It’s eerily similar to 2004, which was the last time we had large amounts of snow in January and February.
SOME people are freaking out and running around yelling “The sky is falling! The sky is falling!” But it’s not – not yet, anyway. Stats for the next two months will tell us more. Then we’ll see if we’re truly experiencing a dip in the market, OR if the snow just caused everyone to cuddle up in their cozy existing home and left the home buying to the hardier souls tramping through the snow.
Compare the under contracts in January and February of 2004 to the under contracts over the same period in 2008, and you can see it looks pretty darn similar.
February 2008 Tri-City Real Estate Market Statistics (650k PDF)