- Prices seem to be firming a little based on 2nd quarter improvements. Prices in some areas could drift lower by year end, but lower listing supply seems to indicate pricing traction.
- Days on Market are down sharply from this past quarter and a year ago. Homes are selling more quickly than before.
- Ratio of Inventory is showing continued decline. This is an indicator that demand is beginning to outpace supply.
What does all this mean? Well the simple answer is that these are early signs of an improving market. Since housing decline led us into recession, it makes sense that housing recovery will lead us out. I have picked up on some early signals in the overall market that indicate we are beginning to emerge from recession although the job market continues to be a little soft. These are national indicators and I still maintain that our regional job market is stronger.
What have I seen? I have been busy with both buyers and sellers since late 2008 continuing through into 2009. July and August typically see significant slowing in real estate sales but this year July has been busy. August seems to be building strong as well. Prices have not increased but levels of activity are up sharply.
We are not out of the housing correction period but I am certainly seeing our market shift from an aggressive buyer’s market to a more moderate buyer’s market. Interest rates remain very competitive and that factor along with the $8,000 first time buyer incentive will continue to encourage buyers to move into the market.
Thank you for helping me better serve our real estate community.