Sorry it took so long to get this posted. I know I'm about a week later than usual. Chalk it up to being slammed busy for the past week. (This is my 6th day in a row with appointments.) I know the pundits on here shake their heads in disbelief that a Realtor in Sullivan County is actually busy, much less making deals. But I am, and so are a lot of other agents I'm talking to.
I just posted my latest Market Conditions Report with the latest sales figures through June. The overall picture is looking pretty good, or at least certainly better than the first few months of the year. Sales are up modestly, as is the median sales price. While some on here predicted that the median single family sales price would continue down, below $120,000 or even as low as $100,000, it's been moving back up for the last two months, and is now back above $140,000.
Check out the full Current Market Conditions Report and then drop on back and leave your comments on what you see happening in the market here.
David - great report (you're the man) and thanks for including the 'original' sales price in your analysis.
Posted by: Rod | July 16, 2009 at 07:06 PM
It is way too quiet lately on this blog. Where have all the pessimists gone? OK, I will be the first to post a reply....
Your comments mirror other indicators suggesting some consumers are starting to come out their bunkers to make discretionary purchases. I think we can all hope the trend continues given consumers contribute about 2/3 of our economic output.
Posted by: compo | July 17, 2009 at 11:56 AM
Compo, I think the pessimists, naysayers and crumudgeons aren't posting because this isn't playing out quite according to their playbook. A few months back, the pessimists were posting dire predictions of a near total market collapse and a nosedive in the median sales price from the $120's to under $100,000. That just hasn't happened, and we're actually witnessing a modest upward movement in both sales and prices.
Posted by: David Knudsen | July 19, 2009 at 08:51 AM
Or they are trying to post but the moderator wants to limit comments that dampen the commission sales business. With a moderated board, you can never know what ISN'T permitted to be read.
Posted by: ar | July 19, 2009 at 12:37 PM
ar, let me tell you exactly what I haven't posted through in the last month. 2 comments about misspellings. A post, that among other things, accused an upper end buyer of laundering money through his/her house purchase (can we spell the word 'libel'?) A couple of pretty libelous posts about a local developer. A post with a link to a video about the downturn in the Nantucket market, with no commentary about this area. A post about mobile homes in parks. And one with a link and no commentary to a Record article. I actually post through most everything, even if I disagree with the poster (and the proof is in the pudding, ar, because I think I've posted through all of your comments with the exception of one rightfully calling me on the carpet for the insensitive use of a medical term, which I corrected in my original post — and I almost always disagree with you.) I don't post through things, however, that are unsubstantiated and way off the mark, make libelous accusations, or just plain aren't that relevent, like the post about the downturn in the multi-million dollar Nantucket market.
Posted by: David Knudsen | July 19, 2009 at 06:16 PM
What is happening in SC real estate is mirroring what is happening in NYC. There is pent up demand, coupled with confidence from a rising equity market, to produce some sales. I would be, at best, cautiously optimistic. I think the key will be the unemployment situation. NYC has just caught up to the rest of the nation in that department. We always seem to enter and recover from recessions later. If unemployment keeps rising this nascent RE rally may fall flat on its face.
Posted by: cfranch | July 20, 2009 at 05:17 PM
cfranch,
Do you have a blog?
If so, please post.
Thank you.
Reading back, you are quite asute in your prognostications unlike some repeat visitors to Dave's blog who incesstantly parry important topics such as "purchasing a discretionary item such as a second home in a recession".
Wilbur Ross
Posted by: Wilbur Ross | July 21, 2009 at 01:40 PM
Fundamentals are poor, at best.
Unemployment lags recessions
Real estate pick-up lags unemployment.
Does the public not see that Manhattan is practicaly burning?
Posted by: Jules | July 21, 2009 at 11:33 PM