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.
Posted by William Raveis Headquarters+ in Company News, Local Housing Data, Market Trends, News, Raveis.com
Tags: 2010 real estate market, bill raveis, consumer confidence, consumer confidence index, economic forecasts, news housing market, Raveis In the News, Raveis.com, William Raveis, william Raveis Real Estate
July 22nd, 2010 at 5:11 pm
[...] This post was mentioned on Twitter by Kristin Calve and William Raveis , William Raveis . William Raveis said: New blog posting, 6 Month Market Update: A Closer Look – http://tinyurl.com/23uw4kn [...]
July 26th, 2010 at 3:10 am
[...] 6 Month Market Update: A Closer Look | William Raveis Real Estate, Mortgage, and Insurance Blog [...]
July 30th, 2010 at 10:47 pm
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).
August 1st, 2010 at 8:53 am
Average sales price going Up? Huh? Merely a reflection of greater numbers of higher priced houses foreclosed or forced sales onto a weak market.
August 2nd, 2010 at 8:33 am
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.
August 2nd, 2010 at 9:26 am
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….
August 2nd, 2010 at 11:15 pm
[...] to take a look at this 6 month Market Update for the Northeast- the first 6 months of 2010 compared to the first 6 months of 2009- as a follow up [...]
August 3rd, 2010 at 2:16 am
I am sure that there’s a difference if we will look at the 2010 data. I am hoping that it is favorable for us so that we can actually feel our recovery from the crisis.
August 6th, 2010 at 9:52 am
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.
August 6th, 2010 at 9:55 am
Good point to raise. However, we believe the increased demand and decreased inventory has pushed up prices. Supply is weakening and demand is increasing..
August 6th, 2010 at 10:58 am
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.
August 6th, 2010 at 11:09 am
Thank you for your analysis. We believe the numbers are pretty powerful…for example, average sales prices are increasing and inventory is going down. Major market indicators are going in a generally positive direction.
August 6th, 2010 at 11:13 am
We took at look at your site and its looks like you do some very sophisticated development work in Vietnam. Congratulations on your success! Regarding 2010 data in the US, we’re seeing positive trends for many metrics.