Commentary
Demand: The story to date is that the year
2010 through March was very poor, most likely because of epic winter
snows. The past 90 days however have shown considerable improvement
with respect to home sales.
Unit home sales are now a heavy
bet to exceed 2009, however dollar volume, average selling prices,
and average $/SF will fall, possibly by as much as 20%, and spurred by certain
areas more than others.
Land sales for the month of June provided
some strength, forcing us to revise our land forecast for the year.
2010 is now poised to come very close, or probably exceed 2009 in
terms of unit sales. Dollar indexes however remain very soft
and will decline for a long time to come based on supply.
Supply: Despite the fact that almost 500
home listings expired across Western NC on June 30, the supply
of homes for sale grew by more than 7% in the 2 counties last month.
The number of active land listings fell by a fraction of a
percent.
In terms of total inventories, both homes and
land remain grossly oversupplied and one would expect this to
prevent prices from rising for as long as 2-3 more years.
Source: Regional MLS, deemed reliable, not
guaranteed.
Big Picture Chart Archive:
Previous Charts Located Here.
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