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Think global, act local. With European debt crises, oil spills and disappointing job growth figures putting stress on the stock market, the local housing market didn’t fare much better.
Buyers pulled out of the market in June, as Pending Sales plunged 48.8 percent compared to a year ago. Many would-be June buyers already bought during the credit period, and sellers seemed to be aware of chilly demand as New Listings fell 10.1 percent from last year.
Despite slow pendings, inventory levels decreased a slight 1.0 percent which exerted upward pressure on prices. The Median Price of $192,000 was a 4.2 percent increase over last year.
Market times increased 3.9 percent to 102 days, while Months Supply decreased 15.2 percent to 9.9 months.
Expect closings to receive a slight boost as Congress recently extended the closing date to September 30th for tax credit buyers, and expect the market to stay flat or post minor improvements over the near term.
You can follow this link: http://www.metromls.com/support/Market_Updates/index.html or visit www.mlswis.com and select MLS Statistics under the MLS Site Navigation menu. You will find other reports and statistics which may be of use to you in your business.
To access the 2010 Property Tax Report and Poster from the Public Policy Forum, click the following links:
http://www.publicpolicyforum.org/pdfs/2010PropertyTaxReport.pdf
http://www.publicpolicyforum.org/pdfs/2010PropertyTaxPoster.pdf
As always, your comments and questions are welcome!
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