January 2008 Market Update,

More of the same? Kind of, yes.

December was a slow month in comparison to the other months in 2007. Sales of single family homes totaled 62 and in January we saw a modest increase up to 69 single family homes sold. Not a large numbers jump but still a 11.29% increase in sales. I wouldn't be surprised if I read a head line that indicated sales increase by 11%. That would not be an accurate reflection of the market though.

In 2006 the number of single families sold numbered 73. So you could say we are down 6% from 2006. Would that be accurate? It would be correct but only a partial reflection of the market. What if I said in 2005 we sold 48 single family homes for the month of January? What would your interpretation be?

So yes, January was a January. We are coming off of 2 great years for sales and the volume of houses sold for January 2008 seems to be inline with previous years. All in all a good number of homes sold and a positive start for 2008.

House prices remain strong and comparable to October and November prices see chart below:

Where are we headed?
Predictions are for a level year for the most part. With sales remaining similar to previous years. The influencer will be the supply and how competitive prices need to be in order to sell. AT the end of the day the price is as always a function of supply and demand.

Your Friend in Real Estate,
Patrick Galesloot

Patrick Galesloot

Patrick Galesloot

CENTURY 21 Advantage
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