New Hanover County Home Hunter

Market Update


 

For the week of September 28, 2009 – Vol. 7, Issue 39

Market Update 

INFO THAT HITS US WHERE WE LIVE  Well, it had to happen. After a four-month winning streak, Existing Home Sales dropped in August by 2.7% to an annual sales pace of 5.10 million. This offsets the big sales increase we had in July but the overall trend is still up by 3.4% over a year ago and the supply of existing homes is now down to 8.5 months.

Good news came from the Federal Housing Finance Agency, which monitors prices of homes financed with conforming mortgages. They reported prices UP 0.3% in July, their third straight monthly rise. The week ended with single-family New Home Sales for August UP 0.7%. This was slightly less than expected, but 30% above their January low. Best of all, the supply of unsold new homes, down five months in a row, is now at just 7.3 months!

Mortgage applications for purchase loans were up 5.6% from the week before. Applications for government-backed purchase loans were at their highest level ever. It seems many first-time homebuyers are making sure they get that $8,000 tax credit before it expires on November 30! All this was happening as the average interest rate for prime borrowers went below 5% on 30-year fixed-rate mortgages for the first time since May. Average points inched up to 1.12 (including the origination fee) for 80% loan-to-value ratio loans. 

>> Review of Last Week

TAKING A BREATHER... After a nice run up in prior weeks, the stock markets were down three days in a row, ending down for the week overall. But we have to point out that for the year, the Dow is still UP 10.1%, the S&P 500 is UP 15.6% and the tech-heavy Nasdaq is UP a whopping 32.6%! Pretty bullish performance. Problems worrying investors included the slip in Existing Home Sales covered above and Durable Goods Orders down 2.4% for August. That's actually less problematic than it appears, since the decline came mostly from a 30% drop in volatile aircraft orders –– in July, aircraft were up 25%. 

The Fed did not raise the rate at their meeting (no surprise) and came out with an FOMC statement that observed "economic activity has picked up" and "activity in the housing sector has increased." These indications of economic recovery were followed with the announcement the Fed would continue through the end of March 2010 their purchases of mortgage-backed securities, which help keep mortgage rates low.

Initial claims for unemployment fell yet again last week, this time by 21,000, to 530,000. The four-week average of continuing claims dropped as well. Meanwhile, the Richmond Fed Index, which gauges manufacturing in the mid-Atlantic region, stayed at +14 in September, the fifth straight month it's been positive. The week ended with the boost in New Home Sales mentioned above, plus University of Michigan Consumer Sentiment at 73.5 for September, its highest reading since January a year ago!

For the week, the Dow ended down 1.6%, to 9665.19; the S&P 500 was off 2.2%, to 1044.38; while the Nasdaq fell 2.0%, to 2090.92.

As usually happens when stock prices sink, bonds soar. The FNMA 30-year 4.5% bond we watch finished up strongly from the previous week's $100.44 close, finishing at $101.12. It was no surprise that mortgage rates moved down a bit more, hitting levels they haven't seen since last May, as noted above.

>> This Week’s Forecast

CONFIDENCE, SPENDING, JOBS... The week begins with Consumer Confidence and ends with the September Jobs Report. Along the way, on the day Q3 ends, we get the final number on Q2 GDP plus the Chicago PMI take on manufacturing in the Midwest. Thursday, we'll be looking at Pending Home Sales, while the Fed will be focusing on the personal spending PCE number to keep an eye on inflation.
Fairfield
   
                       December 2008 - Single Family                         

359 Active Listings                           Avg. Price  $1,145,389              Avg. Days on Market 130

14 Pending Listing                            Avg. Price  $ 746,928                Avg. Days on Market 97

13 Sold Listing                                  Avg. Price  $ 561,107                Avg. Days on Market 117 

 

 

   Jan-Dec Y-T-D 2007 Solds                                           Jan-Dec Y-T-D 2008 Solds     

 # of Listings Sold: 744                                                           # of Listings Sold: 485

Avg. Sales Price:   $ 876,403                                                Avg. sales Price: $ 773,000

Avg. Days on the Market: 89                                                 Avg. Days on the Market: 100

 

                                                 Stats              

                                                         # of Listings Sold:  Down 35%

                                                         Avg. Sales Price:  Down 12%

                                                         Avg. Days on Market: Up 12%

________________________________________________________________________

 

 

