The Market – August to September

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I think most rational people would argue that the market is significantly improved versus last year.  I certainly would.  While there hasn’t yet been a true bounce back, there has been some serious stabilization.  I’ll take a stabilized market over a market (and economy) in free fall any day of the week.  Of course, I’d love to see a robust recovery, but you need to walk before you can run.  Really, you need to crawl before you can walk.

Here, then, are some stats courtesy of RMLS’ August Market Action report:

August 2009 vs August 2008

  • Pending sales up 13%
  • Closed sales up 4%
  • New listings down 14% (excellent news! we need to clear out the inventory.)
  • Sales price down 10%

August 2009 vs September 2009

  • Closed sales down 7%
  • Pending sales down 1%
  • Inventory 7.8 months vs 7.3 months (I’d like to see inventory down to about 6 months)

12 Month Sale Price vs Previous 12 Month

  • Average price down 11%

I understand that these numbers don’t necessarily make you feel all warm and fuzzy, but in my opinion they point to stabilization and a sooner than expected recovery.

September 17, 2009 by Jesse Knight

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