In November there were 10 sold residential properties on the Island that ranged in price from $84,900 for a manufactured home to $445,000 for a single family home. That is the highest number of residential solds since July when there were 19!
The current total inventory of residential listings on the Island is 348 - ranging from $39,900 for a small manufactured home to $1,995,000 for a bayfront single family home. There are definitely some bargains available and now is the time to buy!
Also in November there were NO vacant land sales . . . the worse month this year. In 2008, there will be the lowest number of overall land sales since before 1999.
The current total inventory of vacant land listings is 377 - ranging from $14,000 for a small lot in Sundiet Village to a package deal of multiple waterfront lots in St. James City that is listed for $1,500,000.
The short sales and foreclosures (although few in number compared to other areas like Cape Coral) are driving some prices down. We keep a positive attitude and trust that 2009 will be a better year for the real estate market!
Have a very Merry Christmas and a Happy New Year!
Tuesday, December 2, 2008
Tuesday, November 4, 2008
September and October Market Update
Residential sales in September totaled 9, ranging in price from $77,250 for a manufactured home to $640,000 for a single family 3 bedroom/2 bath home on 7 acres with stables and a pool that was a short sale.
Vacant land sales in September totaled only 2, which were a 1/2 acre lot for $30,000 and 125 acres of mangroves that was purchased through the 20/20 Conservation Program for $321,300.
Residential sales in October totaled 8, ranging from $75,000 for a manufactured home to $380,000 for a large single family home with a pool in The Nesting subdivision.
Vacant land sales in October totaled 5, ranging from $20,800 each for four lots in Pine Island Center to $70,000 for a lot in The Nesting.
As of this date there are 353 residential active listings ranging from a $39,900 manufactured home to $1,995,000 for a bayfront single family home . . . and 380 vacant land listings ranging from $14,000 for a small lot in Sundiet Village to $1,500,000 for a combination of 13 commercial and residential waterfront lots in St. James City.
What is most important to consider is the continued high inventory on the Island. The 353 residential listings represent 44.13 months or 3.68 years of inventory. Based on the 8 residential sales in October, this shows an absorption rate of just 2% (8 divided by 353). There is so much competition in this market that sellers must clean up, paint up, and fix up in order to attract buyers - and price competitively!
With the current 380 vacant land listings, we have 76 months or 6.33 years of inventory with an absorption rate of only 1% (5 sales in October divided by 380).
All sellers must keep in mind the absorption rate when pricing their residential or vacant land listings for a successful sale!
Vacant land sales in September totaled only 2, which were a 1/2 acre lot for $30,000 and 125 acres of mangroves that was purchased through the 20/20 Conservation Program for $321,300.
Residential sales in October totaled 8, ranging from $75,000 for a manufactured home to $380,000 for a large single family home with a pool in The Nesting subdivision.
Vacant land sales in October totaled 5, ranging from $20,800 each for four lots in Pine Island Center to $70,000 for a lot in The Nesting.
As of this date there are 353 residential active listings ranging from a $39,900 manufactured home to $1,995,000 for a bayfront single family home . . . and 380 vacant land listings ranging from $14,000 for a small lot in Sundiet Village to $1,500,000 for a combination of 13 commercial and residential waterfront lots in St. James City.
What is most important to consider is the continued high inventory on the Island. The 353 residential listings represent 44.13 months or 3.68 years of inventory. Based on the 8 residential sales in October, this shows an absorption rate of just 2% (8 divided by 353). There is so much competition in this market that sellers must clean up, paint up, and fix up in order to attract buyers - and price competitively!
With the current 380 vacant land listings, we have 76 months or 6.33 years of inventory with an absorption rate of only 1% (5 sales in October divided by 380).
All sellers must keep in mind the absorption rate when pricing their residential or vacant land listings for a successful sale!
Monday, September 29, 2008
Southwest Florida Demographics
Usually I blog about market activity as well as unique features of Pine Island, but in this post I want to talk about demographics in our Southwest Florida area, namely education! I subscribe to the "Gulfshore Business Magazine", which recently published a supplement that is called the "Southwest Florida Relocation and Expansion Guide for 2008-2009". In this supplement, a feature article is titled "Land of Opportunities". This article provides excellent information about the Lee, Collier, and Charlotte County areas including demographics, which gives age, housing, financial, labor, and education data for the three counties, Florida, and the United States.
