Your analysis is right on. Properties $400,000 and up have met much more resistance and have not been selling as frequently as sub 400k listings.
The assessed values that the town has for properties can be quite inaccurate at times and can’t be used as an exact gauge, but is still worth taking into consideration.

I know that activity has picked up on the high end properties but people still are not making decisions just yet. I think some folks don’t want to insult the sellers with what they would be willing to buy the property for. In this buyers market, sellers are the most conditioned they’ll ever be to receiving lower offers. I’ve been encouraging my clients to move forward and make these offers if the property fits all their criteria. Naturally this all depends on the property as some out there are priced appropriately or at the “deal” price.

I’ve been here on Hilton Head Island since February, but continue to watch your monthly updates.

The real estate that is selling does not appear to include the higher priced lakefront properties (1,000,000 and up)
Last year (2008) saw 4 or 5 properties in this category sell during the first 3 months of the year in Sunapee, Newbury, and New London. This year, NONE. The listings in this category however are growing to a high numer yet nothing is selling.

The properties that are selling are under 400,000, and most seem to be going at assessed or sub-assessed values.

However, I note a large volume of listings in the high end category carry asking prices that are very high given their assessed values.

Could this be the reason they are not selling, or do you think there is something else going on?