Sales are probably down closer to 3000 units per year when you factor in the lack of new construction and that is only 3 zip codes. These numbers were coming in year after year pre bubble, during the tech bubble burst and during the 9-11 tragedy. Every agent I talk to in this area has buyers lined up looking for properties. It is mind boggling how many people are chasing what is out there. Unemployment is thru the roof and they are still coming out of the woodwork. Anything nice and priced at recent comps is getting pummeled with offers. Sure prices could and probably will fall more which will bring in even more buyers. For every irresponsible person that over extended themselves I see droves of people that didnt. The stupidity of bubble prices seems far more concentrated in lower end areas then it does around here.
I dont know how this is going to end but I dont see it ending happily for many people.
