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Thursday, December 6, 2007

local real estate market

The local real estate market took a significant downturn in October and November based on number of sold properties and total dollar volume...off at least 30% to 40% from the same months a year ago. If we've hit our annual low already, it isn't too bad, but typically that happens in December and January. If we go into a winter slump from this point, it will be a significant drop.
Average sold price is off about 5% from a year ago.
It's a buyer's market and there are a lot of listings, but still there are properties being held off the market because it just isn't the best time to be selling.

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