2010 Year End Market Update
Recap of Year End Update (Slides below)
Click here to download the 2010 Year End Market Update
• SIR’s market share is commanding:
– Transaction volume (listing + sales) of 56%, more than 3 times that of our closest competitor.
• Total units sold rose 29%
• Jan-11 listings are unchanged vs. 2010
– 22% higher than 2008.
• Average prices of residential units rose 24% to $1.3 million.
• Days on market are up 39% or 79 days.
• Demand in all price categories has increased
– Under $3 million – unit volumes are up 22%
– Over $3 million – unit volumes doubled
• In the <$3 million price range, sales volume jumped 40%
– 54% of the total sales volume in 2010, 66% in 2009.
• Sales volume in the >$3 million price range soared 125%
– 46% of the total sales volume in 2010, 34% in 2009.
• Sales reflect perceived value at the top and the bottom.
Nationally
Continuing economic & political uncertainties affect all markets:
– Taxes & interest rates
– Difficult credit markets
– Higher commodity prices & inflation
– Unemployment remains stubbornly high
• “Shadow un- & under- employed” nearly 18%
– North Africa, the Middle-East & the politics of oil
-The S&P 500 is up 94% from its March 9, 2009 low point and 16% from March 9, 2010
-Economy reporting positive momentum
-Jobs picture improving
-Initial claims for unemployment fell
-Personal income rising
-Auto sales surged 27% vs. Feb-10
-Manufacturing index – highest in 5 years
-Fed “Beige Book” reported improvements in commercial sales and leasing activity.
-Businesses are reporting strong profits.
-GDP is up 5 consecutive quarters following 4 down quarters.
-Bernanke gave upbeat testimony before congress last week.