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!