Sept. 2010 Update

Directors, First Multiple Listing Service September 20, 2010

Denise Gryder

678-420-4422

 

Our housing market is not doing well. There were 3,945 closings for all single family in

August 2010 versus 4,806 for the same year ago period. This is a year-to-year decline

of 17.9% and our 3rd consecutive monthly year-to-year decline.

 

There have been 34,092 closings for all single family in 2010 through August.

This is a decline of 1.3% over 2009 January-August and clearly is a sign we have

not had a bottom or recovery yet.

 

There were 3,372 closings for single family detached in August or a decline of

17.1% from the same year ago period. This is the 39 of them were the result of the fall 2009

and spring 2010 housing stimulus.

 

There were 573 closings in August 2010 for single family attached or a decline of 22.5% from

August 2009. After eleven consecutive year-to-year monthly increases there have now been

two consecutive large percentage declines. The average sale or closed price for single family attached in

August was $137,543. This is the lowest average monthly sale price for single family attached since

November 1999. The August average was 6.2% below August 2009, but almost

30% below the 2007 August high of $195,738.

 

The average sale price for single family detached was $206,073 in August 2010.

This is an increase of 1.9% over August 2009, but a decline of 8% from the previous month, July.

If the current weak trend for housing continues, we probably will have average monthly closed

prices dip below $200M. I sure hope our recession low of $174,733 from February

2009 will not be eclipsed. I do not believe it will.

 

There were 4,705 expired listings for all single family in August.

This was almost a 10% decline from August 2009.

Usually this is a positive indicator, but our housing inventory continues to drop,

as the consumer does not want to try to sell their home in this market.

 

Below is the inventory of all single family at the end of August for the past 11 years. After continually increasing every

year, there now have been three consecutive yearly declines.

The months-supply of homes for all single family was 10.7 at the end of August. This is a decline of 1.3 months from

August 2009 and 3.4 months from the August 2008 high of 14.1.

 

I believe our housing market will remain depressed through October. If the November election produces some balancing

of power in Washington DC I believe the consumer will take this as a positive and demand will improve for our economy

and housing.

 

Thank you,

Steve Palm

Smart Numbers

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