Dataquick's latest numbers are out for July. The number of properties sold in Laguna Beach is down 8% as compared to last July. Last July was not a good selling month and the market has slid even lower than that. This is a down indicator during what otherwise should be the peak of the typical selling season. The volume decrease is an irresistable market force that will drive prices lower. And prices have gone down for family homes - stay tuned for a post on this. All of t his does not bode well for the second half of 2008. Lookout below!
2 comments:
We still haven't seen a significant decline in prices to match the slower rate of sale. I've seen a lot of reductions in list price but the reductions have failed to translate into sales. At what point do you think we start to see the rate of sale increase combined with lower sale prices?
I agree, prices have not fallen nearly enough yet. And what is striking is that the price per square foot has remained fairly steady over the months in 2008. Alt-A may have some impact on prices in the future, but I'm beginning to wonder.
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