There were 254 new listings today, and only 80 sales, for a sell/list of 31.50%. Inventory reached 9,133, of which 2,588, or 28.33%, were over 90s.
Reading the comments on the last thread I noticed a few people pointing out a few month’s worth of declines in the UK. I thing the underlying theme is the idea that we’re at the top of the market here. We may be. We’ve had a good run, after all. But, the real estate market moves slowly. One year ago we had witnessed detached benchmark prices decline from $659,269 in September until they reached $641,596 in January. That decline had been preceded by a drop in July.
That doesn’t mean that market hasn’t changed, or isn’t about to. But it does seem to indicate that 4 months may not be a trend. After last winter’s 4 month slide we arrived at a December ’07 detached benchmak price of $730,399 (+13.8%).