State Of The Market

This market is one of the most fascinating I've seen since I started in 2001:

* A very small percentage of apartments are closing significantly below peak values - more like 2004 prices.

* An even smaller % are closing above peak values - levels higher than 2006/2007.

* There's a healthy chunk of closing prices also off peak but more like 2005-2006 - about 15% of the number closed.

The volume of closings is definitely way up during the summer because it's compared to virually none in the previous 5 months. In some categories there's a backing up of inventory reducing it's price now. These owners have watched their neighbors close at what may be the new norms and understand conditions right now are better but are not guaranteed to stay that way.