The number of single family homes available for sale has dropped from a high of 845 in September to just above 600, but is still much higher than last January's inventory of 368. It’s taking longer for homes to sell with the average increasing to 101 days from 69 days in 2007. In the last half of 2007, the peak of our market, the average sale price of a home in Vernon was $414,200 and the median was $364,000. The average price of a home in Vernon has fallen to $385,702 about a 7% drop and the median also fell to $353,000.
Buyers continue to "wait" on the sidelines for some good news; however this phenomenon is bound to create pent up demand. No matter what shape the economy is in, people continue to get married, have children, retire plus all the other life events that lead people to realize that their current accommodations are not adequate. Those events continue to happen daily, but when people don't act it creates pent up demand that must be released at some point when buyers tire of waiting and start to buy again. Of course the question no one knows the answer to is "when"?