Howard County Homes Sold – July 2009
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Howard County | Kokomo Home Sales – The Good, The Bad…
Let’s get the “bad” over with first…
Since the first of the year we’d seen a gradual increase in the sold prices of homes throughout Howard County. Sorry to say, that trend didn’t continue in July. The median sold price dropped by $8,500 and the average sold price dropped by $16,000. Those drops are primarily because we saw an upward spike in the number of higher priced homes that closed in June. If you recall, 36% of the homes that sold in June sold for over $125,000! In July only 17% of the homes sold were in those upper price ranges.
Now for the “good” news…
Ninety-nine homes sold last month! That’s the level of home sales we typically like to see during the summer months. Hopefully that will continue! With the first-time homebuyers tax credit coming to an end November 30, let’s hope all you 1st-timers get out there and find a house before it ends.
Now for all of you who like the stats and charts, here they are…
Howard County home sales prices since January 2006
Click chart for larger view.
As I said above, the average and median sold prices in Howard County have slipped downward for the first time in six months.
For those of you who pay attention to the national news and all they have been saying about home sales and prices going back up… They are talking about sales for June not July! We in Howard County were right up there with the rest of the country for June sales. You just got your June stats earlier than the rest of the country. Now, let’s see whether the rest of the country sees the same in July as we saw.
Howard County homes sold per month since January 2006
Click chart for larger view.
Notice the increase in the number of homes sold in July! Almost 40 more house than sold in June and 60 more than January! That is phenomenal! Let’s keep it up and reduce some of our housing inventory!
Howard County homes sold July 2009 by price range
Click chart for larger view.
I’ve said it before and I’ll say it again… Most of the houses for sale in Kokomo and Howard County are not foreclosures! In fact 87% of the houses for sale in Howard County are not foreclosures! That means that only 13% of the house for sale are foreclosures.
On the flip side of what is for sale is what is selling. Unfortunately (for homeowners), even though foreclosures are only 13 % of the houses for sale, 40% of all sales in July were foreclosure properties. And 70% of those foreclosures sold for less than $60,000!
Comparing sold prices of non-foreclosures to foreclosure homes
Click chart for larger view.
Finally take a look at the difference in sales data between non-foreclosure homes vs foreclosure properties. Until all those “cheapo-repos” are cleaned out of the market and people in Kokomo feel secure in their jobs, I expect we will continue to see a higher number of foreclosures selling than those offered by homeowners.
What we can do to turn this around…
- If you are a homeowner who needs to sell, price your home to sell! Don’t price it to “try it”!
- If you are a homeowner who wants to sell, price your home to sell! Or get off the market!
- If you are a buyer who wants to buy, get yourself to a lender and get pre-approved for a loan. And get yourself a REALTOR® you like and trust. Then get out there and take advantage of the cheap home prices.
- If you are an investor, buy some of those “cheapo-repos” to fix and rent. Hold on to them until the market comes back and reap your rewards!
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NOTE: Based on data from CIRMLS August 8, 2009. Deemed to be accurate, but not gauranteed.
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