I kept thinking I didn’t need to do laundry, clean those toilets, or do market reports this month as I was sure that I was going to be gone on the 21st. What is the point of crunching market data if I was one of the chosen? Unfortunately, it does appear that Lucifer and I have spent too much time together for me to quality for Rapture. Seduced by the dark side again, as usual. As such, I have to write up my Salem market report for May.
I can think of only one reason that home sales were down in April 2011 over 2010 and that has to do with everyone spending their money on their final days. Why buy a house, when you are going to fly in the air in just a few short weeks?
But the real reason home sales were down over last year is because April 30th was the last day to get under contract for the home buyer tax credit. This isn’t a big surprise. 2009 continues to be the worst real estate year and while the market is still volatile, sales have been up since then.
Salem also saw a pre-Rapture plummet in home prices. Clearly home buyers were out in droves looking for heavenly home prices here in Salem. I guess their thinking was if they were going to get pulled away from our good earth, then it better be a screaming deal. The average home price in April was $165,998 and the median $154,937. 2007 was the peak in the Salem market and the average is down 30.2% since then and the median is down 26.5%.
Foreclosures and short sales were 17% of homes sold in April so they are a growing part of our market segment and will be for some time.
Now that I finished my market report it means I have to clean my toilets and do some laundry. Damn Rapture letting me down. I guess if I need to be taken away, I’ll just have to go to my old standby, Calgon.