A year later...
At the end of December 2008 there were 15,365 single-family homes on the market. The average number of closed sales for the last quarter of 2008 was 600 sales. We had enough inventory at the end of December 2008 based on the average closed sales per month in the last quarter, to last 26 months if no other homes were offered for sale.
55% more homes closed the last quarter of 2008 than in the last quarter of 2007. Also noteworthy was the price range of what was selling. By the end of 2008, homes priced $299,999 or less represented 52% of the homes for sale and 70% of what sold. In December 2007 this price range was only 30% of our total inventory and 39% of what sold.
At the end of December 2007 there were 4,601 single-family homes on the market in this price range. The average number of closed sales for the last quarter of 2007 was 153. Based on this average number of closed sales per month, we had enough inventory priced at $299,999 or less at the end of December 2007 to last 30 months if no other homes were offered for sale.
At the end of December 2008 there were 7,936 single-family homes on the market in this price range. The average number of closed sales for the last quarter of 2008 was 419. Our supply of homes priced at $299,999 or less will now only last 19 months if no other homes are offered for sale.
There was an increase of 173% more homes in the $0 - $299,999 price range that closed the last quarter of 2008 than what closed in the last quarter of 2007.
By the end of 2008 homes priced between $300,000 and $1,000,000 represented 37% of our total inventory and 26% of the total sales. In December 2007, this price range was 58% of our total inventory and 52% of what was selling. The quantity of available homes in this price range dropped from 9,138 in January of 2008 to 5,753 by the end of December 2008.
11% of our available inventory at the end of December 2008 was priced at $1,000,000 or more and this price range was 4% of our total sales. In December 2007 they were 11.5% of what was available and 8% of what sold. The quantity of available homes in this price range dropped from 1,911 in February 2008 to 1,676 by the end of 2008.
The median price for a home in December 2007 was $348,000. The median price dropped to $225,000 by the end of December 2008, back to what it was between 2003 and 2004. Bear in mind that the median price for a home in 2002 was only $155,000.
At the end of December 2007 there were 24,311 condominium and townhouse units available, with an average of 434 closed sales for the last quarter, a 56 month supply. Quantities peaked in April 2007 to 25,727, and fell to 23,442 units by the end of 2008. The average quantity of closed sales per month for the last quarter was 619 units, so we had a 38 month supply starting out in 2009.
There were number of signs indicating a changing market, but it was too soon to take a shot at forecasting when the market would level and move once again to a seller's market. It was a great time to buy. Inventory was plentiful, prices were low, and interest rates were really low.
Ready to Make your Move...