Once again it seems as if the only buyers are at the malls because there was no new activity this week at all; no closings, no new pendings. December, January and February have traditionally been slow sales months here so that really isn’t a surprise.
The total inventory’s down roughly 4% this week, coming in at 532, down from last week’s 549, with 193 homes and 339 lots. I’ve had some sellers take their properties off the market until next Spring just to keep them from getting over the next few quiet months.
I’m hearing more and more whispers around about looming foreclosures and I’m getting the sense that 2008 is going to be a tough year for a lot of people who got a little too aggressive during the peak years. We’ll be keeping an eye out for good investment opportunities. We’re already starting to get calls from banks who want broker price opinions on properties they’ve taken back.
It’s going to be interesting in just 3 short weeks to take a look at the year in review and see how it compares with last year.