Recently, I had two clients in town from South Florida. While the two were interested in different sorts of properties, they had one thing in common - they were both surprised that sellers here weren't thrilled to get offers at 70 - 80 cents on the dollar.
I explained to them that all real estate markets are local, and things were different here than in South Florida. While sales are off here, they're not off as badly as in South Florida, and sellers here are not feeling the same pressure to sell.
I prefer to back what I tell my clients with hard facts, so I went off in search of some facts to back my feeling that they sky hadn't yet fallen in our local real estate market. I started doing some analysis of MLS sales data. This turned into a project that took on quite a life of its own, and resulted in several graphs on my web site. These can be seen at http://www.mtnlist.com/stats.htm.
The statistics tell an interesting story. Units sold are down, days on market are up, but average and median prices are holding up pretty well. It will be interesting to see how things look once I get the May numbers on the charts.
Why does the Haywood County market seem to be doing better than South Florida? Sounds like a great topic for another post!