July 24, 2009
Is the Walworth County Real Estate Market Recovering?
According to AP Real Estate writer Alan Zibel, data indicates the U.S. housing market has started to recover. He cites the following:
Sales of previously occupied homes rose for the third month in a row in June, according to the National Association of Realtors.
Home sales were up in all four regions of the country, beating economists’ expectations – the highest level since October.
The market share of foreclosures is down along with the inventory of homes for sale.
The median sales price was $181,000 in June, up from May, but still down about 15% from last year.
All real estate is local, and not every area is affected in the same way. But for the first time in a while, the overall picture is looking better. The Multiple Listing Service indicates in Walworth County there were 117 residential sales in June 2008 and 117 residential sales in June 2009. This follows the trend of the last 3 months where the change in number of sold listings in 2009 compared to 2008 has decreased from -22.7% to - 6.7% to 0. Since the beginning of the year, residential sales have steadily increased each month, from 32 in January to 117 in June.
Interest rates are low, first-time buyer incentives are still available and there are lots of properties to choose from. An investing adage states it is difficult to time the bottom of the market until its starts to rise. Is this your time to buy?
Posted by:
Janet Giovannetti
Tagged With:
alan zibel,
first time buyer,
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home sales,
housing market,
local,
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real estate,
residential sales
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