Red River is very fortunate in that we are a little mountain resort town surrounded by national forest. Our land supply is very limited and therefore our values have remained somewhat stable.
Our local area currently has 85 listings with an average DOM of 356. Year to date, 38 properties have sold with 10 pending. In 2011 39 properties had sold with only 1 pending, and in 2010, 30 had closed with no pending. As far as values, we did peak on the high end, but instead of feeling a crash, we had more of a correction. There have been 3 properties come on the market this year that were very well priced and they all were under contract withing 2 weeks. The buyers are there, we just need to educate our sellers to the importance of pricing right at the beginning.
Realestate.com has a very interesting article about the Housing Market Roller Coaster and is certainly worth looking at.
Riding the Trillion-Dollar Real Estate Recovery Roller Coaster.