Real Estate – Simultaneous Up/Down Market

By John | Published: October 31, 2008
TrendsThe real estate market is up. The real estate market is down.

It is both simultaneously. It’s a market that has never been seen before. It’s historic, it’s a hassle, it’s a conundrum, it’s a pain in the ass for many.

New home sales last week were down 68% from last year. Almost a dozen new home builders are banding together to auction off 150 homes in California projects.

Meanwhile, back at the ranch, the California Association of Realtors is reporting that existing home sales were up 97% in September, though prices were down 40%.

How’s the upper-end market in Danville, CA? Well, we can’t use this one example to build a trend, but one developer is auctioning off a 4000 square foot home that had been on the market for $2.4 million – it is now priced at $1.5 million.

Developers slashing prices and dumping homes is mixed news for existing home owners. Home prices are hammered down, but moving the inventory paves the way for the local market to settle and start coming back.

See the local MLS Trends

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