Brookings Real Estate market starts 2009 off the mark. January 2009 produced a Residential Sales total volume of just under $1.6 Million Dollars. This is a 31% decline from January 2008. On the brighter side, homes under contract in January were relatively flat with only 6% less than January 2008. New inventory fell by 45% while our existing inventory rose by half, or 56% over the existing inventory levels of last January.
In short, this is a GREAT time to be a Homebuyer! Interest rates are low, inventory levels are high and sales are at a slower pace than in recent years. I have to tell all you homebuyers in Brookings South Dakota, "Now IS the time!" If you've been watching the Brookings Real Estate market for more than the last six months, you'll know that this is a monumental opportunity.
This opportunity will surely end soon. The days of competing offers for properties is already returning. If you've been waiting for the bottom of the Brookings Real Estate Market, I'd just say, "Don't wait to long, because it may already be gone!"