January 2011 Midlands Real Estate Update

The final numbers for 2010 are still rolling in, but here is where we stand for a year-end comparison in the Midlands.  Only 4 of the 15 identified markets experienced more activity in 2010 over 2009.  Another sector with more activity (to no particular surprise) is foreclosures, which are up 31% over the prior year.  What may come as a slight surprise however is that the re-sale of that bank-owned property is actually down 7%.  These opposing trends can obviously not continue for very long.  Next month we'll provide a final update to these numbers and see if 2010 closes out with more green than red.

	Number of Transactions
Property Types	2009	2010	%Change
Single Family	7,388	6,801	-8%
Condo / Townhouse	557	502	-10%
Duplex / Triplex / Quad	99	84	-15%
Auto Related	18	12	-33%
Hotel / Motel	1	2	+100%
Land	3,685	3,612	-2%
Mobile Home	228	190	-17%
Multifamily	14	14	-
Office	67	69	+3%
Restaurant	19	23	+21%
Service Station	7	2	-71%
Shopping Center / Strip	6	7	+17%
Special Use	27	19	-30%
Store / Retail / C-Store	59	45	-24%
Warehouse	35	34	-3%
Foreclosures	1,030	1,345	+31%
REOs	1,144	1,059	-7%

Sales data based on county assessor-provided information; includes FSBO, Foreclosure and REO transaction. Please read our disclaimer regarding real estate transaction data.

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-Terry Peterson, PMP