Mindy Allen, Broker, ABR

Existing-Home Sales Expected in Early 2008, then Gradual Rise

Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said there is a pull and tug exerting itself on the market. "On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline," he said. "On the other, consumers continue to wait for additional signs of market stabilization. There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase."

NAR also encourages the Fed to make a single lump-sum cut in the Fed funds rate to 3.5 percent at the January Federal Open Market Committee meeting, rather than a series of modest cuts throughout the year. "Consumers are also looking to market-time interest rates, and the expectations of further rate cuts are pushing some home buyers to delay. Monetary policy will be much more effective with a one-time large cut, rather than a series of small cuts," Yun added.

As for your Cherokee Park neighborhood, statistics are showed the following for 2007 as compared with 2006:

Residential Homes Sales

Active Listings: 2

Average Asking Price: $326,400

Average Price per Square Foot: $128

List Price Range: $299,900 (high) to $352,900 (low)

2007 Sales: 8 Sales

Average List Price: $275,287

Average Sold Price: $260,850

Average List Price per Square Foot: $111

Average Sold Price per Square Foot: $106

Sold Price Range: $292,400 (high) to $225,000 (low)

Average days on market: 83

2006 Sales: 8 Sales

Average List Price: $316,250

Average Sold Price: $307,781

Average List Price per Square Foot: $121

Average Sold Price per Square Foot: $118

Sold Price Range: $379,000 (high) to $260,000 (low)

Average days on market: 66

* All information obtained through the SCWMLS and FBSOmadison.com courtesy of Mindy Allen, Keller Williams Realty.

Existing-Home Sales Expected in Early 2008, then Gradual Rise

Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said there is a pull and tug exerting itself on the market. "On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline," he said. "On the other, consumers continue to wait for additional signs of market stabilization. There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase."

NAR also encourages the Fed to make a single lump-sum cut in the Fed funds rate to 3.5 percent at the January Federal Open Market Committee meeting, rather than a series of modest cuts throughout the year. "Consumers are also looking to market-time interest rates, and the expectations of further rate cuts are pushing some home buyers to delay. Monetary policy will be much more effective with a one-time large cut, rather than a series of small cuts," Yun added.

As for your Capital Neighborhoods, statistics are showed the following for 2007:

Residential Homes Sales

Active Listings: 27

1 home with an accepted offer

Average List Price: $365,762

Average Price per Square Foot: $187

List Price Range: $1,050,000 (high) to $131,900 (low)

2007: 36 Sales

Average List Asking Price: $273,047

Average List Price per Square Foot: $178

Average Sold Price: $261,345

Average Sold Price Per Square Foot: $171

Average days on market: 94

Condominiums:

Active Listings: 179

9 under contract

Average List Price: $397,562

Average Price per Square Foot: $286

List Price Range: $2,750,000 (high) to $110,000 (low)

2007 Sales: 193 Sales

Average List Price: $321,996

Average Sold Price: $315,867

Average List Price per Square Foot: $269

Average Price per Square Foot: $264

Sold Price Range: $1,095,000 (high) to $108,478 (low)

Average days on market: 178

* All information obtained through the SCWMLS courtesy of Mindy Allen, Keller Williams Realty.