So the six month review of 2009 shows:
a) the Number of Sales up 50% from 2008 and 66% from 2007;
b) average Sales Price down 33% from 2008 and 51% from 2007;
c) Median Sales Price down 36% from 2008 and 52% from 2007;
d) Foreclosure Notices are up 37% from 2008;
e) Trustee Sales are up 23% from 2008. (Yes I left off the 2007 increase-You don’t want to see it)
Let’s look at our Mid Year trends- Sales increases are slowing down. Pending Sales are below 13,000 for the first time since March. Not a cause to panic as we started the year @ 6,500. Prices appear to be stabilizing for the past few months. A good sign for sellers, and an “Act Now” sign for buyers. Short Sale Active Listings, Pendings and Closings are trending up, while those same statuses for REO’s are dropping. Short Sales and Bank owned properties will continue to dominate the market for the balance of 2009. Why? The combined percentage for these 2 types is still 70% of all Pendings and Closings. And as REO’s have fallen recently, Short Sales have increased.
