John goes over the June market statistics.

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Transcript

JOHN:  Hey, guys.  John Jones with another edition of Tuesday Morning Coffee.  We’re talking about June market statistics today.  We saw this coming, guys.  Last June, as you remember, was the last month to get your home closed to benefit from the tax credit.  So we had kind of a crazy time last spring and June was a crazy closing month.  We were 32% off at pace.  We did 390 sales last June.  This June 264.  Our median price dipped down 4%, 150 last June, 144 this June.

 

Our average sales price 171 last June.  This June 162.  So it’s down 5%.  Our pendings are pretty much equal.  We pended 331 last June.  We pended 329 this June.  And our inventory is pretty much equal with last June, where last year we had 2,170 residential homes on the market.  This June we have 2,163.  So I do think for the rest of the year it’s going to be interesting to see, but my gut is that we will outpace the months from last year just because the tax credit kind of moved everybody to the front of the bus last year. 

 

I’m optimistic that we’ll hopefully equal at least equal last year when this year is over with.  Rates are still crazy.  I got quoted a 4.25 yesterday.  That’s almost like not paying interest.  So there’s a lot of cool things out there right now and a lot of possibilities and opportunities for buyers or investors.  Still got a lot of foreclosures and short sales to get through.  Obviously, we’re going to have to get through that before this thing is going to start going up again. 

 

People ask me how long.  I don’t know for sure.  But if I had to put a number on it, I would say another 24 months barring some kind of divine intervention like a thousand white-collar jobs showing up out there on the gateway or something like that.  But we’re still in great shape compared to a lot of the nation.  It’s still a vibrant community.  If you go out to a restaurant, you would never know there’s something going on with the economy.  So I appreciate you.  Call us if we can help you, 867-3020, and I appreciate you tuning in.