Current Market Conditions Report Posted with November Data

Sales are off 17% year over year, prices are down about 17-18% from their May/June peaks.   That's what the latest data is showing. So the market has definitely turned, even if sellers haven't gotten the memo yet. (The average and median asking prices have barely moved in months. There is some good news, though. It looks like prices may be hitting a more stable plateau over the next few months. Buyers I've been out with in the last month or so seem much more intent on finding a place to enjoy, rather than just park their money. They also seem more focused on finding fair value rather than bargain hunting.

I'm sure this month's report will generate a LOT of comments. Check out the Current Market Conditions Report and then come on back here and share your thoughts about what's happening.

Comments

[TR]

Thanks for the monthly report Dave.

X---------------------------------------------X
September 1 2007 through November 30 2007

154 homes closed (Sullivan County, NY)

--->$162,450 CLOSED median price<---

X---------------------------------------------X
All Single Family Homes Currently on the Market

Ask ***$239,900 median***

X---------------------------------------------X

Jeepers Crow Dave!

That's a difference of $77,450 - or a 32% spread - in the SOLD median {fact} to the ask {wishful dreamin'} for most homes in this county.

Until the seller(s) - uh, those that really want to sell - and not go fishing - get a good portion of humble pie and some ice cold water on their face, I think you'll see a stagnant market for the next few months due to that wide gap.

Happy holidays to all,
TR

[TR]

Thanks for the monthly report Dave.

X---------------------------------------------X
September 1 2007 through November 30 2007

154 homes closed (Sullivan County, NY)

--->$162,450 CLOSED median price<---

X---------------------------------------------X
All Single Family Homes Currently on the Market

Ask ***$239,900 median***

X---------------------------------------------X

Jeepers Crow Dave!

That's a difference of $77,450 - or a 32% spread - in the SOLD median {fact} to the ask {wishful dreamin'} for most homes in this county.

Until the seller(s) - uh, those that really want to sell - and not go fishing - get a good portion of humble pie and some ice cold water on their face, I think you'll see a stagnant market for the next few months due to that wide gap.

Happy holidays to all,
TR

[CP]

DK- over the months I've thought back a few times back to your blog about 'the sport of real estate is over', going on to say the hubris and lightening quick deals were slacking and the process was becoming more 'pedestrian'. I thought that was a great thread.

However, now I am thinking differently. The game is still on, but now the sides (buyers and sellers) are more evenly and fairly matched - the buyer with their ability to walk away, and the seller with their ability to say 'no'. The competitive arena is presently not which house the buyer can buy the quickest, but which seller is motivated enough to outcompete other sellers.

Additionally, you could not have been more right on about the inventory of real estate is Sullivan County at the moment - between $200k and $400k, it's downright embarrassing what we have to offer presently.

[Steve]

Wow. Big downturn this year. I'm not sure the game is going to play out as people expect it. I think that those that have had their house for longer than 10 years will be able to sell, but those that own it for less than 10 years that won't. They won't be able to afford to. We'll probably see a stabilization of prices and less available homes on the market. Further, I foresee less quality on the market. Instead of dealing, they'll be sitting on their hand.

I'm not so sure how potential foreclosures will affect the area. I don't have a lot of knowledge on that aspect of the business. Perhaps those that know could share.