Market Conditions - Draper
So where are we, where have we been, and where are we going? Finishing up 2009, our average sale price is $389,760 and we averaged 94 days to get a home sold and 45.82% of the listings are selling.
Average Sale Price Average Days on Market Percentage of listings selling
2006 $456,674 37 55.90%
2007 $480,382 51 28.07%
2008 $454,511 85 26.53%
2009 $389,760 94 45.82%
From the graph above, you can see that sale price increased from 2006 to 2007 and has since trended down. The average days on market is the hignest it has been in 4 years. The percentage of listings selling was the highest in 2006 and in 2009, got very close to 2006 levels. While prices are obviously off our highs, lower prices, lower interest rates and tax incentives are causing properties to sell. Buyers are in the market and are serious about buying. Days on market are being drawn out by sellers trying for prices they could have once had, before dropping to market pricing and by short sales taking longer than regular sales.
Where are we going? Everything I hear says that we are going to see a better 2010 than 2009. I belive this to be the case. There is still a lot of downward pressure, with the vacant homes not yet on the market, and about 2/3 of the option arms yet to reset, we are going to see more forecolsures. Yes we are heading toward recovery, but don't expect things to spring back to where they were. We are on a slow path to recovery.
Data from WFRMLS
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