Today’s Key Number is -9%
August 15th, 2008 . by Jon ModeneIf you are focused like a laser beam on Perrysburg, which I am trained to be when I have to (which is when I am listing and selling and consulting on Perrysburg real estate and for Perrysburg real estate clients, although this was a typical day in that I had to list a house in Toledo, list a house in Rossford, secure/list a house in Holland for a bank, and then list a house in Perrysburg all while my team was showing houses in and around Maumee, Perrysburg, and Toledo . . . but I digress)
IF you are focused on Perrysburg the number that arrests your attention today is -9%.
Because the Toledo Blade ran a story yesterday (www.ToledoBlade.com) about housing values in Toledo being off by 5.2%.
I was quoted in the story by John Chavez, the Blade’s excellent Business reporter.
But, you know, when you are quoted, you can never really get the whole story out. John was working with the national numbers that the National Association of Realtors was using in a press release for all of Ohio.
But there is no “Ohio” real estate market.
If I had my own place to write – Oh, I do, right here! – I would say that ALL real estate is local. All of the big national statistics have to be brought right down to the local level.
You want the truth about the Perrysburg market? Then you had better use the right metrics and numbers and data to get it.
And the numbers have indeed flattened out – but if you look back to just one year ago, which is a time frame that most of us are very comfortable using, the median price in Perrysburg of sold homes is down by -9%.
$197,500 in July of 2007 to $179,750 in July of 2008.
That’s a BIG drop.
Are we done? I don’t think we are going to see another $17,750 drop in Perrysburg over the next 12 months.
I do not see it.
Not in Perrysburg.
You can track what is happening with homes on the market anytime you want by looking at www.OnlyPerrysburg.com (shameless plug – it’s one of my websites, a pretty neat one I think – one button gets you every house for sale in Perrysburg!).
What will our market look like in July 2009 if it drops another 9 or 10%?
You and I most likely don’t want to know . . .
