The market is moving in fits and starts. It hasn't really settled down and people haven't figured out what to do.
As buyers stepped back from the bargaining table sales slowed. While we are off of the pace of recent years, it is worthy to note there is a lot of buyer activity in the wings. When the market kicks off, most experts expect 2006 to be a good year.
It's a pretty good jump. It gives us an indication that the market is gaining strength, but not at last year's torrid pace by any means.
The balance had to be restored and that's a healthy thing. That's really good news for buyers. It's been a long time since they've had that many options. And they're taking their time and shopping and they're getting educated.
I expect to see a fairly balanced market for the rest of the year, but an active market. It took a little while for buyers and sellers to figure out where the market is. I think people are getting more comfortable.
Sellers are beginning to show that they understand what's happening and they're adjusting to the marketplace. As there's more inventory now, the condition of the property comes into play even more.
Everything's slowed way down. It confirms what we've been talking about. Buyers are sitting on the fence because they don't know where the market is headed.
We're looking at what a market has to do to seek and find equilibrium. Those sales had to slow; otherwise sellers wouldn't get the message.
I think this is what sets the pace for the rest of the year. We're getting back on track for what I think would be considered a more normal market.
With the activity that I see from buyers, when the spring inventory hits, I think we're going to have a good, strong year. We will see.
