A quick look at the closed sale statistics from our regional Multiple Listing Service (MLS) shows 170 sales in 2007 and 210 sales in 2008, so sales are indeed off about 20%. What I find note worthy is the ratio of list price to actual sales, or closing price. In 2007 sellers were getting on average about 92% of their ask price. For 2008 the ratio is down to 90%.
For waterfront property the difference year over year is far higher - 2007 showed lakefront property going for 92% of list price on average (but note too that average days on market (DOM) for this category was 319 days, a fairly long time.) Looking at 2008 numbers the list to sales ratio was 85% (all numbers are averaged). That trend means to me that prices in 2008 were still too high. People are offering much less than ask price and more of the sellers are throwing in the towel and accomodating. This was necessary and will help us put in a bottom for real estate prices.

So what is my point?

It is certainly a buyers market and it will continue this way until we clear our over supply of housing. Call or email me for particulars.

Ted, the seconfd home market is currently flat. some sellers have dropped their prices to creat activity. Buyers are still in the wait and see what happens mode. some longterm investers are starting to move on some of the properties int hea area. theses investros see that it is the best buyers market they have seen in 20 years, so they are starting to get ready to pounce. Our area is a seasonal market, so winter tends to be slow wanyway, the true indicator of where we are will be the summer of 2009. The first time buyers are starting to feel a little better about the market, the rates a re great to lock into.