Thursday, February 21, 2008

JANUARY METROLIST STATISTICS

THE MARKET
Active Homes on the Market as of 1/31/08 – 24,489
Active Homes on the Market as of 1/31/07 – 24,628
Change + 0.57%

Homes Under Contract as of 1/31/08 – 4,550
Homes Under Contract as of 1/31/07 – 4,298
Change + 6.01%

Homes SOLD in January 2008 – 2,987
Homes SOLD in January 2007 – 3,435
Change – 15.62%

WHAT IT MEANS
Strange numbers, but you have to remember that all of the snow in December of 2006 and January of 2007 did some crazy things to our statistics.

Here's what we know... inventory is essentially flat from one year ago, which is actually one of the healthiest and best developments in this month's numbers.

There has been a spike in listings under contract - with the number of pending home sales up over 6% from one year ago.

Solds, however, took a real hit, falling over 15% versus the number of closed sales in January of 2007.

Very mixed numbers, but if you focus on the listings (flat) and pendings (up), you see that we didn't do badly at all in January.

Inside these numbers, we see that the condo market actually showed an inventory drop of more than 9% compared to January of 2007, and that is very positive since the bottom of the market had been hardest hit by foreclosures.

Too soon to draw any definite conclusions... but it will interesting to see how demand and supply shape up in the February numbers as we had a pretty mild, real estate friendly weather month.