Economists tell us that all markets have cycles. A typical market, like a wave, has peaks and troughs. Nobody would deny that in the Aspen / Snowmass area, in the years running up to 2007, we were riding the crest of a big wave of optimism and euphoria as the prices soared higher daily.
Both December and January have shown falling sales numbers in the Aspen/Glenwood MLS. December '08 had 83 sales versus 81 in '09. January '09 had 108 versus a meager 67 this year.
Recently there has been much talk nationally about “Shadow Inventory”. This refers to home sellers who have either pulled their house off the market or are choosing to wait for the “market to get better” before listing.