One of the great things about being able to follow the market daily is that we (realtors) can view general numbers like new listings, sold listings and price reductions and can successfully approximate the current market.  As an example, today we had 55 new listings, 50 solds and 36 price reductions. 

From this I can see that we are still having almost as many solds as new listings, which means we still have a slight shortage of product.  However, we are also seeing quite a few more price reductions lately meaning that people are reaching too high on their prices and getting no interest.  Sure there are still multiple offers around and that tells you that the good product will always get interest but I am definitely seeing more reductions, no doubt about it.  I will be posting these numbers as much as possible for you folks to see.  I think following them gives everyone an excellent idea of the current market.

Moral of the story--The real estate market is never cut and dried.  Interview ten realtors or ten bank economists, or ten real estate gurus and the only thing they could agree on is to disagree.  For the lighter side of real estate, please go to www.truerealestatestories.com for more from our collection.