Monday, February 26, 2007

Wither February Sales? (Revised)

Thanks to Mrs. HB Bear for pointing out I made a rather huge mistake in my first post. Sorry readers.

DataQuick reported 2,400 All Homes sales in the month of January, but only 2,246 sales for the 22 business days (about a month) ending Feb 7th, or roughly 150 fewer homes. Unless we have an uptick in sales toward then of this month, this February's number will be lower than January's, which is consistent with historical trends.

What's going to be different, is that if February does come in lower than January, it will be the lowest level of monthly sales for ANY month in the last several years. If this does happen, I will see it as a strong indication that we've reached a stand-off between buyers and sellers, where whoever blinks first loses.

Bears, steel yourselves. We can not and must not buy until prices are more affordable. Remember, sitting on the sidelines is making you money and prices have no where to go but down.

1 comment:

Anonymous said...

nice call on the short

Real Estate Blogs - Blog Top Sites Listed in LS Blogs Listed in LS Blogs Real Estate blogs Add to Technorati Favorites