Our market has been extremely flat. Realtors, lenders and title companies have all felt the pinch. Our inventory is up nearly 30% over last year and our production is down about $5,000,000 ytd. On an average year our total production is just over 30 million dollars. We are on pace for a 20 million dollar year.
All indications of 2006 being our fall-out and expecting 2007 to rebound have yet to ring true. Now forecasters are pointing towards the summer of 2008 on the national scale to return to a healthier market. Normally, now is the time that we get busy. Our phones start to ring, visitors begin to arrive and tourism is at it's peak. If I am still singing the blues at the end of summer...there's always next year.
Even with the market being flat, our economy seems to be chugging along pretty well. Stocks are good, interest is still relatively low and employment is robust. Why the shortage of buyers? Prices haven't risen in over a year yet have remained stable and have not dipped to experience receeding values. Many would-be buyers are still waiting to sell their homes in their current location before being able to buy anything. I would imagine that is the case nation wide as well.
I look forward to this summer season and I am crossing my fingers that activity pick back up. I personally feel that this is a great time to buy and now is the time to act.