The data on education was alarming! In Lee County, only 9% were reported as having a graduate or professional degree; 15.8% having a bachelor's degree; 6.9% an associate degree; 21.4% some college, no degree; 33.7% a high school diploma; and 13.2% less than a high school diploma. That's 46.9% of the population in Lee County that have a high school diploma or less!
In Collier County, 11.8% have graduate or professional degree; 19.8% bachelor's degree; 4.9% an associate degree; 19.5% some college, no degree; 29% high school diploma; 15% less than high school diploma. That's 44% in Collier County who have a high school diploma or less!
And in Charlotte County, 7% have graduate or professional degree; 10.3% bachelor's degree; 7.5% associate degree; 20.9% some college, no degree; 43.3% high school diploma; and 11% less than high school diploma. That's 54.3% in Charlotte County who have a high school diploma or less!
It's interesting to see that these three Southwest Florida Counties - Lee, Collier, Charlotte - are fairly typical of Florida (45% high school diploma or less) and the United States (44.3% high school diploma or less).
We are squandering the opportunity to teach, encourage, and inspire our youth to reach for greater heights . . . to strive for something other than the status quo . . . to believe that they can achieve higher goals and aspirations! How will our country compete on the worldwide stage if we have one-half of our young people who are satisfied with only a high school diploma or less and nothing more? Where will the jobs be for those young adults? How will they pay for higher and higher costs of living?
I am deeply disturbed by the educational system in this country! We have to do better . . . expect more . . . and raise up students who are hungry for learning and self-improvement, regardless of their circumstances!
The data on education was alarming! In Lee County, only 9% were reported as having a graduate or professional degree; 15.8% having a bachelor's degree; 6.9% an associate degree; 21.4% some college, no degree; 33.7% a high school diploma; and 13.2% less than a high school diploma. That's 46.9% of the population in Lee County that have a high school diploma or less!
In Collier County, 11.8% have graduate or professional degree; 19.8% bachelor's degree; 4.9% an associate degree; 19.5% some college, no degree; 29% high school diploma; 15% less than high school diploma. That's 44% in Collier County who have a high school diploma or less!
And in Charlotte County, 7% have graduate or professional degree; 10.3% bachelor's degree; 7.5% associate degree; 20.9% some college, no degree; 43.3% high school diploma; and 11% less than high school diploma. That's 54.3% in Charlotte County who have a high school diploma or less!
It's interesting to see that these three Southwest Florida Counties - Lee, Collier, Charlotte - are fairly typical of Florida (45% high school diploma or less) and the United States (44.3% high school diploma or less).
We are squandering the opportunity to teach, encourage, and inspire our youth to reach for greater heights . . . to strive for something other than the status quo . . . to believe that they can achieve higher goals and aspirations! How will our country compete on the worldwide stage if we have one-half of our young people who are satisfied with only a high school diploma or less and nothing more? Where will the jobs be for those young adults? How will they pay for higher and higher costs of living?
I am deeply disturbed by the educational system in this country! We have to do better . . . expect more . . . and raise up students who are hungry for learning and self-improvement, regardless of their circumstances!
Wednesday, September 3, 2008
July and August Market Activity
July was the third stongest month so far this year for residential sales with 19 sales Island wide. The strongest months were April with 33 sales and May with 24 sales. There were also 10 pending sales at the end of July. At the end of that month there were still over 300 residential properties in the active for-sale inventory.
Vacant land sales were down to 5 in July. The strongest months for land sales were January with 8 sales and April also with 8 sales. At the end of July there was only one pending lot sale and over 350 active listings in the inventory.
August residential sales were down to 4 with 10 pending at the end of the month.
Land sales in August were down to 3 with only one pending at the end of the month.
At the time of this post, residential sales for the year (January through August) total 130. Land sales total 49.
It will be interesting to see if we can surpass the total number of residential properties sold in 2007 (147) by the end of this year . . . and the total number of vacant land sales in 2007 ( 70).
Even though the sales may rival what there were last year, the prices of both residential and vacant land properties have been significantly reduced . . . the result of a buyer's market.
The inventory remains too high, which is a good thing for buyers. They have a good selection from which to choose!
Vacant land sales were down to 5 in July. The strongest months for land sales were January with 8 sales and April also with 8 sales. At the end of July there was only one pending lot sale and over 350 active listings in the inventory.
August residential sales were down to 4 with 10 pending at the end of the month.
Land sales in August were down to 3 with only one pending at the end of the month.
At the time of this post, residential sales for the year (January through August) total 130. Land sales total 49.
It will be interesting to see if we can surpass the total number of residential properties sold in 2007 (147) by the end of this year . . . and the total number of vacant land sales in 2007 ( 70).
