Currently in this exclusive zip code, there are more than 18 months of inventory on the market and 64% more homes on the market than 12 months ago as of July 7, 2007. The statistics for avg. price per square foot has been volatile in the past year so this is probably not the best measure of a property’s value in this zip code. The number of sales have declined alongside a ballooning inventory. Single family homes accounted for most of the sales in this period and townhomes/condos struggled to sell in this period. So when will the market change for the better? The National Association of Realtors predicts a rebound in 2008.
