January Area Housing Numbers

2007 could be an interesting year

 Well, the first month of 2007 is in the books and on charts!  My favorite provider of area real estate statistics, Big House Data, LLC, had a late Valentine’s Day Gift for its subscribers – January Housing Numbers!

12 Month Listing and Sales UnitsAs you can see from the chart to the left, there were a lot of listings in the month of January – 1,318 to be exact.  This is the greatest number of residential and condominium listings in the month of January…period.  1,300 listings in a month has typically been reserved for the summer months the last few years.

While the number of new listings is spooky, there were 211 closed transactions in the month of January.  To see a greater number of closed sales in January, we would have to go back to January 2002 with 254 closings.

From Big House Data’s Monthly Executive Summary:

So if, anecdotally, December had an increase in the number of showings, January should see an uptick in the number of closings. Right? Even with the announcement of Pfizer leaving the Ann Arbor area, closings were up compared to the same month the year before.   In fact, this is the first January to break 210 sales in a month since January 2002 with 254!
Not only does the market have a pulse, it appears as though the pulse might be quickening!
Listings per month could be the fly in the ointment. January 2007 is off to a wicked pace for listings.   If parity is to come back into the housing market, the number of listings hitting the market needs to cool off.   As a seller, this means that you have to break through record numbers of listings coming onto the market, let alone the ones already languishing on the market.
Price and quality are key in a buyer’s market. With new listings increasing, there will be greater downward pressure on price and white glove attention to detail by buyers.

Sage advice indeed.  Here are some additional charts for your perusal:

Average Sales Price:Average Sales Price

 

 

   

 

 

Average Days on Market:Average Days on Market  

 

 

 

 

 

If you would like a copy of the full report, please drop me a note at:

todd-at-toddwaller-dot-com.

3 Responses to January Area Housing Numbers

  1. Thanks for the useful analysis of the market in your area. “As a seller, this means that you have to break through record numbers of listings coming onto the market, let alone the ones already languishing on the market.” Ouch. And if you’ve just seen your ARM reset and are having trouble making the payments, then you may have to take the pain for a few extra months. Good post, thanks for the info.

  2. fcfish, thanks for the comment!
    The offer stands, if you or anyone would like to be on my monthly stats email, I will gladly add your email addy to the list.
    todd-at-toddwaller-dot-com

    Personally, I’d like to learn more about Foreclosurefish myself, given what’s happening in SE Michigan.

  3. Todd,

    Thanks for the offer. We’d be happy to receive the monthly stats. My main email is nickX@Xforeclosurefish.com (minus the X’s).

    Our site mainly provides a lot of free information and resources for homeowners behind in payments. We don’t do loss mitigation or refinance directly, but we have a network of Realtors and mortgage brokers that we send some of our clients out to.

    We used to do a lot of properties nationwide finding investors to help foreclosure victims, but have just started focusing on our own regional area of Chicagoland, but we don’t want to turn away any of the people who visit our site and ask for help. Thus, our network of folks who can help.

    The one thing I’m hearing a lot of from our site’s visitors is that the main culprits still reign supreme in terms of why homeowners are going into foreclosure: loss of job, medical problems, divorce, death in the family. Unaffordable, reset ARM loans aren’t being mentioned at any higher rate, in our experience. They may be causing a strain in the budget, but, for now, it seems that actually falling behind still results from a financial crisis.

    But for homeowners trying to sell, across the board we’ve been hearing long times on the market, no valid offers, and housing values that have dropped below the current loan balance. Throw a financial hardship into that situation, and things start looking quite a bit more difficult.

    Regards.

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