| The first month of 2009 is behind us. Is it an indicator of things to come, or is it simply in line with how January’s have been in the past?
Typically, there are fewer sales in January, and therefore the averages are thrown off a bit. This year, the silver linings for January are the decreased number of listings coming on the market and the fact that there were more closings in January 2009 than January 2008. Overall, the Washtenaw County housing market has further to decline in price, if it is to return to an even market. As Econ 101 taught us, when demand is steady, and inventory high, the only way to burn off the inventory is to lower prices Or offer a tax credit for purchasers… In an attempt to “juice” the housing market along, the Feds have apparently settled on a tax credit for first time primary residence purchasers. Effectively, this lowers the cost of purchasing that first home for many folks. This could help in moving properties in the first time home buyer price points. |
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Average List Price – Month 2008
Average Sales Price – Month 2008
Number of Listings v Closings – Month 2008
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