Tuesday, October 5, 2010

September sales

This is a preliminary look at new contracts written during September and compared to contracts written in September 2009.

Sales
Beds
Baths
Sq Feet
Price
Price/SF
Sep-10
823
3
2
2084
$228,877.00
$104.18
Sep-09
950
3
1
1923
$231,794.00
$118.17
Difference
-127
0
1
161
$2,917.00
$13.99


The sales decrease would be expected since September of 2009 was influenced by the original tax credit and September of 2010 had no tax credit. So, while many believe the market is continuing to crash, I believe this is a pretty good indicator of stabilizing sales. A few more months will tell the story much better.
There are a lot of people saying that prices have been going up, but keep in mind they are talking about median prices. Since the tax credit drew more first time buyers into the market, it would skew the numbers to a lower median.
I think the better indicator is the average cost per square foot, which is down approximately 12%.  This number could be heavily influenced by the condition of distressed properties, which seem to be making up more and more of the market.

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