| Type | Total Inventory | New Listings | Pendings | New Listings/Sales Ratio | % of Inventory Sold |
|---|---|---|---|---|---|
| Single Family Homes | 4488 | 630 | 151 | 4.2 to 1 | 3.4% |
| Condos | 1615 | 196 | 57 | 3.4 to 1 | 3.5% |
| Multi-Family | 234 | 30 | 5 | 6 to 1 | 2% |
Single Family Home sales were down 22% from July 2007, and 44% from January 2007. August is traditionally a very slow month here while January is strong, so it’s not quite as bad as it may seem, however the numbers are something to pay close attention to.
I feel sales declined this month do to the barrage of negative news about the real estate industry, including increasing foreclosures as well as the chaos in the credit markets. Most buyers, and rightly so, are waiting on the sidelines to “see what will happen”.
Inventory decreased very slightly in both single family homes and condos, while multi-family added seven properties to total available. This is good news as a continuing increase in inventory can only put additional downward pressure on prices.
What should a real estate owner do? WAIT!!!! Unless you have a specific reason for buying/selling, make this a hold position until the market is more stable. I will be anxiously awaiting the Federal Reserves decision on interest rates at the next meeting September 18th.
Hi, I'm Jeannie. For over 25 years I've helped investors make money in markets both good and bad. 
