Technology TransactionsRegional Report: West
Realty Times contributor, Broderick Perkins, says prices in California have been hit hard, with the median price on a single family home down 26 percent from a year ago.
While that is a pretty shocking decline, it"s not all doom and gloom coming out of California and other Western states.
Many agents on the ground in the West are seeing sales, though the consensus seems to be that the higher-end market is the strongest.
Chris Richardson in San Luis Obispo says the strongest market in his area are those homes costing $1 million and above.
And David Newcombe of Phoenix, Arizona also reports that luxury homes are doing well in his area.
If we look at the mountain region we find similar reports.
Libby Duford of Evergreen, Colorado says that homes between $800,000 and $1.2 million are doing well, but so are more moderately priced homes between $300,000 and $500,000.
And the folks at Metro Brokers in Denver are saying that some neighborhoods are still seeing appreciation, and well qualified buyers under 300,000 are strong with the FHA.
So it seems like this market is really hanging on, despite some of the negative news coming out of California.
Of course the real thing buyers need to realize is that these low price won"t be around forever, and now is a fantastic time to buy.