Greetings,

  As spring approaches I wanted to touch base and weigh in on the state of our market.  Sales are up over the last few months and the mood seems to be changing.

 

Here are the numbers from MLS:

Jan 2010           89                     Jan 2009           65
Feb 2010           104                   Feb 2009           60
Up to 3/17/10     84                     Up to 3/17/19     34
 
Jan-March 17, 2010 were 277 sales

Jan-March 17, 2009 were 159 sales
 

 

The good news is that we’re seeing a large increase in activity and offers. The bad news, especially for sellers, is that the majority of the offers are at 80 percent or less of asking price, even when properties have been priced aggressively. Buyers are often walking if they can’t get the discounts they believe are deserved.  Nonetheless, deals are getting done and I think we are in the process of  establishing the bottom of the market.

On a personal note, we’ve added Linda Chauner to our sales team. Formerly with Windermere, she is a great compliment to the Elm Group and brings a high level of commitment, customer service and attention to detail.
I’m also pleased to share the fact that RE/MAX of Whitefish continues to dominate the competition here in Whitefish as we were involved in twice as many sales as our nearest competitor according to the MLS data from 2009.

As a result of the strong Canadian dollar, Whitefish continues to benefit from the presence of a large contingent of Canadian buyers. We are also seeing locals and interested out-of-state buyers making offers…sensing that the time is ripe to make a good buy.  Short sales are getting done in some instances and continue to be intriguing to buyers but response time from the banks has been more drawn out and seems to be dulling the enthusiasm of buyers. There is a new government program beginning April 1st that is supposed to improve the short sale process. We’ll learn more about it and keep you posted.

Please let us know if you have any questions or would like to discuss market conditions further.