Closings in Boca Raton changes the luxury condo supply. Condo listings jumped 52 units (7%) in 7 days. With a reduction in closed units to only 9 in the last 30 days, suppy has extended to 88 months - if last week's numbers were to remain constant. Look for some opportunities in this market segment with the new supply. Foreclosures and short sales continue to make their mark on the market. Closed repo homes accounted for twice their share of the market listings last month. Perception is there are deals out there with bank homes. Pendings sales were consistent with the previous week. However, pending sales are down 18% in just the last 6 weeks - the same time our national credit crisis came to the forefront. Home buyers are faced with real financing challenges. Investor money is scarce as well. Lending has become the 2 in a 1-2 punch of oversupply and tough lending. Where are the buyers? There are buyers, some now forced to rent, others now forced to save more down payment, and still others who are scared straight by the media reports.

Click Here for Market Snapshot

Click here for Previous Weekly Snapshots