Even though the sales may rival what there were last year, the prices of both residential and vacant land properties have been significantly reduced . . . the result of a buyer's market.
The inventory remains too high, which is a good thing for buyers. They have a good selection from which to choose!
Monday, July 14, 2008
June 2008 Market Activity
In June, we saw a considerable drop in residential market activity from the highs in April and May! There were only nine residential sales in June. . . 8 single family and one manufactured home . . . ranging in price from $105,000 to $769,000. Currently, there are 307 residential listings on the market on Pine Island.
In the same month we had 7 land sales, which is comparable to previous months this year. Of these 7 sales, 5 were off-water and 2 waterfront, ranging in price from $19,000 for a 1/2 acre in Bokeelia, to $408,000 for a waterfront lot in St. James City. Currently, there are 373 active land listings on the market.
Although the market sales were lower in June, at least we are seeing the overall inventory numbers drop from near 400 to close to 300 for residential listings, and from over 400 to 373 for active land listings. This inventory remains higher than normal and our buyers are still holding out for "THE BOTTOM"!
Well, if all predictions are accurate, we are very near "THE BOTTOM" - at least we hope so! If you are a buyer, act now or you may miss it!
In the same month we had 7 land sales, which is comparable to previous months this year. Of these 7 sales, 5 were off-water and 2 waterfront, ranging in price from $19,000 for a 1/2 acre in Bokeelia, to $408,000 for a waterfront lot in St. James City. Currently, there are 373 active land listings on the market.
Although the market sales were lower in June, at least we are seeing the overall inventory numbers drop from near 400 to close to 300 for residential listings, and from over 400 to 373 for active land listings. This inventory remains higher than normal and our buyers are still holding out for "THE BOTTOM"!
Well, if all predictions are accurate, we are very near "THE BOTTOM" - at least we hope so! If you are a buyer, act now or you may miss it!
Wednesday, June 11, 2008
April and May 2008 Market Activity
Taking a look at the market activity for April and May, we find increased buying activity on Pine Island. In April there were 33 residential sales as compared to 15 in March - an increase of 45%. Prices ranged from $61,000 for an off-water manufactured home to $575,000 for a waterfront single family home in Matlacha. There were 4 condo sales, 10 manufactured home sales, and 19 single family home sales.
Land sales in April were still low with 8 properties sold, slightly over the number of sales for March which were 7. The land sales ranged from $22,000 for an off-water lot to $470,000 for a waterfront lot.
In May the number of residential sales dropped to 24 from 33 in April, a decrease of 27%. The sales ranged from $26,000 for an off-water manufactured home to $1,172,500 for a bayfront home in Bokeelia. There were 2 condo sales, 6 manufactured home sales, and 16 single family sales that month.
Land sales in May were down to 4 from 8 in April, and all the sales were in Bokeelia - 3 waterfront lots which sold for $155,000, $180,000, and $180,000 and one off-water 2.5 acre parcel which sold for $135,000.
It is encouraging to see the market activity from these two months, especially in the residential market, but also in the sale of waterfront lots, which had been sluggish for many months.
It is also encouraging to see the current supply of inventory drop to 321 for residential properties and to 389 for vacant land properties. Prices continue to drop and it is still a buyer's market. We trust that in the second half of 2008, we will see buyers who want to buy make a move to do so. They have been reluctant to buy; however, with the increased sales we are experiencing, perhaps that reluctance is over and we will see more sales in the coming months.
Land sales in April were still low with 8 properties sold, slightly over the number of sales for March which were 7. The land sales ranged from $22,000 for an off-water lot to $470,000 for a waterfront lot.
In May the number of residential sales dropped to 24 from 33 in April, a decrease of 27%. The sales ranged from $26,000 for an off-water manufactured home to $1,172,500 for a bayfront home in Bokeelia. There were 2 condo sales, 6 manufactured home sales, and 16 single family sales that month.
Land sales in May were down to 4 from 8 in April, and all the sales were in Bokeelia - 3 waterfront lots which sold for $155,000, $180,000, and $180,000 and one off-water 2.5 acre parcel which sold for $135,000.
It is encouraging to see the market activity from these two months, especially in the residential market, but also in the sale of waterfront lots, which had been sluggish for many months.
It is also encouraging to see the current supply of inventory drop to 321 for residential properties and to 389 for vacant land properties. Prices continue to drop and it is still a buyer's market. We trust that in the second half of 2008, we will see buyers who want to buy make a move to do so. They have been reluctant to buy; however, with the increased sales we are experiencing, perhaps that reluctance is over and we will see more sales in the coming months.
