1Q 2009 sales were down by -20% compared to 1Q 2008, which was down by -29% compared to 1Q 2007
Market slowing has been relentless and significant during the last three years, hasn’t it?
Segmenting sales by price range shows that sales decreased in all price ranges except the lowest range (<$200K), which increased slightly. Is that something to celebrate? I think so! Stability is the first step toward long term success.
Stability must happen in the lower price ranges in order to halt the gravitational pull downward that starts with houses that just a few years ago would have sold for $50,000 – $100,000 yet are now selling for $5000 – $25,000. That’s deep…
We all know that sales of foreclosed properties were strongest in the lower price ranges. Check this chart out – I’ll show you in tomorrow’s post that foreclosures represent 37% of the entire market, and more than 50% of all sales under $200,000.
You think that we have a gravitational pull downward or what? Those of you who are trying to sell in the $400′s and UP are feeling this effect, aren’t you?