So, how did we do in the first month of 2014? Not very good at first glance, but a look closer may indicate things to come. Well, that is if you're the type to weigh factors for an educated speculation, or think coincidence is more like it.
The inventory above is still at an all time high, only bested by 2009 but eclipsing the remaining years. Now as far as sales go, we have officially hit rock bottom. Lowest recorded January sales numbers in well over a decade last month...
The year that came close to the low January sales slump was 2009. So both inventory and sales for both 2009 and 2014 where strikingly similar. Here is where they separate, as 2009 sale prices averaged much lower then this year. One positive note is that the start of the year has kicked off with a little bit of a value correction, and reported lower then the last two years. If the price correction trend maintains, we can expect some of the stale inventory to finally start moving, and sales numbers to start climbing. Looking back to the 2009 market year and those two key statistics that matched so closely, that sales year started off in the exact same way as this year did. 2009 went on to break sales records that year, and take a huge chunk out of the swollen inventory. Now am I saying that this a sign of things to come? Not at all. As I mentioned at the start of the post, one can only speculate and weigh the endless factors that affect market performance, and make educated/calculated decisions, or one could just dismiss these things as pure coincidence and wait until real results start to confirm these speculations. Only negative about the latter is that you may miss out on an opportunity...
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah