6 Month Market Update: A Closer Look

As a follow-up to our prior post on quarterly housing numbers, let’s also take a look at how the market has fared for the first half of the year.  The chart below will illustrate some tremendous gains in key market indicators between the first 6 months of 2010 vs. the first 6 months of 2009:

A look at the Northeast – 1st 6 Months 2010 compared to 1st 6 Months 2009:

Average Sales Price

Single Family Condo
CT Up by 14.5% Up by 3.7%
MA Up by 9% Up by 8.8%
RI Up by 11% Up by 0.3%
Westchester County Up by 9.8% Down by 1.6%

Unit Sales

Single Family Condo
CT Up by 29.4% Up by 36%
MA Up by 26.4% Up by 34.2%
RI Up by 11.5% Up by 21.7%
Westchester County Up by 69% Up by 59.7%

Days on Market

Single Family Condo
CT Down by 7.5% Down by 8.4%
MA Down by 10% Down by 12.2%
RI Down by 79.6% Down by 74.2%
Westchester County Down by 4.9% Down by 4.4%

As our prior post indicated, a good part of the second quarter saw gains, however there are also concerns the expiration of the homebuyer tax credit may deflate the market.  In fact, May and June saw a significant decrease in new home sales and existing home sales.  In addition, lackluster consumer confidence numbers could  contribute to a slow recovery.  All in all, while we have made strong gains compared to the first 6 months of 2009, we still have a fairly steep mountain to climb before declaring a healthy real estate market.  For more information on your local market conditions, please visit the housing data matrix on raveis.com.

13 thoughts on “6 Month Market Update: A Closer Look

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  3. Ken

    I suspect the increased Average Sale Price and Units Sales, over the last six months, have a lot to due with the Federal rebate program. It would also be helpful to see the actual figures (i.e. what was the average price and exactly how many units were sold).

    1. William Raveis Headquarters

      Thank you for your insight, Ken. The actual rebate numbers were not as significant in spurring sales as the increased consumer confidence the credit was intended to produce. Plus low interest rates have a bigger impact than any rebate.

  4. Keith

    Average sales price going Up? Huh? Merely a reflection of greater numbers of higher priced houses foreclosed or forced sales onto a weak market.

  5. American Bisoneater

    The real metric should be standard deviation of the difference in list price versus sell price. Probably this would continue to be in the red.

    1. William Raveis Headquarters

      List prices versus sell price ratio is a key metric to review. We are happy you brought up this point! If you take a look at our local housing data matrix page –http://www.raveis.com/localhousingdata.asp- you will get detailed numbers on these ratios. Please note that these numbers are favorable for the market.

  6. Bobby

    The real metric is the number of federally financed rebates and then subtract that number for a base line of homes that did not qualify, this represents both the higher jumbo loans( very low) and those buyers unable to qualify with fed. Those are the base line we are currently seeing since program closed. Compare apples to apples. People are skeptical of overly positive data….

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