I have had a lot of people ask me: "How is the real estate market?".
My response always gains a reaction of bewilderment from the person that I am speaking to. The market has two things to say...(it's the market that always does the talking).
1) The average sales price has decreased from 2nd qtr 2006 to 2nd qtr 2007 by only 1%. The market has faced an overall 10% decrease in pricing since 2006. Not bad since we gained in the triple digits from 2002 to 2005!
2) The average days on the market is a bit longer. We went from 70 days to 87 days. That's 2.5 weeks longer on the market from 2nd qtr 2006 to 2nd qtr 2007.
The reason that folks are "bewildered", is because it's not really as "bad", "slow" or "depressed" as one might have thought. The media has impacted the real estate market locally in a negative manner. I really don't think that the "truth" is being reported. Numbers don't lie!
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