Nationally in real estate, it was reported that existing home sales fell by -27.2% to a seasonally adjusted annual rate of 3.83 million units which is well below the 5.14 million-unit level of 2009. Sales are at the lowest level since May of 1995. Lawrence Yun, NAR chief economist, said a soft sales pace will likely continue for a few additional months. Who is buying? A recent survey of NAR practitioners showed that first time home buyers account for 38% of the sales, investors 19%, cash buyers at 30% and the balance were repeat buyers. This pattern is nearly the same pattern that we are seeing in Douglas County.
Speaking of Douglas County, closed sales increased +5.6% when comparing August 2010 with August 2009. Pending sales also increased +23.3% while new listings fell -11.3%. When comparing August 2010 to July of this year, closed sales went down -8.5% (75v.82). However, the pending sales increased +29.1% (111v.86) and new listings fell by 8.7%. At this month’s rate of sales, the 1,319 active residential listings would last approximately 17.6 months which is up from last month’s 16.3 rate. When you look at August of 2008 there were 20.3 months of inventory, 2009 was 18.1 months and presently we are at 17.6 months, so it has been coming down which is good sign.
The average sales price decreased -15% when you compare August 2010 with August 2009. ($166,500 v. $195,900) However, when we look at August 2010 comparing it to July of 2010 the average sales price increased +12.2% ($166,500 v. $148,500) The average sales price year to date in 2010 has decreased a modest -2.6%. I think that the sellers’ are getting more realistic in the pricing of their property as they list their property. I feel that we as professionals are educating the sellers’ in the proper pricing of their properties to generate a sale in a timely fashion.
We continue to grow and expand our office during these trying times. We have grown our company by adding new brokers who are very experienced in our local real estate market. Our in company’s listings are nearly 400, our pending sales are up and our closed sales volume is +$7,000,000 above last year at this time. Our local real estate market has responded favorably to our aggressive approach to marketing and sales strategies with increased listings and sales.
Please, keep those that are serving our country in the military and their families in your thoughts and prayers. Also, root for your favorite football teams. Go Ducks, Go Beavs!
Was land at $2 an acre a deal in 1776? How about a $10 suit in 1875? Some of the answers to these questions and more may surprise you. They may also provide some perspective to our current and future economic environment.
24/7 Wall Street posts the interesting article on how the price of common items has changed since the founding of the republic. An inflation adjusting number is also provided.
Explore the Government Contracting Market at Luncheon
Learn how your business can take the necessary initial steps to becoming a government contractor or advance your current potential to compete in the government contracting market
Dee Edwards, program manager for the Government Contract Assistance Program (GCAP) Oregon’s Procurement Technical Assistance Center, will explain the basics of government contracting, where and how to register, and where and how to find out what the government buys
Reservations are required for the 11:30 a.m. to 1 p.m. membership meeting held at the Douglas County Fairgrounds.
Tickets are $15 for members, $20 for non-members and $110 for a table of eight. A buffet lunch is included.
Sure, it is way to early to even think much about Halloween, but holiday sales messages for Christmas are already in the air. Target promoted a “Black Friday in July” sale and many retailers are pushing Christmas promotions earlier this year, according to this item in MediaPost.com
The convergence of economic difficulty and new technology solutions are impacting a broad range of consumer behaviors, including television viewing, specifically different ways people are accessing broadcast. Sure there are an increasing number of people who are watching Internet video but this article from consumeraffairs.com details how some save money by dropping their cable, adding a netflix account, and watchings television shows on hulu.com or on-air digital broadcasts.
Retailers will find this article about how subtle changes can influence consumer purchase behavior of interest. The article from retailcustomerexperience.com provides insights into colors, textures, shelving and other sensory experiences and how they impact shoppers.
This video has been around for a while but it still has value as you consider your web page and web advertising. The explanation can be found a this link eye-track.
August Retail Sales Increase Still Reflects Cautious Consumer, According to NRF
Washington, September 14, 2010 – The back-to-school shopping season finished on a positive note as retailers’ aggressive promotions and state sales tax holidays helped lure families into the stores last month. According to the National Retail Federation, August retail industry sales (which exclude automobiles, gas stations, and restaurants) rose 0.5 percent seasonally adjusted over July and increased 3.0 percent unadjusted over last year.
NRF’s 2010 Back to School survey, released in July, found the average family planned to spend $606.40 on apparel, shoes, electronics and supplies for children in grades K-12 while average spending on college students was expected to reach $616.13. Back-to-school spending was forecast to hit $55.12 billion this year, far surpassing 2009 levels.
“Most Americans are in a much better financial position than a year ago, but they are still spending cautiously, looking for bargains and comparing prices before buying,” said NRF President and CEO Matthew Shay. “After leveraging aggressive promotions to bring in back-to-school shoppers, retailers are putting the finishing touches on promotions and pricing for the upcoming holiday season.”
August retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.4 percent seasonally adjusted over July and increased 3.5 percent unadjusted year-over-year.
“While the underlying trends remain positive, shoppers are still focused on getting their finances in order,” said NRF Chief Economist Jack Kleinhenz. “The challenge for retailers is to convince consumers that the recession is over and to buy accordingly.”
Led by traditional back-to-school categories, retail sales across the board showed strength. Clothing and clothing accessory stores sales increased a solid 1.6 percent seasonally adjusted and a 3.0 percent unadjusted over last year. Sales at health and personal care stores sales increased 0.6 percent seasonally adjusted over July and 2.2 percent unadjusted over last August.
Sporting goods, hobby, book and music stores sales increased 0.9 percent seasonally adjusted over July and 4.2 percent unadjusted year-over-year. Building material and garden equipment stores sales were flat from last month and increased a strong 6.6 percent unadjusted from last August.
As the world’s largest retail trade association and the voice of retail worldwide, the National Retail Federation’s global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the U.S. and more than 45 countries abroad. In the U.S., NRF represents the breadth and diversity of an industry with more than 1.6 million American companies that employ nearly 25 million workers and generated 2009 sales of $2.3 trillion. www.nrf.com
