I live close to the beach in Naples Florida and even though business isn't like it was in 2005 we are still making sales. The National Association of Realtors said that if 10% of the homes are for sale in any market that is normal. We have 6500 residences and only 305 on the market....less than 5%!
Our market appreciated 38% two years in a row...that was way too much and we needed a slow down. Now we are back to normal there is no more appreciation for now but in a couple of years it will be back to 10% a year which is normal....but that is only my prediction. Now is the time to buy if you want a great life style close to the beach with 2 private beach restaurants, lots of fun and friendly people.
I am making lots of sales but I have to work harder because of the media and all their gloom and doom they are making my buyers bottom fishers and it takes me time to convince them that if they want to live where I live they have to pay the price....the price has gone down since last year but that won't be for long. If they want to bottom fish they have to go at least 30 minutes from the beach and I can get them new homes at bottom fisher prices...but no 2 miles of great sandy beaches, a private spa, tennis courts, private golf courses,the Famous Phil Harmonic and World Class Shopping within walking distance...but I can find them a home that would only cost $400,000 that would cost $2 Million were I live.
I agree with Phil that the real estate market is different in different areas but the media says the gloom and doom is everywhere and that is just a bunch of you know what!