While sales are holding steady, they have thus far peaked in June at 9,327 and declined slightly July, August and September. Overall however, we still have 3 more months to add to the 70,038 year-to-date figure, already surpassing the 2008 total of 60,108. New listings for the year, through September 2009 total 112,798, a 10% reduction for the same time period from last year which was 123,283.
After several months of much of the same, approximately 76% of buyers are purchasing properties under $200,000 with the majority purchasing in the $100-$200K range. Properties under $100K have an absorption rate of 52% while properties from $100-$200K have a 45% absorption rate. The luxury home market has only 3% of the buyers and low absorption rates. While homes under $200K are fetching multiple offers, the luxury home market is still declining as those homes sit on the market and it may be awhile before it bottoms out.
If you’re thinking of making a move, please give me a call.