Market Conditions - July 25, 2006 by Carla L. Davis
Lexington, Kentucky, located near about an hour east of Louisville, is a city known as the "Horse Capital of the World." They have seen a housing market strengthen steadily (4 to 6 percent appreciation rates) over the last half of a decade, but not at the same booming rate as the rest of the country. An ample inventory has kept supply and demand in check, leaving the average days on market anywhere from 6 to 8 months, depending on the price range. Experts are reporting the city to be a moderate buyers market with slightly rising prices. Onto the eastern coast, we look next to Ocean City, New Jersey. This city is famous for being a family resort city, with plenty of beach and condos to go around. The TravelChannel.com even voted it the "Best Family Beach." But as the inventory of homes for sale increases -- there are 42 percent more condos on the market than in 2005 -- the market is coming into hard times. Average condo prices dropped 9 percent this year to $626,595. Pushing this even harder is the lack of buyers on the market. Fifty-seven percent fewer condos sold this year so far. This means that the market is in the buyers favor. As sellers experience a harder time making a sale, they become more willing to negotiate on prices and terms. But don't wait too long. One expert reports to Realty Times, "Ultimately the market is reacting well to the little pause in the market. We have more inventory than last year this time, but properties are moving. This market is not doom and gloom and ultimately prices are on a upward trend. The time to purchase is now." | 
