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Wednesday, February 11 2009
Even though some real estate markets are still struggling to change and improve, some areas are seeing an improvement. Improvements can be measured in different ways. One way is by calculating the inventory of homes in the market and how long it would take to sell these homes. The article below mentions that inventories have declined in 29 markets. Even though Evansville is not included in the mentioned 29 markets, we can report that the inventory in Evansville has declined as well. As per the chart below you can see that at the beginning of January 2008 we had 12.60 months inventory and at the end of December 2008 we had 9.74 months inventory. This is a welcome reduction. We would like this figure to be closer to 6 months inventory.
 
 
Sales and Inventory History
Tuesday, February 10, 2009
Category - Single Family
Month
Year
Monthly Sales
Avg ListPrice
Avg Sale Price
% Diff Sell/list
Avg DOM
Curr Inventory
Months Inventory
January
2008
266
$124,692
$118,920
95.37%
95.0
3351
12.60
February
2008
341
$122,162
$115,538
94.58%
101.0
3273
9.60
March
2008
352
$122,370
$117,100
95.69%
98.0
3258
9.26
April
2008
367
$113,169
$108,160
95.57%
98.0
3332
9.08
May
2008
377
$122,288
$117,643
96.20%
105.0
3431
9.10
June
2008
403
$136,309
$130,706
95.89%
111.0
3490
8.66
July
2008
416
$131,874
$127,245
96.49%
105.0
3510
8.44
August
2008
401
$136,664
$129,773
94.96%
113.0
3491
8.71
September
2008
379
$119,765
$114,993
96.02%
101.0
3499
9.23
October
2008
371
$124,951
$120,138
96.15%
100.0
3388
9.13
November
2008
241
$126,062
$119,575
94.85%
100.0
3222
13.37
December
2008
321
$117,518
$112,002
95.31%
113.0
3127
9.74
 
 
Housing Inventories Fall in 29 Major Markets
 
 
The inventory of existing homes for sale in 29 major markets covered by ZipRealty declined an average of 2.5 percent in January 2009, compared to December 2008 and down 13 percent compared to January 2008.
 
This is a good sign, especially when considering that typically inventories rise in January after the holidays. In the last 25 years, the average increase in inventory in January has been 8.7 percent, according to Ivy Zelman, CEO of research firm Zelman & Associates.
 
Housing-market analysis Altos Research reached similar conclusions, saying that the listings in its 10-city composite index declined 3.3 percent in January compared to December 2008.
 
This data doesn’t include New York City, where appraisal firm Miller Samuel Inc. reports that inventories were at the highest level in the last decade, up 6 percent from December and 36 percent from January 2008.
 
Source: The Wall Street Journal, James Hagerty (02/10/2009)
Posted by: Rolando Trentini AT 07:00 am   |  Permalink   |  0 Comments  |  Email
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The Trentini Team
F.C. Tucker EMGE REALTORS®
7820 Eagle Crest Bvd., Suite 200
Evansville, IN 47715
Office: (812) 479-0801
Cell: (812) 499-9234
Email: Rolando@RolandoTrentini.com


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