Yesterday’s Wall Street Journal had an article titled “The Future for Home Prices”.  They talked about how prices have dropped as much as 35% in some areas.  The reality of the market is that the market is slower now.  A lot of people believe that real estate is still a better place to have your money than most other commodoties. 

Recent activity on Hilton Head for the same time period over the last 10 years shows an average of 847 home sales; this year we have sold 472 for a 44% drop.  Villas we had a 10-year average of 1,128 sales; this year we have had 458 sales for a 59.4% drop.  Lots we had a 10-year average of 321 sales; this year we have had 29 sales for a 91% drop.  Obviously, I tell people that the market is not as strong as it was and there is no way for me to hide my head in the sand and ignore this fact.

With every problem there is always a silver lining – the silver lining is for people who have money and are willing to buy.