http://bit.ly/8qGkJA
Some highlights, as I see them (note - these statistics are for existing single family homes):
- A sales volume reduction of close to 17% from November, which was the last month of the original 1st Home Buyer Stimulus. The stimulus was extended and expanded at the beginning of November, meaning December was more or less a true "apples to apples" comparison of 2009 to 2008.
- Sales in December of 2009 were 15% stronger than December of 2008, driven largely by increased affordability and continued low mortgage rates.
- Home prices in December 2009 were 1.5% higher than December of 2008. Prices year over year declined 11.9% and distressed sales accounted for 32% of the sales.
- Inventory of available homes continues to fall and now stands at a 7 month supply, the lowest level since March, 2006, 11% lower than 2008, and 28% lower than the peak in July, 2008.
- Existing home sales improved almost 5% in volume from 2008
Keep in mind, these figures are a national collection, and all real estate is local. However, there are a number of parellels between these statistics and the Greenville, SC area market:
- Affordability has been a hallmark of the Greenville area, and as such, the the market has experienced a less than national average home price drop in 2009.
- Sales in December 2009 v. December 2008 were roughly in line with the national trend.
- Total inventory has come down as well, driven by the under $200,000 market, but higher priced homes have seen improvement as well, particularly in those neighborhoods located close to the city center.
- Mortgage rates continue to trend lower than the national average.
- Improvement in other markets means quicker sales here at home, since much of the Greenville markets home sales come from out of state relocations.