HomeGain 2008 Mid-Year Home Sales Report

Posted by: Peggy Boehm on July 23rd, 2008

Home Sales Results by MSA For AgentEvaluator Agents

It’s been tough sledding for real estate sales in most areas of the country this year, as we are in the midst of summer heat waves, firestorms in California and hurricanes in the Gulf Coast.

For our member agents who use the HomeGain AgentEvaluator program to help consumers “Find A Realtor” online, mid-year home sales results are in.

Even though real estate sales continue a downward cycle in most pockets of the country, our reports show that many real estate agents are, in fact, still closing deals and making home sales happen successfully for their clients.

Where exactly are these consumers buying and selling?

We tabulate sales closed by HomeGain buyers and sellers and report by major Metropolitan Statistical Areas.

Listed below are the top 10 cities and metropolitan areas for home buyers and home sellers where HomeGain consumers closed sales during the first half of 2008, as well as the top areas for Q2 (which we can compare to Q1 areas in my blog post earlier in the year).

New this month on the Top 10 list are previously unranked cities that moved up in Q2 are Denver-Boulder-Greeley, CO, coming in at #7, and Phoenix-Mesa, AZ, coming in at #10.

San Francisco-Oakland-San Jose, CA and Detroit-Ann Arbor-Flint, MI, which ranked in the Top 10 for the First Quarter, fell off the list in the Second Quarter.

Top National MSA’s For HomeGain AgentEvaluator Agents YTD 2008

1. Washington, DC-Baltimore, MD
2. Dallas-Fort Worth, TX
3. Chicago, IL-Gary, IN-Kenosha,WI
4. Atlanta, GA
5. Houston-Galveston-Brazoria, TX
6. Los Angeles-Riverside County-Orange County, CA
7. New York City-Long Island, NY-Northern NJ-CT
8. Philadelphia, PA-Wilmington, DE-Atlantic City, NJ
9. San Francisco-Oakland-San Jose, CA
10. Detroit-Ann Arbor-Flint, MI

Top MSA’s For HomeGain AgentEvaluator Agents Q2 2008

1. Dallas-Fort Worth, TX (tie)
1. Washington, DC-Baltimore, MD (tie)
3. Chicago, IL-Gary, IN-Kenosha,WI
4. Atlanta, GA
5. Houston-Galveston-Brazoria, TX
6. New York City-Long Island, NY-Northern NJ-CT
7. Denver-Boulder-Greeley, CO (unranked in Q1)
8. Los Angeles-Riverside-Orange County, CA
9. Philadelphia, PA-Wilmington, DE-Atlantic City, NJ
10. Phoenix-Mesa, AZ (unranked in Q1)

We speak with our real estate agents in various parts of the country on a regular basis to find out how their markets are doing.

Recently we spoke with Karen Breen-Elia in the Chicago, Lincoln Park, Lakeview market who told us there is approximately a 7 to 8-month supply of homes in her area. She told us “condos have started selling in the city depending on location.” Her business is maintaining and improving, even though the market is tough.

Inventories in other regions of the country remain extremely high. Sharon Kunz who works in the Atlanta, GA, area told us she is experiencing approximately a 9-plus month supply “with more foreclosures still coming on the market. Builders are offering 8% commissions to selling agents and 10% bonuses to buyers.

What we hear time and again from those and other of our agent customers who are weathering nasty real estate conditions, that these difficult times call for going back to the basics of Real Estate 101 including calling all of your customers and advertising more online.

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Comments

2 Comments on “HomeGain 2008 Mid-Year Home Sales Report”

Glenn in Bonita Springs

It is interesting to see the Dallas-Fort Worth area near the top – does anyone think it might be related to President Bush and Laura looking for a home in the Dallas area?

There are some areas with significant months supply – but they are dropping very quickly as properties are going under contract, new listings lower than in the past 2 years, and of course, increased closings.

I have enjoyed reading the market updates and reports posted here. Would like to see more of them.

Ken in Elgin Illinois

From most agents I talk to they seem to feel that as long as the mortgage market doesn’t get any worse we are at or near the bottom of the market for their areas. Most are seeing decreases in inventory and prices starting to level off. Lets just hope there aren’t any big changes for the worse on the lending side or that can all change very quickly.

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