I know what you're saying, but what do you mean?

There is so much talk these days about the real estate market, pricing changes and trends, and all things related to our most precious investment. What does it mean? What numbers should we pay attention to and what should we not worry about?

Statement 1: "The real estate market has dropped close to 20% nationally."

Response: There are areas of the country that are being hit very hard right now. Some of the largest losses are in Florida and California.

Statement 2: "The media has story after story about how bad the market is, how can it possibly be good?"

Response: Compared to the 3rd quarter of last year, our total number of condominiums sold increased 15.6%. The median prices increased 3.0%. The average days on market is down two days and the total inventory remaining on the market is down 18.9%. The single family sales numbers are far and away better than the condos. Please contact me if you want the full breakdown.

Comment: So, what does this mean?

Response: Buyers and sellers need to take a good hard look at the numbers. Right now we are in "stand-off" mode. Buyers are going to properties and saying "I'm not going to pay that price because the market is down." It is critical for buyers to take a good look at property simply for how it fits the lifestyle they want and then have their buyer's agent negotiate the proper price for it. Sellers, you need to make sure you are absolutely attuned to the sensitivity of the market right now and take your best shot pricing your property from the start. Long gone are the days of "we'll try this price for a few weeks and if it doesn't sell....." Price your property to sell immediately. The worst thing that can happen is people get into a bidding war over it. Doesn't sound so bad now, does it?

We'll wait to see what numbers October brings us tomorrow, but for now Happy Halloween and take a deep breath. The sky is not falling.