Well, this is it, the market is officially done like dinner.
The REBGV released their monthly price, sales, and inventory statistics for July 2008 and here it is on the down low.
Active Listings are at an unprecedented level.
Sales are at an abysmal level.
The number of months of inventory is sky high representing the inability of buyers and sellers to come to a quick agreement on the value of properties in the area.
Prices have fallen for two straight months now and are rapidly retreating to year ago levels as the few sellers who must sell drop their prices and buyers who have the means are agreeing to these lower price levels.
I was truly amazed at how quickly inventory levels have grown this year and I was wondering if the tight correlation between months of inventory and price changes would continue during a down market. It is continuing and seems to be an amazingly accurate representation of the effect of high MOI on price change.