September 2008 Home Sales Report

Things feel rather bleak right now. But there are some positives. Gas and oil prices are down, way down. In fact oil prices dipped below $90 a barrel. Gas prices are heading below $3.00 a gallon. That gives us a little comfort as we head into the winter months.

What is disappointing is that you do not see any headlines in the news about this good news. I could use the distraction from what my retirement account is doing.

As far as home financing is concerned, there does not seem to be a problem financing a home, so long as you have a job and can actually afford a home. As bad as things are, I am not running into people who can't get financing. The banks are lending. It is more a matter of confidence in the markets and the feeling of uncertainty that is having the most negative effects.

Market Notables

• Single family home sales for the month of September 2008 are down 7% from 2007.

• Year to date sales of single family homes in the area are down 21% from last year.

• The average price per square foot of a home sold in September of 2008 was $153/sf.  Down ~7.8% from a year ago ($166). Prices have been essentially flat to slightly up since January.

• The average number of days it took to sell a home in September of 2008 was 132 days. 22% less than last year which was at 169 days.

• The number of homes on the market in September 2008 was 841 homes. This is about 5% fewer than in 2007 and is a 12 month supply of homes.