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Real Estate Caffeine: A fresh shot of today’s real estate market

Ryan Halset’s Real Estate Caffeine: A fresh shot of today’s Real Estate Market…

In this section of my Blog, I’ll be posting market updates, numbers, and personal opinions on what that means for buyer’s and sellers (and sometime other parties).  You’ll be able to see all of the market updates I post under the “Categories” section. If you have interesting notes, pictures, anything – feel free to email me…and I’ll be happy to post your “blog-worthy” items. So, let’s get on with it, shall we?

December’s sales fell 16.7 percent. That sounds bad, but it really isn’t. Numbers had been somewhat inflated due to some government intervention in keeping rates low and of course, introducing the $8000 homebuyer tax credit. That being said – home sales had been expected to fall by about 10 percent, according to economists surveyed by Reuters…so 16.7% was a touch higher than expected.

The good news here is that home prices were up 1.5% nationally from the prior year…the first yearly gain since August of 2007. The inventory of homes for sale also dropped to a level of about 7 .2 months worth of supply. A healthy market typically has about 6 month’s worth of inventory – so we’re getting back to healthy levels. I think short sales and REO’s (bank owned properties) are probably dragging these numbers…but we can’t discount them, as a short sale in your neighborhood negatively effects your value whether you like it or not.

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