Take a minute to look at these statistics. They will help bring the national real estate market picture into a little better focus for you. Keep in mind, however, that real estate markets are LOCAL and will vary greatly from state to state, city to city, and even neighborhood to neighborhood.
As I've said here before, in spite of sluggish sales here in North Idaho, our silver lining is that real estate values have remained essentially stable.
Today I was on a conference call and I wanted to share this information with you.
These are all National Numbers and Statistics.
There are 76,000,000 homes owned right now Nationally. There are 24,000,000 homes that are free and clear. That means there are 52,000,000 homes with mortgages.
97.2 % Are not in foreclosure or a short sale.
93.8% of these homes are current on their mortgages.
20% of these mortgages owe more than their houses is worth.
40% of all the foreclosures are non-owner occupied, meaning investors, Rentals, and Specs.
How did we get here?
1970's The High was 3.9 Million homes Sold- The average was 3 Million
1980's The High was 4 Million Homes sold _ The Average was 3.3 Million
1990's The High was 4.9 Million Homes sold _ The Average was 3.9 Million
2000's The High was 7.1 Million Homes sold _ The Average was 5.6 Million
These are Resale numbers - The above numbers does not include New Home Sales
As of September 2008 sales are up 62% from last year, 51% of these sales were foreclosures. Supply and demand is the foundation of the Economy. People are living longer, they all need a place to go. We will always have peaks and valleys in our market. We are just in a valley right now.
January 2008 there was a halt in New Construction. Why? To control inventory. We have already begun the process of deleting inventory. With Statistics in 3 years there will be a supply shortage. January 2008 there was 11.4 months of inventory Nationally September 2008 there was 9.9 months of Inventory Nationally. We have already lost 2 months supply in 9 months. If it is a Sellers Market we have less than 6 months inventory. Over 6 Months is a Buyers Market.
What does this mean to us and our Economy?
With statistics we have available to Agents, we have around 9- 11 months left before we start our New Cycle again. This is good news. Does anyone in the Media Tell you this Information?
Sources from :
- Wall Street Journal
- Moody's Economy.com
- Realty Trac
- Nar
- Forbes
- Buffini & Company
Melissa Gootee - ABR
EXIT Realty Eden Prairie
612-741-8822
Janna Rankin Scharf provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
No matter how grand or modest your real estate dreams may be, you can turn to me in confidence. Give me a call today and let me know what I can do to be of service to you!
Janna Rankin Scharf AB, GRI, CSP, CNS, CLHMS 208.651.9700
