Ah, it’s time for the charts and graphs. Some of you have written and told me how much you love this monthly recap. Sorry this one was late –
Sales are down, prices are down, inventory is down. But, it’s not as doom and gloom as it might appear. Take a look at the breakdown of inventory by price. The largest portion of houses for sale is in the over $350,000 range. In an area where the median sales price hovers around $168,000, you can bet a house priced at twice that amount is going to stay on the market for longer, and sell for less when it does sell. When almost 20% of your market is out of reach for the average consumer in your market, you’re going to see numbers that suggest a downturn. The rest of the market is selling at the same pace we’ve seen in years past.
April 2008 Tri-City Real Estate Market Statistics (675k PDF)