NAR: Existing Home Sales Fell in January

February 25, 2009

Below is a link to a report from the National Association of Realtors outlining January’s existing home sales numbers. The national number is down 5.3% from December 2008 and down 8.6% from January of 2008. However, inventory of available homes has also dropped 2.7% and is at the lowest level in two years. While national numbers do give a broad view of the entire market, it is more important to look at the regional market action and then the local market action.

In the Western region, existing home sales were unchanged from December 2008 to January 2009. Even more impressive, existing home sales in the West are up 29% over a year ago.

For Baker City’s real estate market, closed sales dropped 60% (2 vs 5) between December of 2008 to January 2009 and an even worse number, closed sales, dropped 80% (2 vs 10) compared to January of 2008. The silver lining is that pending sales are up 1100% (12 vs 1) from December 08 to January 09 and up 140% (12 vs 5) from January 2008 to January 2009. January’s numbers for the Baker City real estate market can be viewed by clicking here:

https://bakercityrealestate.files.wordpress.com/2009/02/january-09-market-action-report.pdf

So….what does all of this mean? We have no idea…. There is no indication from the numbers on what the real estate market will do going forward. There is support for both a strengthening and a weakening of the national and local real estate markets. Low interest rates and falling prices are being countered by increased unemployment and the worsening stock market. We hope that the stimulus plan, housing plan, bank plan, etc. have the effect of increasing home sales, but we just won’t know until it all works through the process.  Usually, Baker City’s real estate market is somewhat insulated from the national trends, and that may be the case going forward. But, we may be at the top of the slope ready for a ride down, also. One thing is for sure, we will know in the next few weeks and months how it is going to play out for us locally. Keep logging in to the Baker City Real Estate Blog to stay informed and up-to-date.

NAR: Existing-Home Sales Fell in January http://www.realtor.org/RMODaily.nsf/pages/News2009022501?OpenDocument


Baker City Real Estate New, Pending, Sold Report Now Available

February 23, 2009

A new feature that we are adding to the Baker City Real Estate Blog is a New, Pending and Sold Report that will show you the activity in the Baker City real estate market for the previous week. This week’s report covers the week of February 16 to February 22, 2009. We are still seeing light volume for pending and sold properties. Everyone is waiting to see if the Baker City real estate market will be weak or strong for 2009. We are still in the winter season, but should know how active the spring market will be within the next few weeks. Feel free to post questions about the Baker City real estate market or any observations you have.

Click Here to View Report: new-pending-sold-report-feb-16-to-feb-22-2009


January 2009 Baker City Real Estate Market Action Report Now Available

February 20, 2009

The January Market Action Report is now available by clicking the link below. The report outlines the real estate market activity for Baker county for January. This is a great report to see how many homes have sold for January, what the average and median sales prices, number of listings, etc. You will also be able to compare it to past totals. This report is a must to stay informed on the Baker City real estate market.

market-action-report-pichttps://bakercityrealestate.files.wordpress.com/2009/02/january-09-market-action-report.pdf


2008 Market Action Report Now Available

February 10, 2009

The December 2008 Market Action Report is now available by clicking the link below. The report outlines the real estate market activity for Union and Baker counties for December . This is a great report to see how many homes have sold for 2008, what the average and median sales prices, number of listings, etc. You will also be able to compare it to 2007 annual totals. This report is a must to stay informed on the Baker City real estate market.

market-action-report-picDecember2008MarketActionReport.pdf