INQUIRIES STRONG

Written by Leslie Kopp Thursday, 04 February 2010

Through January 27, there were only three single-family homes under contract in the Bethany/Fenwick area compared to five a year earlier. On the other hand, twelve condo/townhomes were under contract compared to only five in 2009. This continues last year's trends, a weaker single-family market but good growth at the lesser price points.

That said, recent inquiries are strong on both fronts. And the quality of those inquiries is excellent as well. In fact, for January, inquiries and showings are as strong as I have seen them in many years.

Price is still important. Nevertheless, even though some properties remain over-priced, I would be surprised if we see many further reductions off price points where sales are taking place today. In other words, we are reaching price stability. An exception might be in areas where few sales have actually taken place during this downturn. In those cases, prices may have more room to drop.