My usual stattistics are unavailable this week, so we are going to look at something different. Thanks to the great information from Trendgraphix, which we subscribe to, we are going to chart the condo market since January 2007. Here is the trend for condos over the last year.
This first chart shows how the inventory has climbed steeply since last year and sales have fallen. We had as much as 64% of the inventory selling in March of 2007. March 2008 only has 12% of the inventory going pending.
This next chart shows the average list price per month and the average sales price. The difference in these numbers of about 100k would indicate that the lower end of the market is where the majority of sales are.
This last chart shows months of supply based upon the pending sales. We have gone from a hot sellers market to one that is more favored towards the buyer.
While the economy remains strong in the region, the effects of the national credit market are clearly shown. Hopefully lending guideline will loosen up and allow more buyers to re-enter the market.
However, if you were thinking of investing. There has been no better time!