Thursday, April 24, 2008
March 2008 Market Activity
In March, there were fifteen residential sales - one condo, five manufactured homes, and nine single family homes. Ten sales were waterfront and five sales were off water. Sale prices ranged from $70,000 for an off-water manufactured homes to $599,000 for a waterfront home in Matlacha.
In the same month there were seven vacant land sales - one canal front, one fresh water canal, and five off-water. Most of these sales were well under $50,000 with the exception of one waterfront lot in St. James City that sold for $250,000. The lowest priced lot sale was at $12,500.
First Quarter statistics show forty-one residential properties and twenty-two vacant land properties that have been sold. As of today our inventory is still very high with 338 residential listings and 400 vacant land listings - that's several years supply!
We are seeing some increased activity this month in pending and closed sales. Keep posted for April 2008 market activity!
In the same month there were seven vacant land sales - one canal front, one fresh water canal, and five off-water. Most of these sales were well under $50,000 with the exception of one waterfront lot in St. James City that sold for $250,000. The lowest priced lot sale was at $12,500.
First Quarter statistics show forty-one residential properties and twenty-two vacant land properties that have been sold. As of today our inventory is still very high with 338 residential listings and 400 vacant land listings - that's several years supply!
We are seeing some increased activity this month in pending and closed sales. Keep posted for April 2008 market activity!
Tuesday, March 25, 2008
Short Sales
Short sales occur when the lender is willing to settle for less than the amount currently owed on the mortgage. The short sale is a preforeclosure process that, if successful, would mean your credit would be damaged for only two years, rather than seven to ten years if the home goes to foreclosure. And the IRS will not tax you on the difference between the amount of the mortgage and the short sale payoff.
This relatively new real estate phenomenon strongely appeared on the scene early last year in Southwest Florida, and has affected the market especially in Cape Coral where the housing inventory is bloated out of proportion. Pine Island is affected, but not as severely because the Island didn't have the speculation building and buying that was so prevelant in Cape Coral.
Our office recently handled the short sale of a house in Cape Coral, where the sellers owed $262,000 (the mortgage amount plus a prepayment penalty). We had listed the house, which was a four bedroom, two bath home built in 2003, at $262,000, and then lowered the price several times until it was listed at $139,000. We received an offer of $135,000. The lenders agreed to accept $124,000 and we closed the deal.
If you are faced with the possibility of a foreclosure, but would like another option to consider, please contact us. We could assist you in setting up a short sale with your lender to avoid a foreclosure and limit the damage to your credit. The short sale takes longer than a normal sale and the lender has the final decision about the sale price, but it is an option that is better than a foreclosure. Call today for more information about short sales!
This relatively new real estate phenomenon strongely appeared on the scene early last year in Southwest Florida, and has affected the market especially in Cape Coral where the housing inventory is bloated out of proportion. Pine Island is affected, but not as severely because the Island didn't have the speculation building and buying that was so prevelant in Cape Coral.
Our office recently handled the short sale of a house in Cape Coral, where the sellers owed $262,000 (the mortgage amount plus a prepayment penalty). We had listed the house, which was a four bedroom, two bath home built in 2003, at $262,000, and then lowered the price several times until it was listed at $139,000. We received an offer of $135,000. The lenders agreed to accept $124,000 and we closed the deal.
If you are faced with the possibility of a foreclosure, but would like another option to consider, please contact us. We could assist you in setting up a short sale with your lender to avoid a foreclosure and limit the damage to your credit. The short sale takes longer than a normal sale and the lender has the final decision about the sale price, but it is an option that is better than a foreclosure. Call today for more information about short sales!
Thursday, March 6, 2008
February 2008 Market Activity
In February, there were fifteen total residential sales in Bokeelia, St. James, City, and Matlacha, which consisted of two condos, four manufactured homes, and nine single family home sales. From these fifteen sales, eight were waterfront and seven off-water. Sale prices ranged from $65,000 for an off-water manufactured home to $1,100,000 for a three story waterfront home on Martin Cove in Bokeelia.
Also in February, we had seven vacant land sales - two waterfront lots, five off-water lots, and one industrial lot in the Pine Island Industrial Center. The prices of these lots ranged from $5,000 for a lot with no road access to $200,000 for a canal front lot in Bokeelia.
