The Creel Deal

Residential sales volume for June 2008 decreased 6% from May 2008

 All Sales

Residential sales volume: off 42% to $6 billion

Residential transactions: off 42% to 12,006

Mobile home sales on land: off 52% to $19 million

Plexes (2-5 units) sales: off 55% to $106 million

Land sales: off 67% to $172 million

Commercial volume: off 72% to $1.5 billion

Average residence: $499,439, up 1%

Existing home transactions sold decreased 4% in June 2008 from May 2008

Existing Home Sales

Units sold: off 40%; volume: off 41% to $3.6 billion

6,582 units sold this year vs. 10,989

Average price off 1% to $547,332

Half homes (median) sold for less than $435,000, off 2%

Average $/SF for homes sold at $283.65 (all sales), off 4%

Best range: $300,001 - $350,000, with 141.7 monthly

Second best absorption rate: $500,001 - $600,000, with 136.7 per month

13.3 acreage parcels sold monthly, off 61%; average price: $224,898 off 30% from last year

Acreage Sales

55.7 per month existing homes sold, off 42%, average price: $739,549, off 10%

Median price for existing homes: $590,000, off 6%

5 new homes sold monthly, off 48%, average price: $1,046,548, up 7%

Median price for new homes: $810,000, up 28%

The $/SF for existing homes: $298.99, off 15%; new: $247.31, off 19% (60% w/data)

Average lot sizes, for existing homes: 3.9 acres, up 18%; new: 3.5 acres, off 42%

The average price per acre for acreage lot sales: $90,457, off 19%

New single family homes units sold

Average sale price: $661,961, off 3%

Median sale price: $530,000, off 5%

New homes represent 19% of volume and 16% of units recorded

1,281 sold vs. 1,929 last year, off 34% volume: off 36% to $848 million

Average $/SF: $250.29, off 4% (49% of sales with data)

Best range: $750,001 - $1,000,000 with 32 per month

Next best range: $600,000 - $750,000, with absorption of 31.8 monthly

Best lot range: $200,001 - $300,000, with absorption of 13 per month, off 20%

Subdivisions

The average lot sold for $228,161, off 15%

Half the lots sold for more than $216,780 (median), up 9%

34.5 sold per month vs. 84 last year, off 59%

Average lot represents 34.5% of the average priced new home

The median is 40.9% of the median priced new home

Attached unit sales off 21% in June 2008 from May 2008

Attached (vs. Year- to date 2007) includes condos, commons and town/row homes

Average sale price: $369,282, up 3%

Median sale price: $322,500, up 2%

35% (1,369 units) of sales are new

3,887 sold vs. 7,245 last year, off 46%; volume: off 45% to $1.4 billion

Average existing $/SF: up 5% to $327.36; new: $321.52, off 3%, (56% w/data)

Range with best sales, existing: $300,001 - $350,000, with 59 per month

Range with best sales, new: $300,001 - $350,000, with 38.5 monthly

Projection

Relative inventory is increased to 8.7 months, still a buyers' market. Prices will fall. The meltdown of both FNMA and FHLMC is a terrible blow to the housing market. No matter what solution is created, borrowers will pay more for mortgage money.