Sales for year end 2007 were off 29% from year end 2006 for ranches, homes on acreage and land.  That was approximately
, the same drop year end 2006 had from 2005.   The average property is also taking about 30% longer to sell also.   Average time on the market: approximately 200  days.  Those are the ones that are priced right.    Properties that are overpriced will not sell. Period! 

 Sellers that are pricing correctly in the beginning are getting much faster sale times then the average and much closer to their asking prices.   Sellers who apply the attitude of starting out high are not only taking longer then the average amount of time to sell but are being forced to discount deeper to sell because they have been on the market so long.  In the eyes of today’s buyers, longer on the market equals a weakened seller and that results in lower offers.  

  The weakest area of the market has been homes on 1 to 10  acres on the east side in the $400,000 to $800,000 price ranges.   There we have actually seen sales prices fall 25- 30 % from 2005 year highs.  

 The strongest area of the market is for high quality, useable vacant parcels of 40 acres and above.  They have held their values much better due to lack of inventory on the market in that class and are selling quickly if they are priced right.

  Bank foreclosure sales are starting to become a factor in the marketplace but they are selling rapidly as most lenders are in tune with the reality of the marketplace and are pricing their properties to sell.

  In conclusion we all have to remember that there was an unprecedented strong market from 1997 through the first part of 2005 and it had to balance out.   The goal is to optimize your buying and selling strategies using real time methodology. 

Tim Bryan
Broker-Associate.......Re/Max Parkside Real Estate