Compared to January, the residential sales were up by four - from eleven in January to fifteen in February; however, the vacant land sales went from eight in January to seven in February. As of this date, we still have a huge inventory in both residential and land listings with 392 residential properties and 406 vacant land parcels now on the market. And these stats do not include all the "for sale by owner" properties that have signs in the yards and private sales that have taken place!
Currently, we have almost a three-year supply of homes and a six-year supply of vacant land on the market. Unless sellers price their properties right, they will not sell. Buyers are smart and they do their homework! It is still a strong buyers market!
Also in February, we had seven vacant land sales - two waterfront lots, five off-water lots, and one industrial lot in the Pine Island Industrial Center. The prices of these lots ranged from $5,000 for a lot with no road access to $200,000 for a canal front lot in Bokeelia.
Compared to January, the residential sales were up by four - from eleven in January to fifteen in February; however, the vacant land sales went from eight in January to seven in February. As of this date, we still have a huge inventory in both residential and land listings with 392 residential properties and 406 vacant land parcels now on the market. And these stats do not include all the "for sale by owner" properties that have signs in the yards and private sales that have taken place!
Currently, we have almost a three-year supply of homes and a six-year supply of vacant land on the market. Unless sellers price their properties right, they will not sell. Buyers are smart and they do their homework! It is still a strong buyers market!
Wednesday, February 13, 2008
January 2008 Market Activity
In January, we had eleven residential sales - three manufactured home sales and eight single family home sales. Of these eleven, six were waterfront and five off-water. And the sale prices ranged from $70,000 for a manufactured home in Flamingo Bay to $1,000,000 for a three-story waterfront home on 8th Avenue in St. James City.
During that same time, we had eight vacant land sales - one lakefront property and seven off-water properties sold. One of the off-water parcels was an industrial lot in the Pine Island Industrial Center. The prices of these eight lots ranged from $8,500 for a 50x79 lot on Bouney in Sundiet Village to $90,000 for the 5.4 acre lakefront property.
This activity is a good start for 2008; however, it does not signal a true "season" as we had been experiencing prior to 2006. We do see an increase in potential buyers who are cautiously looking and who are seeking the lowest price they can find. It is still a buyers market and we continue to have an inflated inventory with 392 vacant land parcels and 379 residential properties on the market. There are "deals" to be had and now is the time to buy!
During that same time, we had eight vacant land sales - one lakefront property and seven off-water properties sold. One of the off-water parcels was an industrial lot in the Pine Island Industrial Center. The prices of these eight lots ranged from $8,500 for a 50x79 lot on Bouney in Sundiet Village to $90,000 for the 5.4 acre lakefront property.
This activity is a good start for 2008; however, it does not signal a true "season" as we had been experiencing prior to 2006. We do see an increase in potential buyers who are cautiously looking and who are seeking the lowest price they can find. It is still a buyers market and we continue to have an inflated inventory with 392 vacant land parcels and 379 residential properties on the market. There are "deals" to be had and now is the time to buy!
Friday, February 1, 2008
It's Just Paradise!
Pine Island is a very unique place! We have no traffic lights and only one major intersection with a four-way stop in the Pine Island Center. Stringfellow Road, the main thoroughfare, runs north and south the entire length of the Island. If you drive around the Island, you will see some banks, a major grocery store, several restaurants, and a few fast food establishments. You will also see churches, real estate offices, several marinas, an 18-hole golf course, a community pool, tennis courts, a library, and a little league complex. And a closer look will reveal beautiful waterfront homes and off-water homes, manufactured homes, and condos.
One of the most fascinating aspects of the Island is the agricultural activity. Pine Island is home to several large palm farms. I have been told that the Island is perfect for growing palms - the soil is good and we do not experience severe cold temperatures like the farmers do inland. However, some of the farmers install equipment to keep the colder air moving when we do get temperatures approaching freezing. The palm farms contribute to the tropical atmosphere of the Island. And as a palm tree affectionado, I enjoy living in an area where there are so many palms!
Another great feature is the abundant wildlife on the Island. The birds are incredible - great blue herons, pelicans, white herons, egrets, and smaller birds like cardinals, woodpeckers, and doves. And of course, there are always the squirrels. We keep feeders and a birdbath for birds and squirrels in our area, and we enjoy seeing them feeding and bathing in our back yard!
Boating and fishing are the main draws to Pine Island. We are surrounded by Matlacha Pass and Pine Island Sound. The Gulf of Mexico is just minutes away, as are the barrier Islands of Caya Costa and Sanibel.
