For the typical real estate professional, 2007 was like getting bashed in the face with a baseball bat. "Business as usual" took a much needed hit.
For years it seemed like certain things were happening that deviated from normal real estate and historical practice. Double digit appreciation was one thing. 100% financing for just about anyone was another. Things were happening for years that didn't really make much sense, and people were getting pretty comforatble with it.
One thing that hasn't been derailed by the housing and credit slump of 2007 was growth in the fantastic downtown neighborhood. This past year more than any, the actual sales were much greater than what my data source, the Multiple Listing Service, shows. The new "thing" for some developer's is to list only the model type and provide no record of sales in the MLS despite using the system to promote the buildings. Since all prior years are based on the MLS, it made sense to continue with this data.
Year--#Sold-------$/Sq Ft----Ave.Days on Market-------Ave.Price
2007----178-----------$186-----------------181-----------------$240,252
2006----221-----------$164-----------------93------------------$223,063
2005-----121----------$156-----------------209-----------------$256,678
2004------84----------$141-----------------233-----------------$187,976
2003------53----------$135-----------------170-----------------$214,890
2002------25----------$121-----------------248-----------------$186,674
2001------19----------$104-----------------194-----------------$233,908
While the sensationalism by journalists continues, looking at the "big picture" of our downtown growth is encouraging. One additional plus in looking at this material is that there are a few large buildings that are early in the completion phase with buyer's set to move into downtown. Interest rates have continued to stay low with this weeks average mortgage rate hiting a 4 year low.
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