This year has been an interesting one thus for the real estate market. It’s no surprise to anyone to say the market isn’t at it’s strongest. However, there are strong forecasts and indicators giving a positive outlook to come this remaining quarter and on to the second quarter. The 2008 real estate market is starting out similar to the 2007 year. In 2007, we saw the strongest months of activity coming in March, April, May and June. Both years have started off relatively similar.

This below chart shows New Listing comparisons in 2008 vs 2007 Year to date:              

             Time Frame                   New Listings             Listed Value                Avg Value

2008 Year to Date	218	$36,555,362	$167,685
2007 Year to Date	255	$40,732,635	$159,736

The number of new listings are down 17%, this is a positive for our market. However, it is not saying as much as you may think. Listing inventory is up overall from the end of 2007. There is still saturation in listing inventory in most price ranges. In simple supply and demand economics, the more supply you have the lower the price.

Sales year to date 2008 vs 2007:

             Time Frame                   Sold listings             Sold Value               Avg Sold Value

2008 Year to Date	59	$9,458,234	$160,309
2007 Year to Date	81	$13,033,496	$160,907

Sales are telling a slightly different story. Our market is acting similar to the end of the 4^th quarter of 2007. Not to worry at this point, sales are down 37% but we are yet to start the spring market. The Spring 2007 market took off and finished with sales exceeding 2006. This year is looking to be a similar tune. Buyers are beginning the looking process now with intentions of making a move once the weather breaks. These past several weeks to a month have been brutally cold and keeping buyers indoors. On a positive note, the average value has remained constant showing that prices are at a plateau. A much better direction that down for sellers!

January Totals:

                                                                January 2008

Total sold……………………………....47
Total value of sold…………………….$7,509,034
Average sale price…………………….$159,767

                                                                January 2007

Total sold………………………………44
                Total value of sold…………………….$6,461,750
                Average sale price……………………$146,858

January 2008 finished on a positive note compared to January 2007. Sales were slightly ahead, again showing a similar start to the year in comparison. The average sale price sang a positive tune, it when up!    

Overall 2008 has a positive outlook for the coming months. Now is a good time to get your home out there to start catching the eye of the buyers that are forthcoming. Activity in March and April means buyers are searching now and getting closer to a buying decision. Especially since it’s a great time to buy and they want to “beat the crowd” to get prime pick of the inventory of homes.

As always, if you have any questions please feel free to contact me.

Regards,

Steve Kozak