2009 Perrysburg Market Stats . . . An Overview
January 20th, 2010 . by Jon ModeneI really could go on and on about the market stats in Perrysburg.
I love this subject.
True story: I gave a guy some stats recently. Real estate business stats. He HATED them. Didn’t like what they either said or revealed or the story that they told. So he got mad at me. Because of the numbers that exist.
Lesson: The numbers are the numbers.
Especially with real estate. They are what they are.
Let the numbers, at least some of them, thus speak:
1. Seasonality is back. The big upward trend every month – gone. The big downward trend every month – gone. So looking at one month vs. another, if not adjusted for the season is not accurate, IMHO.
In December of 2008 there were 413 houses on the market with a median price of $195,000. 29 went pending that month. 27 closed. And the median price of the pendings was only $175,000.
In December of 2009, 12months later, there were 304 houses on the market with a median price of $201,000. 21 went pending that month. 30 closed. The median price of the pendings was $239,900.
Conclusions:
#1. The number of houses on the market substantially declined. Sellers either got smart (didn’t really need to sell . . . ), rented out, or took off the market. The median price of the inventory actually INCREASED by 3% to $201,000.
#2. The median price of homes getting an accepted offer (“HI, we are buyers and we really like you!”) that number increased from $175k to $239k. Hmmm. Many possible reasons – my experience tells me that many sellers who are selling are in fact selling the best houses in the best condition. The banks? They are taking back some nice, large listings – which moves this number up too.
#3. The median price of the houses that sold? Up 8%. Amazing. Values are up!
Well – that’s half the story. The median price a couple of years ago was over $200k. Go back 4 years and it was close to $220k. With the normal dynamics of a small sample size (and that is what the 43551 marketplace really is . . .) and the return of seasonality, and the market deforming effects of the housing bubble and the bank inventory . . . let’s just say that prices are not in free fall anymore. But let’s be honest and not say that prices went up 8%.
There are fewer houses on the market in Perrysburg, with more serious sellers, in better condition, with fewer buyers competing for them.
The market is back in balance.
(N.B. footnote: for this report I am using the data from the Toledo MLS, which does not have all real estate activity, for the period 12/1/2008 to 12/31/2009.)
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