Despite interest rates hovering around 5%, the market has not been robust as it usually is this time of year.  I hear many of my colleagues complaining that it’s “slow”. I think you can make a strong case for saying there has been an 180 degree about face in the market over the last 5 weeks, that is – it’s gone from being a seller’s market to a buyer’s market. The termination of the tax credit opportunity at the end of April sent a noticeable number of people to the sidelines to reconsider what their next move is. April’s pending sales were 35% higher than the prior year for single family homes and condos going from 947 in April 2009 to 1281 sales for the same month in 2010 according to the Buffalo Niagara Assoc. of Realtors web site. Multiple offers on new listings were common place and there was a “gotta have it” hysteria from time to time. I think what we are seeing through the month of May and beginning of June is a stabilization of the market as it tries to find it’s true balance point between buyers and sellers. It also seems that prices artificially rose a few percent for homes in the 80-150 price range during the month of April as sellers realized they had the upper hand because tax credit for the potential buyer was running out. I think the truth of the matter is that there is tremendous health in the local market underlying our day in and day out interactions. This slow down period is simply readjustment of prices and activity levels almost as if there was a boomerang effect from the tax credit. The ease of affordability, I believe, will continue to provide strength in our real estate market place as we go forward.