Some more statistical info equated to the listing data, it looks like this.
Again, in Douglas County, for all categories (land, res, comm, etc.) for the repective years,
2011: 1670 new listings..$189,569 Avg.List$..218 DaysOnMkt…$293,744,071 New List Volume
2010: 1652…$193,907…186…$337,494,926
2009: 1602…$179,510…182…$325,271,740
2008: 2034…$202,147…164…$402,218,636
2007: 1862…$205,201…149…$395,666,458
2006: 1587…$184,346…169…$330,807,456
2005: 1378…$189,307…164…$296,703,371
2004: 1378…$173,378…168…$268,559,019
2003: 1412…$162,916…159…$252,373,473
2002: 1272…$140,431…159…$204,731,126
2001: 1155…$122,017…169…$159,417,460
2000: 996….$115,596…176…$127,947,486
1999: 723….$119,912…139…$83,685,091
(Note-Average list price is of the listings that sold)
Source: Greeater Alexandria Area Association of Realtors Multiple Listing Service
Curious – what conclusions do you draw from all of this data? It seems obvious that sellers should expect to have to either price their properties appropriately or expect to have them on the market for longer than in previous years.
My interpretation would be that prices have come down a bit, but not far enough. It would be my estimate that the Alexandra market hasn’t corrected enough for a high volume of sales to occur.
I’m not expert, though, which is why I’m curious about what you’re reactions to the data are.
Thanks!
KW
Your assessments are most accurate. This market is still overloaded with inventory. Realistically, a broker should only take a listing that will sell in 180 days or less. Trying to accomplish the feat of listing a property right for the market has been an extreme challenge. If you lack experience or an element of mental toughness, this market may not have been very nice to you.
In conclusion, prices appear to be bottoming out. Demand has been static for the last three years with a 30%+ drop from its high; I don’t see that declining any further. Backlog in foreclosures, have about 2 years left of that debacle, that will continue to devalue property and keep prices down. Inventory coninues to be excessive for this market, too many overpriced properties. If inventory would subside, we would have a better market. Lots of price reductions…motivated sellers trying to find the market.
This decline, in looking back, actually started in 2005, it has been a long slide. The market will work it’s way through this. Much like it did from the 1982 recession. It takes time, but when the market does turn, it will get positive, real fast.
I don’t know if you read the last story of every year that I wrote? It summarizes my thoughts for the year.
Thanks for blogging.