The N.A.R. Existing Home Sales for May will be released tomorrow, and no one expects any sunshine. But the NSDCC numbers still look solid, compared to the last two years:
|Year||# of Sales||$/sf||Avg. SP||Median SP||Avg. DOM||Med.SP/Med.$/sf|
But sales are way below the peak – the best May was in 2002 when 392 NSDCC houses sold.
I think the sales are going to drop further in coming months. There have only been 147 detached NSDCC listings marked pending this month, and we’re two-thirds through. The June closings total only 115 so far, but they’re averaging $384/sf.
The market around here has become a rich man’s game. You’d have to be a strong qualifier, and be comfortable with risking big money, to buy with prices at this level. But at this rate, we’re only going to see 100-200 sales per month. With the banks not foreclosing, the only people who must sell are those who need to tap their equity to eat – and there doesn’t appear to be many sellers like that around here.