Prior to Ammendment 1 passing on January 29, 2008 sales were already picking up. Many have reported that Ammendment 1 is adding to sales in this market. While this may be true, we haven’t personally witnessed that yet. We feel those benefits will come later when sellers decide to use that portability when making a decision to move.
We feel the market is really picking up steam because buyers are realizing the end of the decline is either here or near, and now is a good time to buy. In fact, last week we had multiple offers on three of our properties, and all three went under contract, plus a few more. There is a real excitement, a buzz so to speak, in this market that hasn’t been present the last two seasons.
We’ll continue to monitor this trend in the CMI Index. If this trend continues, it could bode well for sales in 2008 and recovery in 2009.
The higher the CMI Index, the more supply we have relative to demand.
| February 14, 2008 |
Active |
Pending |
CMI |
| Single Family |
16,694 |
1,088 |
15.34 |
| Condo |
8,787 |
456 |
19.27 |
| January 14, 2008 |
Active |
Pending |
CMI |
| Single Family |
15,812 |
821 |
19.26 |
| Condo |
8,581 |
334 |
25.69 |
| December 17, 2007 |
Active |
Pending |
CMI |
| Single Family |
16,098 |
892 |
18.05 |
| Condo |
8,655 |
386 |
22.42 |
| November 14, 2007 |
Active |
Pending |
CMI |
| Single Family |
15,710 |
797 |
19.71 |
| Condo |
8,361 |
388 |
21.55 |
| October 16, 2007 |
Active |
Pending |
CMI |
| Single Family |
15,438 |
783 |
19.72 |
| Condo |
8,212 |
354 |
23.20 |
| September 15, 2007 |
Active |
Pending |
CMI |
| Single Family |
15,215 |
809 |
18.81 |
| Condo |
8,141 |
369 |
22.06 |
| August 15, 2007 |
Active |
Pending |
CMI |
| Single Family |
14,919 |
955 |
15.62 |
| Condo |
8,190 |
417 |
19.64 |
| July 12, 2007 |
Active |
Pending |
CMI |
| Single Family |
15,095 |
975 |
15.48 |
| Condo |
8,380 |
443 |
18.91 |
| June 14, 2007 |
Active |
Pending |
CMI |
| Single Family |
15,164 |
1,014 |
14.95 |
| Condo |
8,761 |
485 |
18.06 |
| May 17, 2007 |
Active |
Pending |
CMI |
| Single Family |
15,607 |
1,107 |
14.10 |
| Condo |
9,205 |
560 |
16.44 |
| April 15, 2007 |
Active |
Pending |
CMI |
| Single Family |
15,896 |
1,152 |
13.80 |
| Condo |
9,660 |
569 |
16.98 |
| January 23, 2007 |
Active |
Pending |
CMI |
| Single Family |
13,769 |
1,016 |
13.55 |
| Condo |
9,002 |
529 |
17.02 |
| November 27, 2006 |
Active |
Pending |
CMI |
| Single Family |
13,186 |
1,031 |
12.79 |
| Condo |
8,344 |
535 |
15.60
|
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