Second Quarter 2006 - Buyer activity picked up significantly towards the end of the first quarter and stayed steady until the middle of June when things slowed down a little for the summer. By the end of June, the majority of our deals were studios and one-bedrooms, which is the market segment that historically stays strong throughout the summer. I expect that this will continue throughout the summer, and possibly even increase now that the July 4th holiday has passed. I think that sellers in general are still lagging behind the market in their willingness to bring their prices in line with buyers’ expectations. The sellers who are realistic with their asking prices are the ones who successfully sell their apartments quickly. Overpriced apartments just sit on the market because marketing efforts are not reaching the right buyers. Inventory in the low-to-mid range has not increased since the beginning of the year. Buyers looking for studios and one-bedrooms in the Downtown market still have to search hard for the right apartment. Because of the number of new developments, the higher end inventory has increased. However, by no means is there a glut of resale apartments at any size or price point.

Average prices

Studios: $403K
1 Bedrooms: $560K
2 Bedrooms: $1.1M
3 Bedrooms: $2.8M

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