This Report bears spotlighting:
New construction listing inventory continues to drop as builders cut back on new projects and focus on selling existing units. The number of new constructionunits on the market has fallen by 17.5 percent when compared to this time last year and are being sold at 7.4 percent less per square foot.
Condominuims face a tough road ahead. Their sales have dropped the most of any property type, keeping their supply levels high despite a dropoff in new listings.
The middle-upper price ranges found between $250,000 and $500,000 are more stable than others, seeing far less growth in inventory than other price ranges and a relatively smaller drop in buyer demand.
Massive inventory growth is taking place in the lowest price ranges, possibly due to the role of subprime foreclosures.
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