What can we expect over the rest of 2011?
Mortgage rates are great for now, and if QE2 goes quietly in the night, it could cause some potential buyers to stay engaged for the rest of the year.
Here’s the recent history of monthly detached sales:
We got off to a good start this year, but with the new pendings starting to drift, I think we can expect sales to trend downward for the remainder of 2011 – unless more sellers start drastically reducing their inflated list prices. BTW, July starts next week.
The average pricing has been steady lately:
Generally, I think people are willing to pay these prices, they just want more bang for the buck – are they getting it? It’s hard to measure, but the general consensus among buyers seems to be, “if I have to pay this much, I’m going to be very picky and push for top quality”.
There has been a slight upward trend in average square footage:
If bigger/nicer houses are selling in better-quality locations, but the averages stay about the same, will we notice? Let’s keep breaking down the stats into smaller increments, and see.