Monday morning Market update

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The sales continue to show a decrease over last year, however, on a more positive side, the decrease seems to be getting smaller.  Are we finally seeing signs of the bottom of the market?  A recent article in the Wall Street Journal seems to see other signs that point to a more normal market.  This process didn’t happen over night so the repair is not going to happen over night.

Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982.

I remember almost to the day when this started, I started to see signs the following weekend after the 4th of July.  The showings on properties came to a screeching halt.  Honestly it was like someone just flipped a switch.  I had a very eager seller, and no explanation on why we went from 4-6 showings on a weekend to almost none.  (his house sold almost year later for $50,000 less than what was expected.)

The county housing reports are out for April.  If you have the time take a look that past reports and you will see a what I am talking about above.

If you need a closer look at a community around you, contact me for a Market Analysis.

Bob is a licensed Real Estate agent in Maryland and Pennsylvania. You can contact him via email at bob@gotbob4homes.com or call him on his cell phone at 240-285-4918.  He has been the Assistant Manager at the Mt Airy office for the past two years. Not only does he list and sell residential real estate, but can help you with your commercial real estate needs as well. He has been a resident of Frederick County for the past nine years.