I’m following the Del Cerro market closely and to a lesser extent Mt. Helix.

Here is an interesting stat for Del Cerro that I suspect is mirrored in the other zips:

Closings at over $700,000 between 1/01/2007-10/01/2007- 33
Closings at over $700,000 from 10/01/2007 to today- 3!!

(thanks to my mother in law realtor for the info from the mls)

So the high end market has basically shut down. Why? I think its because buyers have changed and sellers haven’t. The folks left buying are like me- with plenty of time, willing to wait sellers out, no need to buy today. Of course, sellers think they can just wait out the current crop of buyers and someone will come along and pay 2005 prices next week. I think the spring will be a big reality check for sellers.