Market Update | June 2010

Market Update | June 2010

Jun 26, 2010

Think global, act local. With European debt crises, oil spills and disappointing job growth figures putting stress on the stock market, the local housing market didn’t fare much better.
Buyers remained hesitant during June, as Pending Sales posted a 15.2 percent decrease from last year. Many would-be June buyers already bought during the credit period.
Due to slow pending, inventory levels increased 24.5 percent compared to last year, yet prices still managed to move up. The Median Sales Price for June of $200,436 was a 2.8 percent increase over last year. Negotiations inched back toward the sellers by just under a percent to arrive at 94.1 percent of their original list price. Market times decreased 12.8 percent to 67 days, while Months Supply decreased 7.3 percent to 7.8 months.
Expect closings to receive a slight boost as Congress recently extended the closing date to September 30 for tax credit buyers, and expect the market to stay flat or post minor improvements over the near term.

 

Ed Neuhaus

About Ed Neuhaus

El Capitan is a nickname given to me years ago. This was just before or just after I was married. No, unfortunately it was not given to me by my wife. She has far better and worse things to call me. I sailed a lot a young man and I know a thing or two about sailboats. Maybe that is why I got the nickname. Maybe my nicknamers were thinking I was strong as a rock like El Capitan in Yosemite National Park. I hope it was because they thought of me as their leader. I am el Capitan of our ship, Broker for our company, father of two, husband, sailor, drummer, soon to be pilot, and all around bad ass. Ok maybe that last part about the bad ass is too much. But hey, why not. BTW, did I tell you I want to be a pilot? no wait, really, I want to be a pilot. You know the guys who fly planes. (this would all be a lot better in a video soliloquy than in typed form, but use the tools you got right?)

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