Good News-Bad News You Decide
Year end numbers are a mixed bag. On one hand we saw more homes going under contract during the months of November and December than we saw in in November and December 2009. On the other hand we saw fourth quarter closing drop to a level not seen since 1998. One part of me wants to scream and other part of me wants to scream, although for different reasons. I guess I should just keep my mouth shut, and be thankful for the small things.
December 2010 closings came in at 3,800 for all single family units. This includes attached and detached units. This combined number is an 8.7% decline over December 2009, and is the seventh consecutive year to year monthly decline in number of closing.
December 2010 also resulted in 9.5% fewer closings for single family detached units compared to December 2009, and single family attached posted a decline of 4.6% in closing over December 2009.
Year end 2010 resulted in a total of 49,118 closings for all single family units. This was a decline of 7.5% over year end totals for 2009. Consequently the last time we posted fewer closings was in 2000.
There were a total of 41,470 closings for detached single family units for 2010. This was a decline of 8.3% over year end numbers for 2009. Single family attached units also posted a decline for the year in closings of 2.5%, for a total of 7,648 closing.
Average Sales Prices
Average sales price for all single family units in 2010 was $191,398 which was a .04% increase over 2009. This average sales price is 25% below the average sales price $254,157 in 2007. That means that the house I paid $254,000 in 2007 is now worth $191,000. That is an average loss of 8.33% per year. I want a do over!
The average sales price for all single family detached units was $200,252 for year end 2010. GOOD NEWS; this was an increase of 1.4% over 2009 early totals and the first year to year increase in average sale prices since calendar year 2006.
Attached single family units did not fair as well with an average sales price of $143,386 for 2010. This represents a decline of 5.6% from 2009 yearly totals. It was 1999 when we last saw an average sales price for attached single family units this low.
At year end we 40,778 active listings, which is 5.6% fewer listings than at year end 2009.
All indication are that the FEDS will continue to keep a lid on rates, but not forever. Although rates have ticked up, they are still very low. This combined with a year that should see more foreclosures hit the market than last, should make this a GREAT TIME TO BUY.
Van Purser is a licensed real estate broker in Georgia. Since1981 he has successfully purchased and renovated over 400 homes. His expertise is in the area of foreclosures, rehabs and fixer uppers. Additionally, he has represented hundreds of clients over the years as a broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, who is also a broker, have been married since 1977. Van can be reached at 770-623-3313 or by email VanPurser@VanPurser.com
Van Purser and his wife Jeanne are a licensed Real Estate Brokers in Georgia. Since1984 they successfully purchased and renovated over 400 homes. Their expertise is in representing Buyers or Sellers as an advocate; which means always ensuring their best interest. Additionally, they represented hundreds of clients over the years as an Associate Broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, have been married since 1977. Van or Jeanne can be reached at 770-623-3313, or by email at email@example.com or firstname.lastname@example.org.