Thursday, January 31, 2008

How's the Market

As everyone knows, real estate is extremely local. What's happening in Michigan doesn't really fly here. We are not seeing the 20% appreciation we've seen the last year but this year should be around 5-6%.

New construction has taken a pretty serious hit the last couple of months, but as builder supply runs out, watch for a quick rebound. There is about a 11 month supply of new homes on the market causing spec prices to drop dramatically but land is becoming scarce. No one is selling. This is causing the spec market to pick up a little bit. In Woods Cross we just sold 2 new construction homes in the month of Jan. That's pretty dang good.