One of the first things I do every morning is pull up my MLS screen and take a look at the 24 hour market watch. Obviously this listing is for my local area (Western Washington), but the trends are interesting to me and indicate current responses of the housing market to other stimuli (or more appropriately for these times, stimulus).
Salient to analysing these results is of course the chaos in the political and financial arenas, which because of bailouts and stimulus packages are intimately linked. The “sold” column, which is in very healthy territory on today’s graph is an indicator of the rate drops around the end of January, marking the beginning of the new administration in the White House.
What the sold column doesn’t show without a click through is the selling data. At least in the Seattle area, the houses selling are about 60% in the luxury range. Geographically, most are located in the more well-heeled areas, including condo sales which are taking an upswing.
Also of noteworthiness are the listing/selling prices. These are, except for the extremely high end homes, pulling fairly close together; sellers are less in panic mode than even a couple of months ago.