The number of closings this week are down from earlier months by as much as 25%. However, that number is not entirely inconsistent with seasonal averages. In the first week of October 2005 we closed 47 total units, while last week we closed 33 (a 30% decline). In terms of annual numbers, we closed just over 2500 total units, while today we are on a pace for just over 2200. That’s only a 10% decline from the peak of market in terms of sales activity. Every market remains its own universe, but I can say that within our universe, the sun is still rising in the east and setting in the west; homes are still selling and everyday someone is moving into their new home.
Next post: What are the three most important words in real estate (a hint: they are not price per foot).