These are the real estate stats for the first week of 2008. New listings are starting to hit the market. More than twice as many new listings came on the market compared to the previous week.
But we had enough properties leave the market so that the total active listings actually dropped for about the 5th week in a row. We have about 7 months worth of inventory at this week’s level of absorption. That is still a buyer’s market.
There are a lot of new listings in the works right now. I’m sure we will see quite a few more choice properties hit the market in the next couple months.
Interest rates are very low right now. If you haven’t been paying attention you might be surprised to find that 30 year fixed mortgages can be locked in at 5.6% and it might go lower.