Greenspan Reports:

HOUSING WILL COME BACK

March 24, 2010-----Former Federal Reserve Chair Alan Greenspan told officials in Mexico on Wednesday that he believes U.S. home prices have hit bottom. However, home owners are still unnerved by the decline in value, and until prices stabilize, the economy will remain weak.

"We will not be out of this crisis until home prices truly stabilize in the United States. They appear to have stabilized, but they are very fragile," Greenspan said in a televised interview.

"Eventually housing will come back; it can't get any lower," he added.

Source: Reuters News (03/25/2010)


More Real Estate Daily News: Realtor.org

Louisville Real Estate Inventory Report

CURRENT SALES & INVENTORY HISTORY

Date Range: March 2009- February 2010

Property Type: Residential Real Estate
(Single Family Homes & Condos/Patio Homes)

Areas Included:Central Downtown District/Old Louisville/Downtown/Shively/West Louisville, Butchertown/Highlands/Germantown, Clifton/Crescent Hill/St. Matthews, Pleasure Ridge/Valley Station, Auburndale/Fairdale/Iroquois Park, Buechel/Highview/Okolona/FernCreek, Hikes Point/Jeffersontown, Douglass Hills/Hurstbourne/Middletown/Anchorage/St. Matthews, Glenview/Lyndon/Prospect, Nelson Co, Bullitt Co, Oldham Co

• Note: The "Current Inventory" column(s) reflect the number of active (on market) listings on the 16th day of each month. The "Months Inventory" column(s) value(s) equal "Current Inventory" divided by "Monthly Sales". This reflects how many months it would take to sell sell out of inventory at the current month's rate of sale.

Total Months Inventory= Total Current Inventory / (Total Monthly Sales/12 Months)

From the statistics to the left, you can see that the average list price for a home in March 2009 was $158, 289 and the average sale price was $150, 464. There were approximately 5,717 homes on the market at that time.
(Click on the chart above to view larger)

For the most recent full month's statistics on February 2010, the average list price for a home was $171,093 with the average sale price being $162,742. Our inventory for the month of Feb 2010, is higher with approximately 6,867 listings. The months of inventory is 12.93 months.

What does "Months of Inventory" mean?

That if no other homes came on the market, it would take 12.93 months to sell all of the 6,867 homes currently listed.

From the data, we see that the amount of inventory has increased by almost 1,000 homes since March 2009. This increase could be due to many factors; including the $8,000 and $6,500 tax credits, a better economic forecast, increasing confidence in consumers, people getting relocated,and even some, are the weather related with the arrival of spring.

Maybe I've sparked your thoughts on what the statistics are in YOUR neighborhood, not just the entire market. Email me. I'd be happy to give you the statistics that affect your purchasing or selling decision!


Melissa Simms
RE/MAX Associates
MelissaSimms@remax.net