As fourteen year residents of Pine Island, we have made this our home and would not consider living any place else! The weather is great - the lifestyle is casual - and there is no traffic congestion! Cape Coral and Ft. Myers are just minutes away for off-Island excursions, serious shopping and medical care. All in all the quality of life is outstanding on our Island. It's Just Paradise!!
One of the most fascinating aspects of the Island is the agricultural activity. Pine Island is home to several large palm farms. I have been told that the Island is perfect for growing palms - the soil is good and we do not experience severe cold temperatures like the farmers do inland. However, some of the farmers install equipment to keep the colder air moving when we do get temperatures approaching freezing. The palm farms contribute to the tropical atmosphere of the Island. And as a palm tree affectionado, I enjoy living in an area where there are so many palms!
Another great feature is the abundant wildlife on the Island. The birds are incredible - great blue herons, pelicans, white herons, egrets, and smaller birds like cardinals, woodpeckers, and doves. And of course, there are always the squirrels. We keep feeders and a birdbath for birds and squirrels in our area, and we enjoy seeing them feeding and bathing in our back yard!
Boating and fishing are the main draws to Pine Island. We are surrounded by Matlacha Pass and Pine Island Sound. The Gulf of Mexico is just minutes away, as are the barrier Islands of Caya Costa and Sanibel.
As fourteen year residents of Pine Island, we have made this our home and would not consider living any place else! The weather is great - the lifestyle is casual - and there is no traffic congestion! Cape Coral and Ft. Myers are just minutes away for off-Island excursions, serious shopping and medical care. All in all the quality of life is outstanding on our Island. It's Just Paradise!!
Tuesday, January 22, 2008
Adverse Possession
Recently, I read an article reprinted from The News Herald in Panama City Florida, about a case in Colorado involving a vacant land parcel that was taken from the owners in an adverse possession claim. The owners had owned the land and paid taxes on it for more than 20 years; however, the neighbors had been using part of the land - walking their dogs, holding fund-raisers, and creating trails. The owners were unaware of this activity and did not prevent the neighbors from trespassing on the land. The neighbors were successful in bringing an adverse possession claim on the land and won the suit.
The moral of this story is that if you own vacant land, put up a no trespassing sign. Walk the land regularly, if you can, and inspect it. According to the article you should "know your individual rights and guard them fiercely".
The moral of this story is that if you own vacant land, put up a no trespassing sign. Walk the land regularly, if you can, and inspect it. According to the article you should "know your individual rights and guard them fiercely".
Tuesday, January 8, 2008
IT'S A BUYERS MARKET!
Now is the time to buy! The inventory is high and prices are low. If you are looking for a deal in homes or land, we can find it. Pine Island is a very unique location off the southwest coast of Florida. It has no traffic lights, light traffic, low crime, beautiful palm farms and enjoyable nature. It's off the beaten track and has quiet rural areas and more developed communities.
If you are interested in real estate on Pine Island give us a call at 866-768-2895. You can also visit our website at www.MargaretBirdsong.com.
If you are interested in real estate on Pine Island give us a call at 866-768-2895. You can also visit our website at www.MargaretBirdsong.com.
Saturday, January 5, 2008
A look back at 2007
In 2007, there were 147 residential listings and 70 vacant land listings that sold on Pine Island. These numbers are down from 2006, when we had 169 residential listings and 88 vacant land listings that sold. As in most problemmatic real estate markets, the inventory is too high and buyers are too few.
At the beginning of 2008, we have 343 active residential listings and 393 active vacant land listings on the market. If we divide the current number of residential listings (343) by the number of residential sales in December (14), we get 24.5 months or 2 years of inventory. If we do the same for lots (393 current listings divided by 4 sales in December), we get 98.25 months or a little over 8 years of inventory.
Our downturn began in October, 2005, and has still not leveled off. A few realtors are posting price increases on properties in the MLS in an effort to change the course of this market, but there are many more price reductions. When will this valley end? Some experts predict by the latter part of 2008 or early 2009. We'll have to wait and see!
At the beginning of 2008, we have 343 active residential listings and 393 active vacant land listings on the market. If we divide the current number of residential listings (343) by the number of residential sales in December (14), we get 24.5 months or 2 years of inventory. If we do the same for lots (393 current listings divided by 4 sales in December), we get 98.25 months or a little over 8 years of inventory.
Our downturn began in October, 2005, and has still not leveled off. A few realtors are posting price increases on properties in the MLS in an effort to change the course of this market, but there are many more price reductions. When will this valley end? Some experts predict by the latter part of 2008 or early 2009. We'll have to wait and see!
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