Trumbull                          December 2008 - Single Family                         

166 Active Listings                           Avg. Price  $505,600                 Avg. Days on Market 118

10 Pending Listing                           Avg. Price  $427,875                 Avg. Days on Market  96

5 Sold Listing                                    Avg. Price  $411,840                 Avg. Days on Market 200

 

 

 

   Jan-Dec Y-T-D 2007 Solds                                           Jan-Dec Y-T-D 2008 Solds    

 # of Listings Sold: 367                                                           # of Listings Sold: 269

Avg. Sales Price:   $ 514,215                                                Avg. sales Price: $ 463,145

Avg. Days on the Market: 95                                                  Avg. Days on the Market: 86

 

                                                 Stats              

                                                         # of Listings Sold:  Down 27%  

                                                         Avg. Sales Price:  Down 10%

                                                         Avg. Days on Market: Down 9% 

________________________________________________________________________

 

Stratford                         December 2008 - Single Family                         

285 Active Listings                           Avg. Price  $346,069                    Avg. Days on Market 120

10 Pending Listing                           Avg. Price   $280,532                   Avg. Days on Market 138

7 Sold Listing                                   Avg. Price  $258,000                     Avg. Days on Market  68

 

 

 

   Jan-Dec Y-T-D 2007 Solds                                           Jan-Dec Y-T-D 2008 Solds    

 # of Listings Sold:  543                                   # of Listings Sold:  374

Avg. Sales Price: $ 318,320                                             Avg. Sales Price:  $282,052                                 

Avg. Days on the Market:  88                                           Avg. Days on the Market: 95 

 

                                                   Stats              

                                                          # of Listings Sold:  Down 31%

                                                          Avg. Sales Price:  Down 11% 

                                                          Avg. Days on Market: Up 8%

________________________________________________________________________

 

Bridgeport                         December 2008 - Single Family                           

446 Active Listings                             Avg. Price  $251,089                      Avg. Days on Market  127

28 Pending Listing                             Avg. Price  $168,371                      Avg. Days on Market   86

19  Sold Listing                                   Avg. Price  $181,249                      Avg. Days on Market  114

 

 

 

   Jan-Dec Y-T-D 2007 Solds                                           Jan-Dec Y-T-D 2008 Solds    

 # of Listings Sold: 520                                                                 # of Listings Sold:   385 

Avg. Sales Price:   $ 249,629                                                      Avg. sales Price:  $ 198,104

Avg. Days on the Market: 92                                                        Avg. Days on the Market:  87

 

                                                   Stats              

                                                           # of Listings Sold:  Down 26%

                                                           Avg. Sales Price:  Down 20%

                                                           Avg. Days on Market:  Down  5%

________________________________________________________________________

 

Easton                           December 2008 - Single Family                         

62 Active Listings                          Avg. Price  $979,816                  Avg. Days on Market 140

1 Pending Listing                           Avg. Price  $435,000                 Avg. Days on Market 79 

2 Sold Listing                                 Avg. Price  $ 578,500             Avg. Days on Market 170 

 

 

 

   Jan-Dec Y-T-D 2007 Solds                                           Jan-Dec Y-T-D 2008 Solds    

 # of Listings Sold:  82                                                                  # of Listings Sold: 59

Avg. Sales Price:   $ 808,786                                                      Avg. sales Price: $ 817,325

Avg. Days on the Market: 114                                                     Avg. Days on the Market: 163

 

                                                   Stats              

                                                         # of Listings Sold: Down  28% 

                                                         Avg. Sales Price:  Up  2% 

                                                         Avg. Days on Market:  Up  43%

________________________________________________________________________

Westport                           December 2008 - Single Family                         

266 Active Listings                           Avg. Price   $2,401,746                 Avg. Days on Market 143

4 Pending Listing                             Avg. Price    $1,968,725                 Avg. Days on Market  52

8 Sold Listing                                   Avg. Price     $1,664,750                Avg. Days on Market  105

 

 

 

   Jan-Dec Y-T-D 2007 Solds                                           Jan-Dec Y-T-D 2008 Solds    

 # of Listings Sold: 405                                                                # of Listings Sold:  246

Avg. Sales Price:   $1,689,621                                                    Avg. sales Price: $1,682,875

Avg. Days on the Market: 105                                                       Avg. Days on the Market: 108

 

                                                   Stats              

                                                          # of Listings Sold: Down 39%

                                                          Avg. Sales Price:  Even

                                                          Avg. Days on Market:  Up 3%

                                                                                                                                                                               

Tim Kellerman
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