It has been a very interesting year so far.  As predicted, it appears that this market may “trough” out in 09.  At the present rate of reduction in sales activity, we could end the year with sales numbers comparable to 1997/1998.  Overall, sales activity for the 1st half of the year is down 21% in the residential market from last year.  Ironically, the sales numbers from 2008 were down 21% from 2004.  What took 4 years, may happen now in 1 year.  It has been said that this market would find it’s bottom after the 1st quarter and then slowly progress from there (real slowly is more often quoted).  We’ll see, 4th quarter could finish with a bang, there are some great deals out there for buyers.  If there ever was a time to buy real estate, now is as good a time as we have seen in a long while with low interest rates, plenty of inventory and good pricing.

Anyway, here’s what I have:  In 2nd Quarter 2008, there were 94 sold properties in the residential sector in Douglas County.  26 of them were in April, 29 in May and 39 in June.   I marked 7 of them as REO or Bank Owned representing less than 8% of the sales activity.   By price:  $0-$100,000 there were 16 sales;  $100,001 to $150,000 there were 30 sales;  $150,001 to $200,000 there were 23 sales;  $200,001 to $300,000 there were 19 sales;  over $300,000 there were 6 sales.

In the residential section for 2009, there were 77 sales in the 2nd Quarter, 11 of these were REO/SS representing 14% of the sales.  We are having more “good” sales in the 2nd quarter than we did in the 1st quarter (foreclosed and short sales are not considered “good sales”).  There were 20 closed sales in April, 36  in May and 21  in June.  By price:  $0 to $100,000 there were 13 sales.  $100,001 to $150,000 there were 33 sales.  $151,001 to $200,000 there were 21 sales.  $200,001 to $300,000 there were 10 sales.  Over $300,000 there were 0 (zero) sales.

In 2009, there are 116 closed sales to end of 2nd quarter.

In 2008, there were 147 closed sales to end of 2nd quarter.

This represents a 21% reduction in sales activity year-to-year, same percentage as 04 through 08, only a lot less of the time.   Again, we won’t know the finale of this market till the end of 2009, let’s wait and see. 

First quarter 09 sales were down 26% over 2008.  Second quarter down 21%.  The silver lining…”once we are at the bottom, it will get better every day thereafter”.

One last note, my sales here stand at 42 closed sales since the first of the year.  If sales continue at the present rate, we will surpass last years volume.

Statistical information provided by the Greater Alexandria Area Association of Realtor Multiple Listing Service.