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.
Wednesday, June 11, 2008
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