The Real Estate Conversation

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).

The market seems to be in the doldrums again.  We went from a super strong July to seasonally  normal moderate August and September, however, October has really slowed.  There aren’t many new listings in our area and the same for sales.  There’s still a couple of weeks left so I’ll hold an opinion for the moment.