I just saw some interesting figures on how we did in 2008 compared to previous years.  Home sales were down 57% from 2004 and 2005.  The 4th quarter was down 71%.  The figures are as follows for Hilton Head Island home sales:

2004-1,238;  2005-1,277;  2006-702;  2007-686;  2008-533

What concerns us the most are the 4th quarter sales.  The figures are as follows for 4th quarter Hilton Head Island home sales:

2004-274;  2005-173;  2006-123;  2007-132;  2008-79

The numbers are similar for villas even though they are off a little more.  The figures for 2008 villa sales are as follows:

2004-1,879;  2005-1,858;  2006-760;  2007-591;  2008-464

The figures for 4th quarter villa sales are as follows:

2004-438;  2005-208;  2006-155;  2007-96;  2008-67

I asked a friend of mine who owns a restaurant what would happen if you had a quarter where you were down 85%.  He said quite simply – our doors would be closed. 

We have managed to keep our doors open, but obviously we are ready to increase these numbers and get headed in the right direction. 

As any student of simple economics understands that this is having a very negative effect on the market and also on prices.