Friday, December 19, 2008
Taking a look at the sales numbers for November, things are still creeping along. It goes without saying that we aren’t seeing the activity we’ve witnessed over the last two years but the market will eventually turn around. In my experience, when things start to happen, they happen quickly so the Boyd Team is prepped for the upswing. Typically a market turn around happens when interest rates begin to rise. With current interest rates at the lowest we’ve seen in over a decade, this just might be the “bottom” we’ve all been waiting for. With a drop in overall prices and a good amount of inventory, this is the definition of a “Buyer’s Market.”
Some numbers of interest:
- $37,955,800 sold in Nov. 08 / $89,777,000 sold in Nov. 07 / $138,544,400 sold in Nov. 06
- 49 transactions in Nov. 08 / 159 transactions in Nov. 07 / 262 transactions in Nov. 06
- Total Year-Over-Year dollar volume sold through November 2008 was $684,956,700 VS. $1,479,594,700 in 2007 VS. $1,023,173,863 in 2006
On a positive note, the recent Steamboat Springs Lodging Barometer, measuring lodging reservations for the year, saw a boost in overall winter bookings. Destination travelers and would-be vacation homeowners are still making their way to Steamboat this winter. I’m hopeful to see a boost in closings come 1Q of 2009.