| New Listings | 209 |
| Back on Market | 44 |
| Price Increase | 10 |
| Price Reductions | 222 |
| Contingents | 10 |
| Pendings | 116 |
| Solds (Closed) | 68 |
| Expireds | 47 |
| Inactives (Withdrawn) | 169 |
The Realist.com statistical data for Summit County this morning shows the following for Single Family Residences as of 05/09/2007:
| Time Period | # Sales | Median SP |
|---|---|---|
| Mar 2007 | 526 | $135,450 |
| Mar 2006 | 681 | $115,000 |
| Feb 2007 | 459 | $124,000 |
| Feb 2006 | 412 | $105,800 |
| 2007 YTD | 2022 | $127,000 |
| 2006 | 7767 | $127,000 |
So how do we interpret this? The Realist data considers all sales reported to the County Recorder, whereas the CRIS data reflects only brokered sales. While it appears that sale prices are increasing for February and March, those contracts may have been signed in December or January. What is particularly of interest is the number of closings to date compared to last year, and the overall median price. I would tend to interpret this as a market that is tightening -- a buyer's market, if you will -- that is requiring longer than normal market times.
In such a scenario it would be logical for sellers who are able to hold out for a higher price to drive the stats upward a bit. It would also be prudent to consider the withdrawn and expired listings along with the new listings, and think about the fact that for some of those sellers, who might be upside-down on their mortgages due to refinancing with equity lines, the clock may have run out and some of those homes will become foreclosure victims.
A sobering thought : if you lost your job today, how long could you continue to make payments on your house before you had to abandon it to foreclosure? Would you be angry if an inflated appraisal had put you in an upside-down position with your mortgage?
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