With three months of data to back it up I think we can safely say the market is stable.
And what do you mean by stable?
We had two years of unpredictable prices and sales volumes. By contrast this year we had slight fluctuations but no wild jumps. Prices are trending upward.
How have prices changed?
Since the start of the year single family homes are selling for an avergae of $5600 more and there is about a $10,000 difference in the average condo. So again, stable. Those are normal increases over a three month span.
And sales volume?
So far in 2008 we are seeing higher than normal sales. Keep in mind the two prior years were anything but normal and the first quarter is generally slower than the rest of the year so we expect sales to increase at a stable pace.
Your REALTOR will help you figure out how this stable market effects you....
1. "Prices are trending upward."
The only way to reach this conclusion is to look at only the numbers over this specific time period. It is my opinion that this is a shallow and disingenuous take on the situation. Are same home comparable sales actually increasing?
2. "So far in 2008 we are seeing higher than normal sales"
Absolutely amazing. I do not remember REALTORS ignoring strong 2006 and 2007 sales when pumping the boom. I stole the charts below from Sheldon and Sara at the Edmonton Real Estate Blog:
Sales are low when compared to listings as shown by the sales to listing ratio.
Sales are low when compared to inventory.
Sales are "about par" when comparing to prior years of 2003-2005.
3. Whats really telling is what is not discussed: Record high inventory, very low sales to listing ratio, large number of price reductions.