Who are we to believe these days? Some pundits say the market is in the tank; while the government is trying to convince us that we have seen the bottom and are climbing back. Well maybe the market is neither spiraling out of control nor has it bottomed out. Consider for the moment these housing statistics generated by Altos Research who tracks all California housing activity as well as selected cities throughout the Country.
Long Beach statistics as of November 22, 2009:
Median Single Family Home Price: $387,623
Market Action Index: 20.32 (denotes a buyer's market)
Average Days on Market: 169 days
Median Price Per Sq.Ft.: $279/sq.ft.
Housing Inventory: 986 properties on the market
These numbers would be meaningless unless you plot the trends. Median prices in Long Beach have steadly increased since March, 2009 (from a low of $330,000 median price). Currently the trend lines are flat which suggests that prices are leveling out at this moment (consider inventory levels and selling season being the holidays). The Market Action Index illustrates the balance between supply and demand - the closer the number goes over 30 suggests a seller's market. After rising dramatically in July, 2009 the number is decreasing slightly over the past thirty days. Average days on market is currently trending down - meaning it is taking less time to market and close transactions. Inventory levels are slightly moving upward over the past couple of weeks.
In summary the market seems to be taking a time out after a late summer of increased activity. This is consistent to the time of year. If you are considering buying or selling, consider me as your realtor of choice. Let me know how I can be of service to you by either contacting me via email at jim@peys.net or visit us at www.coastalcommunityhomes.com. Thank you!! Jim Peys
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