Kokomo and Howard County Home Sales Statistics- Oct 2007
You've seen the news about the real estate market across the country - lots of houses for sale, prices declining, etc. I'm sure you know we in Kokomo and Howard County were "kind of" the leaders of the pack. When Delphi declared bankruptcy two years ago it seemed that everything related to real estate came to a screeching halt. Not only that, but Kokomo has historically had very affordable housing and a high number of foreclosures. Well... now it seems the rest of the country is experiencing the same things we have been experiencing for quite some time. The main difference between us and most of "them" is that we never had hugh increases in home prices and home values.
I keep hearing comments about how slow the market is and how nothing is selling; in fact, I feel that way myself some days. But, in actuality, buyers are buying and sellers are selling! If we compare Howard County sales Jan. 1-Oct. 31 of 2007 to sales in the same time period in 2006, you will see that we have actually had more sales this year. The real difference though is in the number of foreclosure homes that sold and their impact on the market as a whole.
The chart below will give you a general idea about how the Howard County looks thus far in 2007 compared to the same time period in 2006.
|
Sold 01.01.07 - 10.31.07 |
Repos |
Sold 01.01.06 - 10.31.06 |
Repos |
Change from | |
|
No. Sold |
1011 |
327 (32%) |
923 |
211 (23%) |
+10% |
|
Asking Price |
$98,905 |
$107,633 |
- 8% | ||
|
Sold Price |
$94,137 |
$103,050 |
- 9% | ||
|
DOM* |
121 |
121 |
none |
*DOM = Days On Market
That gives you a general overview of the year to date. Now, let's look at the past month in Howard County.
As of Nov. 1, there were 973 homes/condos offered for sale in the county. The average price of all those homes was $117,900 and the average time on the market was 138 days.
In Oct. 2007, 93 properties (29 repos) sold at an average sale price of $85,110 and an average time on market of 121 days. Compare that to Oct. 2006 when 94 properties (13 repos) sold at an average sale price of $109,571 and in an average time on market of 110 days.
Note the difference in the average sale price of houses between 2007 and 2006. The average price of homes that sold in October dropped by 22% across the Howard County as a whole!
Now, so that you have a little better idea of what is happening in your "neck of the woods," I broke all that information down by school corporations.
Click the chart below for a larger view:
As you study this chart note the difference in sold prices between this year and last year. With the exception of Western Schools area, the average sale price has dropped.
Two other important numbers to note are the number houses that sold last month compared to the number of houses now on the market. Those two numbers give you an indication of what is called the "inventory."
Right now in all of Howard County, we have an inventory of about 10 months. That means that if not one more house were to be offered for sale, at the rate houses are selling now, it would take about 10 months to sell all of the homes currently listed.
Let me show you how to do that...
Divide the number of active listings by the number of houses sold in Oct. 2007 to get the inventory. Ex:
Taylor: 133 active divided by 11 sold = 12.09 (12 month inventory or supply of homes )
Keep in mind that these figures are estimates only and apply to the market as a whole. Houses in the upper price ranges in our market usually take longer to sell simply because the buyer pool is smaller than for homes, say in the $85,000 to $115,000 range.
Well, that's it for now! If you have any questions or if you would like more specific information about a particular neighborhood or a specific house, please don't hesitate to call me at 765-513-0354 or send me an email.
(The statistical information above was taken from CIRMLS for the time period of Jan. 1, 2006 to Nov. 1, 2007 and deemed to be accurate, but not guaranteed.)
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