2008 vs. 2009
The final numbers are in… In this issue we compared a full 12 months (Jan-Dec) data for 2009 compared to 2008. As we tracked throughout all of 2009, months of available inventory continued to decline. This fact is evidenced by the increase in the number of homes under contract and sold per month compared to the average decline of new listings per month, and is true across all three zip codes.
Another universal statistic is the decrease in average sold price across the board. 21224 was hit the hardest with a year over year decrease of 24%, 21230 dropped 15%, and 21231 only less than 1%.
The encouraging news is that more homes are selling and listings are sitting for less than 6 months on average (if they sell). The discouraging news, at least for sellers, is that most areas took another substantial loss in value. However, all is not lost, as inventory continues to decline from sellers unwilling or unable to sell there homes, while buyers are still looking to buy in or trade up, we should see normalization in the market and more stable values.
However, the increase in short sales and foreclosure properties will keep us from reaching this normalized market anytime soon.
Check back next issue for more details on the first qtr 2010 stats and short sales/foreclosures.
