Over the past week, we saw a rise in listing inventory on the Westside to 2,217, with 264 new listings added to the market.  It is important to note, however, that 92 of those listings are priced at over $1 million, and only 52 of those listings are priced under $400,000.  We have seen a significant number of properties listed in newly constructed developments in the downtown core over the past week.  There were 106 price adjustments in the past week, with only modest adjustments in the lower end of the market.  41 Properties were reported sold, from a low of $222,000 to a high of $2,430,000.  Sales were reported in a wide cross section of properities, in all price categories, a change from what we saw in the months of November and December, where the bulk of sales occured at the entry-level prices.  The inventory level in Detached homes is still significantly lower than it was at the end of 2008.  

Buyers are more actively looking at properties, with nervous trepidation, wondering what will happen to the market this year, and when is the best time to take that leap of faith.  The answer is simple - no one knows for sure, not even the crystal ball gazers under the guise of the media.  You can’t time the bottom of the market, you will only see it in the rear view mirror.  What I know for sure is that prices are significantly down from a year ago, interest rates are down, and inventory levels still offer buyers excellent choice, all the right ingredients for long term home ownership.