Residential sales volume for June 2008 is up 5% from May 2008
All Sales
Residential sales volume: off 44% to $1.4 billion
Residential transactions: off 41% with 4,704
Mobile home sales on land: off 63% to $38 million
Plexes (2-5 units) sales: off 54% to $33 million
Land sales: decreased 66% to $85 million
Commercial volume: off 52% to $263 million
Average residence: $296,970 off 4%
Existing home transactions sold off 4% in June 2008 from May 2008
Existing Home Sales
Units sold: off 40%; volume: off 43% to $914 million
3,029 units sold this year vs. 5,116
Average price off 4% to $301,700
Half homes (median) sold for more than $263,000 off 3%
Average $/SF for homes sold at $164.76 (all sales), off 8%
Best range: $225,001 - $250,000, with 74.3 recorded monthly
Second best range: $250,001 - $275,000, with 63.2 per month
8.5 acreage parcels sold monthly, off 65%; average price: $147,222 off 3%
Acreage Sales
44.2 per month of existing homes sold, off 39%; average price: $452,164, off 8%
Median price for existing homes: $370,000, off 5%
7.2 new homes sold monthly, off 23%; average price of $378,721, off 25%
Median price for new homes: $327,000, off 17%
The $/SF for existing homes: $197.82, off 12%
For $/SF for new homes on acreage: $158.82, off 13% (70% of sales with data)
Average lot sizes, for existing homes: 3.3 acres, off 5%; for new: 3 acres, off 7%
New single family homes units sold in June 2008 are up 25% from May 2008
New Single Family Homes
Average sale price: $346,127, off 9%
Median sale price: $315,000, off 5%
New homes represent 24% of volume and 22% of units recorded
840 sold vs. 1,091 last year, off 23%
Volume: off 30% to $291 million
Average $/SF: $148.93, off 7% from last year's average (58% of sales with data)
Best range: $300,001 - $350,000, with 30.7 per month
Second best range: $275,001 - $300,000, with 20.7 monthly
Best lot range: $75,000 - $100,000 with 12.2 sold per month, off 58%
Subdivisions
The average lot sold for $106,467, off 15%
Half the lots sold for more than $98,684, off 10% (median)
29.8 sold monthly vs. 99.2 last year, off 70%
The average lot represents 30.8% of the average new home price; 31.3% for median
Attached unit sales off 2% in June 2008 from May 2008
Attached includes town-homes, condos and commons
Average sale price: $234,694, off 10%
Median sale price: $211,000, off 11%
39% (207 units) are new
532 sold vs. 1,096 last year, down 51%; volume: off 6457% to $125 million
Average $/SF: $190.62, off 1% for existing units; new: $193.03, up 22% (40% w/data)
Range with best sales, existing: $250,000 - $300,000 with 6.7 per month
Best range new: $190,001 - $200,000 with 5 monthly
Projection
Relative inventory decreased to 9.8 months, still a buyers' market. Prices will be soft. 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.
