Hello Everyone,
Starting into the traditionally slower holiday period, the number of active listings is headed downward, a normal trend for this time of year. Inventory figures are just about in line with the same time last year.
Percentage in contract figures for both SFR's and condo's continued their upward trend in almost every price range during the last week SFR's under $1million very close to a balanced market at 23.4% in contract, though they remain, officially, in buyers market territory. Condos in the $1million-$2million price range clocked in this week at 30% in contract, a sellers market, but the sample size is so small (20 units with 6 in contract) that 1 or two units going in or out of escrow can cause a significant swing.
Agents holding open homes reporting great traffic on new listings, slowing as time goes on. Buyers' agents saying that buyers are out there looking and making offers when they see properties they like. Sellers well advised to dress their homes for success and grab the buyers' interest right at the start. Not a time to test the market with overly aggressive pricing. Preparation, pricing, presentation still the buzzwords for this market. Several articles out this week noted a modest turnaround possible for the real estate market in 2008. Based on available facts, this writer would agree. Some agents report investors and high net worth individuals pursuing acquisition of property on the theory it won't go much lower.
Waiting for the bottom of the market often results in having to buy while prices are on the way up.
more next week
Until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
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