The January 2010 Housing Supply Outlook just hit the internetz. As usual, here's some quick takeaways on key market conditions.
5. Its a magic number. The last time there was only 5.0 months of supply or less in the Twin Cities housing market, the month was March of 2006. George Bush was president, Kanye West was known more for his talent than his eccentricities and the market was on the cusp of a 24-month slide in home sales and prices. Flash forward to January 2010, and we're back down to 5.0 months of supply.
The biggest drops in supply can be found the lower price ranges, where homes are selling quickly. For perspective, there's only 2.6 months of supply under $120,000, while there's 30.2 months of supply above $1 million.
Home prices are still soft across the board, but the largest declines in price in 2009 can be found in the condominium segment, where the average sales price for the year was 17.1 percent lower than in 2008.
Click here for the full Housing Supply Outlook.
Johnny Number 5:
yah why is it?can you explain it?
Posted by: Credit Repair Services | August 25, 2010 at 09:23 AM
Condos have really taken a hit here in Los Angeles. Overall, going into 2011, the market remains depressed. Houses are moving slowly, but prices are not bouncing back.
Posted by: Elaine Corsair | December 30, 2010 at 11:12 AM