| On average, the length of time required from real | | | | President and CEO of HouseHunt, Inc. "Our strong |
| estate listing to contract has increased dramatically in | | | | economy and consumer demand made record homes |
| the U.S. in the past six months, according to | | | | for sale possible in 2005 despite destructive hurricanes, |
| HouseHunt's latest national "Current Market Conditions" | | | | rising mortgage interest rates and higher energy costs. |
| homes for sale activity survey. Seventy-five percent | | | | We're optimistic that a sustainable, more balanced |
| of respondents said it is now taking more than 30 | | | | housing market will be the cornerstone of the U.S. |
| days. Of that figure, 30% said it is taking more than 60 | | | | economy in 2006." |
| days. | | | | A sampling of individual survey results: |
| Three months ago, 52% of survey respondents said | | | | - Clint Johnson of Rose & Womble and exclusive |
| the average time on the market required for a home | | | | member agent in Virginia Beach and Norfolk, VA, area: |
| to sell was more than 30 days on the real estate | | | | "During the past few weeks we have seen a |
| market. Six months ago, only 35% said it was taking | | | | softening of the market, with fewer multiple home |
| more than 30 days as buyer frenzy continued | | | | offers and buyers negotiating for closing cost |
| unabated. | | | | assistance." He noted that the area has seen |
| "Current Market Conditions" 4th quarter survey also | | | | tremendous growth in prices and in units sold. Median |
| found: | | | | home price is $230,000, up 15-20% in the past year. |
| Home sales prices remain firm. Currently, 82% say | | | | - Rod Sullivan of GMAC Metro Brokers, exclusive |
| they are getting 95% or more of asking home prices. | | | | member agent for Lithonia, GA, reports more sellers |
| This compares with 80% in the third quarter and 90% | | | | than buyers with a good supply of unsold homes. |
| in the second quarter of 2005. | | | | Average time on the market is 90-120 days. "Our |
| Solid appreciation. One-half of all respondents report | | | | greatest activity is from first-time buyers. Median home |
| home price appreciation of 10% or more in the fourth | | | | price is $150,000. Sellers are getting 95-100% of asking |
| quarter, year-to-year. This compares with 46% in the | | | | prices." |
| third quarter and 42% in the second quarter. | | | | - Steve Gaines of CENTURY 21 Landtree and |
| Multiple offers down. Currently, only 50% of | | | | exclusive member agent in Greenwood, IN, reports |
| respondents report multiple offers. This is down from | | | | more sellers than buyers and a good supply of unsold |
| 70% in the second and third quarters of this year. | | | | homes. "Average time on the market is 90-120 days," |
| Buyers-sellers demand nearly equal. A more balanced | | | | he said. Median home price is $175,000. |
| real estate market between buyers and sellers | | | | - Diane Ash of Weichert Realtors and exclusive |
| demand has emerged in many parts of the country. | | | | member agent in Middletown, DE, said lower property |
| This compares with a 61-39% buyer ratio in the third | | | | taxes are attracting buyers from New York, New |
| quarter. | | | | Jersey and Pennsylvania. Median home price is |
| First-time buyers. Currently at 35%, this percentage | | | | $300,000. Average time on the market is 30-60 days. |
| has stayed about the same for the last six-nine | | | | - Tim Ireland of Coldwell Banker Honig-Bell and |
| months despite price and appreciation spikes on the | | | | exclusive member agent in Mokena, IL, said sellers and |
| East and West coasts and in Florida, Phoenix and Las | | | | buyers are about 50-50. Average time on the market |
| Vegas. Greatest first-time buyer activity continues to | | | | is 60-90 days. Median price is $261,190 with a good |
| be in the South and Midwest. Repeat and move-up | | | | supply of unsold homes. |
| buyer activity remains strong. Investor and | | | | - Leah and Neville Bradshaw of Long & Foster Old |
| second-home demand has slowed. | | | | Town/Historic,, exclusive member agents in Lorton, VA, |
| Inventory of unsold homes growing. Sixty-five percent | | | | reported more sellers than buyers and a median home |
| said the trend is up in local real estate markets. | | | | price of $543,000, up 10-15% over last year. Even |
| Fifty-five percent report a good supply in all price | | | | though sellers frequently get more than 100% of asking |
| ranges. Only 38% reported a good supply six months | | | | prices, they said that first-time buyers are very active. |
| ago. | | | | - Dan Urbach of Prudential California and exclusive |
| Market Growth. Overwhelmingly, survey respondents | | | | member agent in Pacific Palisades, CA, said his market |
| said job and population growth continues to fuel | | | | is settling down from a very hot seller's market to a |
| housing demand in local markets. | | | | more balanced market. Median price home is $2 million, |
| "Our latest random survey findings are consistent with | | | | up 15-20% over a year ago. Average time on the |
| both nationwide housing sales data and forecasts of | | | | market is 30-60 days. |
| top industry economists," said Michael Bearden, | | | | |