Is the market in Northern Beaufort County dead or barely breathing?

Is the market in Northern Beaufort County dead or barely breathing?  I say it is alive and stable.  In many parts of the country and even in the low country, there are those that say the real estate market is horrible and nothing is selling.  We are very fortunate that Beaufort is a destination and that we do not only rely on the military or one industry to buy homes.  We have military buyers, but we also have retirees or second home purchasers.  We have professionals, we have medical personnel, and we have students.  All of these types of buyers contribute to a varied buyer who is looking to buy.  According to the Beaufort County MLS, in the past 7 days alone, there are 182 listings that are under contract pending to close.  There are 76 new listings and 19 listings closed within the last 7 days.  What I am seeing are prices adjusting.  In the same 7 days, there were 85 price changes.  I too have been receiving phone calls from clients asking if now is the right time to lower the price.  The conversation is always the same.  I say that "there are only two things that are going to make a seller successful in this market, condition and price."  If sellers have done all that I have asked to prepare their homes for sale, then the only other thing we can tweak is the price.  I have seen price reductions go as high as $15,000 in one day.  The question is whether these price reductions are effective.  I have had a seller lower their price $10,000 and within 3-4 days have an offer to purchase.  I have also had sellers in the same neighborhood lower their price and not get an additional showing for 3 months.  It is hard to determine what will bring a buyer through the front door and decide that they will write an offer, but if a home is priced well and in pristine condition, it will sell.  So what does the future hold for real estate in Northern Beaufort County?  Well, although I think the market is stable and there are buyers making purchases, I think it will still take some time for the market to correct itself.  One way that will happen is that prices will continue to go down before they go back up.  For those who purchased 18 months-2 years ago, don't even think of selling your property right now unless you have cash to bring to the table.  For those who bought 4 or 5 years ago, you should not plan to walk away unscathed and with $50,000 in your pocket.  Remember real estate is not a short term investment and the days of gaining 25-30% a year are over.  I think that we are close to dissolving some of the inventory that we had left over from last summer, but I think most sellers who put a tenant in their home because they could not sell last summer and going to be trying their hand at selling once again and there will be an additional number of homes to weed through.  The trouble will come when those sellers realize that their home might be worth less than it was last summer when they tried to sell.  I am seeing many training seminars and classes being offered to real estate professionals on the short sale or foreclosure process.  Although currently we have a low foreclosure rate, there may be more coming and at least local Realtors® are getting the training they will need to assist sellers in that situation.  The bottom line is that buyers are buying but that they are offering less than asking price and asking for closing costs to be paid.  Some sellers are selling, but they are getting less for their homes and their homes have to stand out among the competition.