Monday Market Memo for Jan 6-12 and Jan 13-19, 2009

These are the statistics for the last two weeks in two separate charts. I have been having some problems with my website which I hope will be fixed soon. It has kept me from posting any new information for more than a week.

This first chart is for the week of Jan 6-12.

 

Average Price Median Price DOM
New 20 $209,985 $219,950 .
Total Active 641 $280,688 $228,000 163
Pending 15 $217,880 $224,000 109
Closed 9 $252,190 $259,900 57


The chart below is for the past week of Jan 13-19, 2009

 

Average Price Median Price DOM
New 28 $265,500 $229,950 .
Total Active 657 $279,813 $229,000 163
Pending 16 $185,813 $176,000 135
Closed 9 $221,122 $175,000 98

I note that 4 of the 16 pendings this week are new construction. All the new homes are less than $200,000. They are all small ranches with small two car garages.

The excellent interest rates are spurring buyers to lock on their loans. I am working with one buyer who just locked in for 4.5%. That is an excellent fixed rate for a 30 year loan.