Amid more sales, the average Home Sales Price still declining! What does this mean?

Published on March 19, 2012 | No Comments

WVMLS Home Sales Statistics

Although the number of home sales keeps increasing each month.  The average home sales price continues to decrease month to month.  The average sales price in January 2012 was $187,000.  February shows the average stepping down to $181,000.  Although there are positive signs in our economy, our housing market continues to slide.  We do believe that we could very easily be on the cusp of a different direction, the fact of the matter is that there are just too many factors that are unknown that could sway the future of our market.  We do believe most of the damage has been done, however; our economy is not based solely on the United States.  We are in a world economy, so the events happening across the globe will affect our housing industry.  Unfortunately these are items that we can not control.  One event that we do have a little control over is our election results.  Being an election year, it will be interesting to see how the voters respond to the candidates.  The current administration will no doubtedly be inflating the positive results of the economy to influence voters.  One fact is that there is a lot of cash sitting on the sidelines waiting to be injected into this economy once corporations and investors feel confident in our leadership.  This confidence can change each day as we inch closer and closer to November.