Residential sales volume for January 2008 up 19% from January 2008
All Sales (vs. Year-to-date 2007)
- Residential sales volume: off 38% to $205 million
- Residential transactions: down 36% to 698
- Mobile home sales on land: off 34% to $2 million
- Land sales: decreased 47% to $43 million
- Commercial volume: up 62% to $67 million
- Average residence: $294,475 off 3%
Sales of existing residences up 19% in units sold in February 2008 from January 2008
Existing Home Sales (vs. Year-to-date 2007)
- Units sold: off 37%; volume: off 37% to $144 million
- 490 units sold this year vs. 775
- Average price off 1% to $292,952
- Half homes (median) sold for more than $243,000, off 3%
- Average $/SF for homes sold at $157.83 (all sales), off 11%
- Range with best sales: $225,001 - $250,000, with 46.5 monthly
- Second best range: $200,001 - $225,000 with 35.5 per month
4 acreage parcels sold monthly, off 67% from last year; average price, $217,857, up 4%
Acreage Sales (vs. 2007)
- Existing homes: 21.5 per month, off 51%
- The average price: $482,436, off 4%
- Median price for existing homes: $410,000, off 6%
- 1 per month, off 71%, new single family homes sold; average price: $419,500, off 23%
- Median price for new homes: $419,500, off 21%
- Average lot sizes, for existing homes: 3.4 acres, off 19%; for new: 10.2 acres, up 76%
- The $/SF for existing homes: $184.07, off 21% and for new: na
Unit sales of new single family homes in February 2008 up 73% from January 2008
New Construction Single Family Detached Homes (vs. Year-to-date 2007)
- Average sale price: $323,113, off 17%
- Median sale price: $295,815 off 14%
- New homes represent 23% of volume and 21% of units recorded
- 134 sold vs. 163 last year, off 18%; volume: off 31% to $43 million
- Average $/SF: $140.57 off 18% from last year’s average
- Best range: $350,001 - $400,000 with an absorption rate of 12 per month
- Next best ranges: $250,001 - $275,000 with 8.5 monthly
Best lot ranges: $75,001 - $100,000 - $150,000, each with 11 sales per month
Subdivisions (vs. 2007)
- Average lot sold for $101,189, off 12%; it represents 31.3% of average new home
- 32 lots sold monthly vs. 81 last year, off 61%
- Half the lots sold for more than $90,000, off 14%
Attached unit sales were off 21% in February 2008 from January 2008
Attached Homes (vs. Year-to-date 2007) includes townhomes, condominiums and commons
- Units sold: off 56%; volume: off 55% to $13 million
- Best range, existing: $100,000 - $110,000 with 2.5 monthly
- Best range, new: $250,001 - $300,000 with 2 per month
- Average sales price: $252,285, up 4%; Median price: $183,997, off 7%
- Average $/SF for new units: $212.48, up 15%
- Average $/SF for existing units: $192.41, up 9%
- 35% (18 units) are new
Projections
- Relative inventory backed down to 14 months. Prices will remain soft.
- The housing market will prove most challenging in 2008. Sellers need to price aggressively. While inventory and foreclosures will keep on growing, sales will improve as well through the summer months. Strong sellers will do well.
Got a question for Scott? Feel free to call him directly at 360.216.1762
