Market Watch – Kokomo Home Sales

By the end of 2007, we saw that the total number of houses sold was up from the prior year and an increasing percentage of homes sold were foreclosures. We also saw that overall market time for houses that sold was about the same as 2006.

In the charts below, you’ll find that we have had fewer sales thus far this year than last year, the average price of homes that have sold is down, but the average time on the market is about the same as last year. Of special note is that 52% of all houses that did sell in the first two months of 2008 were foreclosure homes compared with 40% of the homes sold in the first two months last year. This fact alone has a great impact on the overall drop in the average price paid for homes that sold.

Homes Sold in Howard County – Year to Date Comparison (2008 vs 2007)

Click the chart below for a larger view:

It’s really too early to make any judgments on market trends for 2008. We know the market is down from a year ago, but in just these first two months of this year we see some stability. The average asking prices and average sold prices of homes that sold in January and February are virtually identical.

Comparing Home Sales by School Corporations – February 2008 to February 2007

Click the chart below for a larger view:

The one thing that jumped out at me when I ran these numbers is the fact that the only houses that sold in Northwestern Schools were four foreclosure homes!

In all school corporations, the average sold prices of homes are lower than a year ago. Last month we saw some ups and downs – perhaps we’ll see more of that again for March.

Well, that’s it for February statistics! As always, if you have any questions or if you would like more information about a particular neighborhood or a specific house, don’t hesitate to leave a comment, call me at 765-513-0354 or send me an email.