Smart Money.com reports on the National Association of REALTORS January 2009 monthly report. It projected existing-home sales at 4.90 million in 2008 and 5.22 million in 2009 compared to 5.65 million in 2007. Compared with the December 2008 report, the revised numbers are a mixed blessing.

There were 60,000 fewer houses sold in 2008 than projected, but the NAR raised their 2009 forecast numbers by 30,000 homes. Along with the slightly higher volume, there is a slight decrease in the 2008 median real estate price, reflecting the continued absorption of foreclosures and short-sales.

The NAR’s pending home sales index was designed to measure which way the housing market is going in the future. It is based on pending sales of existing homes, including single-family homes and condominiums. A home sale is pending when the contract has been signed but the transaction hasn’t closed. Pending sales typically close within one or two months of signing.

In a tighter market one of the indicators that real estate agents look at is days on market (DOM). The number of days it takes a home to sell once it is put on the market. We pulled 40 zip codes and looked over the average days on market and saw some interesting trends. Not to surprising was that the Oakely / Hyde Park area (45209) led the list with just 92 DOM. The area surrounding Sharonville (45241) had a 101 DOM, and Norwood, 45212 saw an impressively low 104 DOM. Indian Hill had one of the longest aver DOM with 137, tied with Franklin 45005.

Knowing the average DOM for your market is crtical if you are looking to sell your home. You must be patient but more important you need to use this information to properly price you home if you want it to sell faster than average. A good Cincinnati Real Estate agent will be able to give you the details of your area. If you re looking to sell your home, or buy one e-mail me or call 513-518-1140.

Our friend in Austin Texas is using all of his social media know how to sell his home. We spoke with David about some of the social media pieces we have used with our clients and he has shared his experiences with us. He sent us a music video over the weekend and we are posting it today. It is a unique take on the virtual tour. If any of our readers just so happen to be in the market for a 3/2 in Austin, Texas please let me know.