Stan's Market Report \ may 31, 2008
Dear friends,
Memorial Day has passed, and the summer at Wintergreen and Stoney Creek has officially begun. Not being a person who enjoys the heat and humidity, I am quite frankly enjoying the cool mountain weather and watching the changing flowers and trees as the full foliage slowly but surely moves to the higher elevations. I am still a bit uncertain whether to remain in the mountain, but for now I am here with no firm plans to return to our valley office.
I do see some increased activity within our firm, and though it is good news I think too soon to declare the buyers market over or recovery around the corner.
We have also made some changes internally to make sure all our sales, even those when other firms have the listings, are included in the CAAR database. It now shows us as the leading sales firm for year to date in Wintergreen and Stoney Creek. For year to date sales as or 5/31/08, CAAR shows 17 Mountain Condos, 1 Attached Home, and 15 Detached homes. Stoney Creek has had 3 Homes Sold. CAAR shows 3 Mountain Home-sites sold this year and 1 in Stoney Creek. The total year to date sales in Wintergreen and Stoney Creek equal 41. All figures are actual closed sales and do not include those which may be pending or under contract.
This remains a difficult and complex market where knowledge and experience is "king", as it should be. Listing too high,above market comparisons, is the worst mistake in this kind of market as the holding costs from a non-sale will wipe out any gain from the higher price and limit showings, and bank appraisals are less than many expect causing many contracts to fail at a time when this should not be a concern.
All and all I see gradual improvement in what in the end will be a healthier market and with all the bad economic news this is in some ways quite remarkable.
Matthew is 7 next month which is also quite remarkable for those who remember him as my young partner on appointments. Now he is becoming in so many ways a little man.
Best wishes on a happy and productive summer. If I can help in any way, just let me know and I will do my best. Thanks and God Bless.
- Stan
