Clear housing trends in Jefferson County
For those of you who may have been wondering what the housing market has done over the past tax year (ending July, 2008), the trend is clear: fewer units are being sold, they're being sold for lower prices, and they're staying on the market longer before they sell.
I went to MRIS yesterday and downloaded monthly data for housing sales in Jefferson County from July 2006 to July 2008. Then I calculated the 12-month simple moving average each month from July 2007 to July 2008. The graphs ain't pretty.
Drop in the average price over the year: $270,642 to $248,590 (-8.15%)
Drop in the average monthly number of units sold over the year: 47 to 42 (-10.64%)
Rise in the average time on the market over the year: 102 days to 129 days (+26.47%)
The graphs and data are in the attached Excel file. Feel free to criticize my math.
"If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen." -- Samuel Adams