Residential sales volume for June 2008
decreased 3% from May 2008 all Sales 2007 (vs. Year-to-date 2007)
Residential sales volume: off 57% to $1.3 billion
Residential transactions: off 54% with 3,680
Mobile home sales on land: off 65% to $22 million
Plexes (2-5 units) sales: off 61% to $21 million
Land sales: off 75% to $98 million
Commercial volume: off 61% to $266 million
Average residence: $362,286, off 7%
Existing home transactions sold unchanged in June 2008 vs. May 2008
Existing Home Sales
Units sold off 54%; volume: off 57% to $759 million
2,009 units sold this year vs. 4,330
Average price off 8% to $377,552
Half homes (median) sold for more than $334,950, off 5%
Average $/SF for homes sold: $216.93 (all sales), off 10%
Best range: $300,001 - $350,000, with 69 monthly
Second best absorption rate: $350,001 - $400,000 with 48.8 per month
8 acreage parcels sold monthly, off 56% from last year; average price, $181,290, off 14%
Acreage Sales
33.2 per month of existing homes sold, off 53%; average price: $522,690, off 20%
Median price for existing homes: $450,000, off 10%
6.2 new single family homes sold monthly, off 51%
The new home average price: $451,277, off 23%
Median price for new homes: $459,950, off 20%
The $/SF for existing homes: $251.64, off 24%
The $/SF for new homes: $382.82, up 32% (10% of sales with data)
Average lot sizes, for existing homes: 4.3 acres, up 18%; for new: 3.1 acres, up 9%June residential recorded transactions were 61% fewer than last June.
New single family homes units sold in June 2008 off 11% from May 2008
New Single Family Homes
Average sale price: $438,932, off 15%
Median sale price: $409,950, off 12%
New homes represent 27% of volume and 24% of units recorded
639 sold vs. 1,205 last year, off 47%; volume: off 55% to $280 million
Average $/SF: $247.58, off 1% (6% with data)
Best range: $300,001 - $350,000 with 17.5 monthly
Second best range: $350,001 - $400,000 with 16.3 per month
Best range: $100,001 - $150,000 with absorption of 5.5 per month, off 57%
Subdivisions
The average lot sold for $163,969, off 16%
Half (median) the lots sold for more than $130,000, off 32%
17.8 sold monthly vs. 77.2 monthly last year, off 77%
The average lot represents 37.4% of the average new home price
The median priced lot represents 31.7% median priced home
Attached unit sales off 21% in June 2008 from May 2008
Attached (vs. Year to date 2007) includes condominiums and townhomes
Average sale price: $280,244, off 1%
Median sale price: $252,000, off 5%
42% (380 units) new
905 sold vs. 2,029 last year, off 55%; volume: off 56% to $254 million
Average existing $/SF, $214.24, off 2%; for new: $208.97, off 4% (4% with data)
Best range existing: $225,001 - $250,000 with 16.5 monthly
Best range new: $300,001 - $350,000 with 12.5 per month
Projection
Relative inventory increased to 15.5 months, still a buyers' market. Prices will soften. 2008 will be a challenging year for residential real estate. 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.
