After a few months of minimal activity on the Corridor, it has taken a 180 deg turn. In March thru May, three, two and four units were put into escrow. But all of a sudden, in June eleven units went into escrow. What makes the data even more interesting are the Days on Market (DOM). While they remained in the m90+ range for Backup status, they moved to 155 in June. That indicates to me that a lot of these properties have spent their course and owners can no longer hang onto the units, so prices are lowered sufficiently for Buyers to pull the trigger. It’s a long way off from the rate at the height of the market, but an indication of where we are going in 2011.
