Austin and Other Markets Performance
I posted a little while ago about how Austin has slowed and how much of it is due to buyers not buying here yet as they have not sold in other markets yet. I heard from Jay Thompson that the Phoenix had a net increase in homes sold in April from a year earlier and how prices had dropped considerably. So I sent out some feelers to see how other markets around the country are doing in terms of real estate sales. Here are the responses:
Here in the Rocky Mount, North Carolina area we continue to slow. In the first 4 months of this year residential sales are down 14% from the same period last year. 2007 saw an 11% decrease in residential sales from 2006.
The Las Vegas vacuum is on, and the foreclosures are sucking up the values of most everyone's properties temporarily. There are a trail of foreclosures going into contract & being sold, with more on the way. So for now, the number of sales are up, and those going into contract are on the rise, but the sales price average seems to be less & stinky to current homeowners. Wonderful for buyers though.
Las Vegas: For the first time since September 2005, sales of single-family homes in Las Vegas rose from the same month of the previous year, the Greater Las Vegas Association of Realtors reported Tuesday.
Home sales jumped to 1,794 in April, up nearly 30 percent from April 2007 and the fourth consecutive monthly increase.
The inventory of homes available for sale on the Multiple Listing Service has stabilized at 22,942, a 3.1 percent increase from a year ago.
Charlotte NC:
Sales closed were down 27% in April 2008, as compared to April 2007. Prices finally came down by 3%.
Within the city of Chicago:
April 2008
For Sale-36,734
Under Contract-2,837
Sold-2,102
Median List Price-$290,000
Median Sold Price-$290,000
MSI )months of inventory) -10.2 months
Average DOM-84 days
April 2007
For Sale-38,651
Under Contract-3,442
Sold-2,960
Median List Price-$315,000
Median Sold Price-$292,000
MSI-8.9 months
Average DOM-74 days
Sales are down 29% compared to last April.
Inventory is down almost 5%
Sellers are also listing their homes more appropriately too.
Long Beach, CA: In the last 15 days, there are 400 pending listings in Long beach, about the same number as in all of last month, and more than any month in the last year. double the number then most of the last 12 months, and we still have 2 weeks to go.
There are 2950 active listing here, about 50 less than May 07.
Miami: If you want to wade through and get them. Miami home sales actually increased last month ....and the average sales price rose also. But, the rest of South Florida is sucking wind.
I have shown property to 4 different buyers over the last 3 weeks and will show another next week. One is looking for a second home and doesn't have a house to sell first. Three are looking as their houses sit on the market in other cities.
So it looks like some markets are finally moving some inventory and quite a bit of it looks pretty painful i nterms of foreclosures and price drops. As other markets sell at lower prices, it makes me wonder if buyers will spend less in Austin, thereby driving prices down a bit. The next six or so months should be interesting.