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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.