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!
Tuesday, November 4, 2008
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