000 in January but are 22.4% above a year ago. The median price in the Northeast was $245,300, a gain of 8.8% from January 2009. When prices start to go up that is never a bad thing.
On a more local basis. January was a so much better this year than last. In the Eastman Community there were 5 home sales in Jan. 10′ vs. 0 home sales in Jan. 09′. There were also 2 condo sales this January vs. 0 units sold in 09′
Statistically these numbers are staggering but I think they are way to unrealistic to put percentages on them. Here’s something to consider though. It took, starting Jan. 1st through May 31st to get a total of 10 home and condo sales in Eastman last year. Are we going to have a better year than last. I believe so! Will prices start to increase? That, I do not anticipate. There is just to much inventory on the market for prices to increase. Price stabilization? Maybe… it will depend on weather we sell 40 units or 60 units. If we get into the 60’s for total unit sales that would help to cut the inventory, which will help pricing power.
I’m including the State, Merrimack and Sullivan Counties Sales Stats Jan-2010. As you will see on page one, all trend lines are still heading in the wrong direction. Again, I am not a huge fan of days on market as that number can be manipulated several ways. If a listing changes from one agency to another. If a listing is withdrawn then entered as new after 30 days (which is perfectly legal). There are others but you get my point. Cost per sq. foot and median sales price are good to look at.