I Have been going over the year end numbers from 2008 and comparing them the year end numbers from 2007. It was interesting; our average Days on Market for all of the areas in the Multiple Listing Service only increase by 5 days, but our total sales units is down 38% from 2007. The total number of units sold for single family houses, all types (condos, twin homes, etc.) went from 1437 in 2007 down to 837 in 2008.
The Sales Volume in Dollar amounts was much more dramatic it dropped 47% from 2007. I was a little astounded by the dollar amount of homes sold. It was more than $342 million in 2007 and droped to just over $184 million in 2008. I would add graphs and columns, but that just bores me, so I am probably erring in thinking that others will think like I do, and leave it at that.
One could hope with a drop in numbers like we experienced, is that they only way that they can go is up. I guess with hard work they will! Have a great weekend!