For those of you that wish to buy a home in a down market there may be a small window of opportunity to do just so. Let me explain.Now that the first half 2009 is over it is time to take a look at was has been so far and maybe get a glimpse of what to expect for the remainder of 2009 in Mesquite Nevada.
When you compare the first half of 2008 with that of 2009, the picture you get is is one of a further declining market. Using the Mesquite Real Estate Associations multiple listing services statistics for homes sold during these periods we see that from January 1, 2008 to June 30, 2008 there were a total of 194 sales recorded. In that same time period there were 168 sales in 2009. That is a difference of 26 sales or an approximate 14% drop off in sales.
In 2008 the average sale was around $250,400 versus $192,400 during that same time period in 2009. That represents an approximate decline in housing prices of 23%. Looking at individual segments of the market there were 2 fewer vacant land sale 2009. Mesquite single family home sale were 114 in 2008 during the first 6 months compared to 110 in 2009 during the same time period, that is only 4 sales less. Mesquite town home sales in 2008 were 43 from January 1,2008 to July 1,2008 and only 35 in the same time period in 2009, A difference of 8 sales or around a 19% drop off in sales than there were in 2008. The largest decline in sales came in the Mesquite condominium segment. In the first six months of 2008 there were 37 registered sales. 2009 shows there were only 23 sales. That is almost a 38% decrease in sales.
Most everyone I talk to or articles I have been reading indicate that the last quarter of 2009 things will start to improve If that is true then there truly is small window of opportunity to take advantage of the market. If the month of June is any indication of the trend or change that may already have started. In June of 2008 there were 30 recorded sales and the same month in 2009 there were 36. I am encouraged by these numbers and I hope they continue their upward trend.
Written by Buck Schaeffel of the Mesquite Real Estate Team from Bowler Realty. Our office handles transactions in Nevada and Arizona and are licensed in both.
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