Eagles,
Click here and you will find an updated graphic that I believe paints a good picture of our LOCAL real estate market.
In this attachment, you see the relationship between two items - The number of agent in our company - RE/MAX Regency, and the number of closings we have each month, since January 2000.
The average RE/MAX agent produces about 24 transactions per year - or two closings a month. You see this average stand on this chart from it beginning till September 2005. This is when our real estate market really fell off, and you can see this clearly happening in our company, as it did in our industry.
You can see just how we were experiencing real recovery last summer, and we were beginning to take off last July and August - but then we had our nations leadership last fall saying we need "700 Billion Dollars by Friday, or else...." While our sales did drop again last fall, and into the January and February, our real estate market is still much stronger this year than it was last year.
As of April, our settlement activity is back up to an average of every agent having one closing a month. Over the past few weeks, we have experienced our contract activity DOUBLE in our company, and as those contracts work their way to closings, we should see our settlement activity be back to near the two closings per agent per month level in the next couple of months.
I think this is a great graphic for you to see and understand our market, and just how our market has and continues to improve. Further, this is a great indicator to show your clients the history of our real estate market and to show the recovery we are currently experiencing.
Please let me know what questions or comments you have.
Thanks,
Chuck
The Real Estate Market Continues to Improve
2 comments • Chuck Cornwell • June 16 2009 06:08PMComments
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Hey Chuck..we are practically neighbors... glad to hear things are picking up for you.. :) It's getting tough out there for buyers...that's for sure. :)
Konnie, I have been saying since November 2008 that we have an inventory problem that will hit this year. You must focus on your listing inventory, and a focus on the short sale market. Many agents thougth I was crazy, but look at where we are. We experienced a market like this in the real estate downturn of the late 80's. We need prices to get back to where a builder can profitably build, and we are seeing prices now jump. Fairfax County is already up by 15%! This market is changing week by week - I have never seen things change sooooo fast.
Chuck