August 2008 Stats…
September 11, 2008 on 10:28 am | In Home Buyer, Home Seller, Statistics | No CommentsThe August figures came in where I thought they would, except for the listings under contract, which fell to 878 from 960. I think September will be much lower for Units Sold than in the month of August. Interest rates are moving back below 6% as of this writing. If this is to continue it will help many qualified buyers make that step to home ownership. But I still have that gut feeling that started after I posted my last Blog that things were slowing. I am not seeing the showings on my listings and I think it is partially because of the eligible buyer pool starting to dry up because of some of the changes scheduled for October 1st. Sellers will no longer be able to assist buyers with down payment or closing costs on FHA loans and it is getting harder to qualify on a Conventional loan. The Median Sales price took a big drop as fewer homes and high priced homes sold. This also held true for the Average Sales Price which also dropped to a six month low. This was very much affected by the fewer Million Dollar homes selling. Also fewer of the more expensive home sold last month. Here are the Stats.
| March 2008 |
April 2008 |
May 2008 |
June 2008 |
July 2008 |
August 2008 |
|
|---|---|---|---|---|---|---|
| Average Sales Price |
$259,120
|
$253,729
|
$250,803
|
$257,449
|
$254,854
|
$238,504
|
| Median Sales Price |
$200,000
|
$195,000
|
$201,000
|
$200,000
|
$199,900
|
$185,000
|
| Total Units Sold |
900
|
973
|
1025
|
1034
|
945
|
903
|
| Active Listings |
9022
|
8808
|
8527
|
8140
|
7876
|
7763
|
| Days On Market |
75
|
78
|
77
|
78
|
78
|
77
|
| Listings Under Contract |
1410
|
1547
|
1485
|
951
|
960
|
878
|
There is Bond money still available with up to 7% available for down payment and closing costs on an FHA loan. Call me for information. On October 1st, FHA the down payment goes to 3.5% which is slight increase and the Mortgage Insurance Premium (MIP) will be based on FICO credit scores. More and more, Government loans are being used today as compared to six months or more ago. Lenders are getting tighter and tighter with Conventional loans. Some are having a tough time getting Private Mortgage Insurance (PMI) for the loans which can delay or halt your escrow. Right now it looks like the safe bet for a loan is FHA or VA if you qualify.
Call me if I can help you at 520-240-7130
July 2008 Stats…
August 12, 2008 on 12:36 pm | In Home Buyer, Home Seller, Statistics | No CommentsI think the biggest factor about the July statistics is the fact that the Total Units Sold did go down to 945 as I predicted. The August number should be close to the July number. The number of active listings went down and that is a good thing for sellers as there are fewer homes on the market. New sales have gone down some which is good for the resale. The Builders are still offering incentives of some sort. All the other July stats are very close to last months. I do expect the month of August will be flat but expect sales to pick up in September and October.
| February 2008 |
March 2008 |
April 2008 |
May 2008 |
June 2008 |
July 2008 |
|
|---|---|---|---|---|---|---|
| Average Sales Price |
$262,155
|
$259,120
|
$253,729
|
$250,803
|
$257,449
|
$254,854
|
| Median Sales Price |
$199,900
|
$200,000
|
$195,000
|
$201,000
|
$200,000
|
$199,900
|
| Total Units Sold |
710
|
900
|
973
|
1025
|
1034
|
945
|
| Active Listings |
9168
|
9022
|
8808
|
8527
|
8140
|
7876
|
| Days On Market |
81
|
75
|
78
|
77
|
78
|
78
|
| Listings Under Contract |
1317
|
1410
|
1547
|
1485
|
951
|
960
|
The Housing and Economic Recovery Act of 2008 offers some hope for some of the owners who are in financial arrears to refinance into a new FHA loan at 90% of the new appraised value if the owners lender will allow it to happen. In a sense it is a short loan process that could save the home owner and possibly save the lender much more of a loss if it went to a foreclosure. You can Google the act and get much more information. There are some good things for new buyers in the Act also. Unless the law is changed the seller will not be able to help the buyer with the down payment as of October 1, 2008. There is a Bill in the House trying to change this. You can still get help from Family members if it is available. FHA down payment goes to 3.5% on October 1st.
Lenders are getting tighter and tighter on doing loans. You need a good FICO score, good income and the all important down payment.
If I can help you call me on my cell phone at 240-7130.
June 2008 Statistics
July 14, 2008 on 3:02 pm | In Home Buyer, Home Seller, Statistics | No CommentsI was not far off in my projections as you can see by the new June numbers. The Active inventory has come down by almost 400 homes which is a great thing. We did have a few more sales that I did not think would happen so that is great. The listings under contract came down by over 500 and this I am certain will bring down the number of Sold properties for July.
| January 2008 |
February 2008 |
March 2008 |
April 2008 |
May 2008 |
June 2008 |
|
|---|---|---|---|---|---|---|
| Average Sales Price |
$266,450
|
$262,155
|
$259,120
|
$253,729
|
$250,803
|
$257,449
|
| Median Sales Price |
$203,500
|
$199,900
|
$200,000
|
$195,000
|
$201,000
|
$200,000
|
| Total Units Sold |
594
|
710
|
900
|
973
|
1025
|
1034
|
| Active Listings |
9168
|
9168
|
9022
|
8808
|
8527
|
8140
|
| Days On Market |
83
|
81
|
75
|
78
|
77
|
78
|
| Listings Under Contract |
1079
|
1317
|
1410
|
1547
|
1485
|
951
|
The House and the Senate are in the process of working out the Short Sale type FHA package. It still could get Vetoed by the President if some of the things the Senate added are not compromised on. We really need this Bill passed.
A major bank was taken over by the Federal Reserve and Fannie Mae and Freddie Mac are getting Federal Assistance that will require Congressional Approval. I hope they will finally act for our best interest and not their political interest.
Slow down and save Gas!! Call me at 240-7130 if I can help you.
