Well…what can I say?
This data is going to stink!
Lots…what builders buy to build those gorgeous homes…that they can’t sell…
Do you really want to see the state of this sector of our market??
See that nice plunge at the end? That represents a 47% drop in the average sold price and an 17.5% drop in median sold price over 2007.
That shouldn’t be a big surprise to anyone. With several local builders heading into foreclosure this past year, new construction of speculative homes has come to a significant slowdown.
That nice peak you see in 2007 is the attempt of developers to unload lots that normally they would be able to sell directly to builders, AND builders that saw what lay ahead and just tried to sell their lots.
Unfortunately to no avail. The drop is not due to increased sold listings. Many builders have taken their homes off the WVMLS market and instead are selling the lots themselves.
I would expect another tough year for our local builders.
For more 2008 market reports: