Dec

2

Weekly Market Update - Week 48

Filed Under Weekly Market Update 

Over the last week, the number of listings on the market has dramatically fallen off.  We believe this to be a combination of a couple things.
1)    Listings that were set to expire at the end of November did so, and have not been relisted yet
2)    Listings have been taken off the market because we are heading into the December months and Christmas.

Although the number of sales dropped over all, the number of condos sold actually increased by 5 units vs. last week.  The number of showings over the past week, we have noticed to slow down, and most showings are happening on the weekends, as the evenings get shorter.

Again, heading into Spring of 2009 we could expect more listings to come back on the market that have been or will be taken off, with more buyers coming out of the woodwork.  Will this change the average and median prices?  Probably not, because there are many sellers who are waiting until the spring to put their property back on the market.  If you are considering this, your home may have more showings and potentially get offers, but the price most likely will not be increasing.  Why?  There could be more listings, but there could be more buyers as well, and the supply will stay high, and in the big scheme of things, the demand still lower.


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