The closings for January of 2008 are down substantially compared to closings in January of 2007.
We are not in a truly strong Buyer's Market yet, as buyers as a whole do not necessarily want the majority of properties that are currently for sale.
Some areas are down 15% or so as to volume (not price), overall King County is down a whopping 43% as to condo sales and 36% as to single family home sales. Given some prime areas are not down as much, other areas are down even more creating the overall averages.
We are seeing a tiny dip in inventory for the first time this year, with purchases slightly exceeding new on market this week.
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