Monday morning Market update

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Frederick County History

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.

May 12, 2008 · Filed Under Frederick MD Real Estate, Frederick Market Conditions, Market Condition

Comments

3 Responses to “Monday morning Market update”

  1. Chris Griffith on May 12th, 2008 7:34 am

    Our switch was flipped, too. We’re picking back up a little ourself. This fall is suppose to be more brisk with an upswing of notable proportion the first quarter of 09. So says Fishkind.com

    Chris Griffiths last blog post..The Naples Lemon House in Vanderbilt

  2. Boomer Jack Boardman on May 12th, 2008 7:42 am

    I can’t comment on the market–but I like the cannon! ;-)
    Boomer Jack Boardmans last blog post..A View from my Back Porch—Transformation—Winter to Summer

  3. gotbob on May 12th, 2008 7:54 am

    Chris, It seems to be slowly picking up…nothing to write home about yet.

    Boomer, That replica sits in front of the Best Family Farm where The Monocacy Battlefield is located.

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