February and March Market Updates

RESIDENTIAL: ACTIVE, ACTIVE CONTINGENT SHORT SALES, PENDING, SOLD.

As of April 13, there were 295 active residential listings, ranging from a manufactured home at $39,900 to a single family home on 22.34 acres at $1,750,000 (way over priced for off-water homes). There are 23 "pending" singles family homes, 3 manufactured homes, and 4 condos. There are 13 "active contingent short sales" (under contract but not yet approved by the lender) single family homes, and one residential income duplex.

In February, 17 single family homes "sold", 7 manufactured homes, one condo, and one residential income property.

In March, 13 single family homes "sold", 4 manufactured homes, one condo, and 3 residential income properties.

VACANT LAND: ACTIVE, ACTIVE CONTINGENT SHORT SALES, PENDING, SOLD.

As of April 13, there were 304 active vacant land properties on the market, ranging from a residential lot at $7,500 to a 74-acre, waterfront, fly-in subdivision for $2,250,000 (with a development order in place). There are 5 "pending" land sales and 9 active contingent short sales.

In February, there were 7 land sales.

In March, there were 9 land sales.

For more information about the Pine Island real estate market, contact Margaret Birdsong at 866-768-2895.

January 2010 Market Results

There were 21 total residential sales on Pine Island in January 2010. That's the highest monthly number since July, 2009, which was 22. Currently, there are 281 active residential listings. There is one active contingent property, 17 active contingent short sales (seller has signed but lender has not accepted the offer), and 29 pending sales (under contract and waiting for closing).

The land market is a different story. There was only one land sale in January 2010, which is lower than any other month last year - February and November 2009 had 2 land sales. There are 285 active land listing on the market. Waiting in the wings are 8 pending sales, 3 active contingent short sales, and one active contingent.

Out of the 8 pending land sales, this agency has 3 waterfront lots that are scheduled for closing this month - that's 38%!

Hopefully, January represents the low point in the land market and we will see an increase in land sales during the rest of this year!

2009 Market Results

Closing out 2009 (I finally had the time to accomplish this task!) . . . it was a better year for home sales on Pine Island. The total number of home sales was 198 - the best year since 2005! There were 40 in the first quarter of the year, 66 in the second quarter, 43 in the third quarter, and 49 in the fourth quarter. What accounts for this increased activity you ask? . . . foreclosures and short sales dropping into the market and driving down the prices. Sellers with normal sales (not foreclosures or short sales) also had to price lower in order to compete!

Land sales in 2009 were not so high with 53 total sales all year - the lowest number of land sales since before 1999, which is as far back as our MLS will allow us to go to collect data. There were 9 in the first quarter, 18 in the second quarter, 15 in the third quarter, and 11 in the fourth quarter. Prices are low and buyers are scarce!

Even through all this, our agency had the best year in total sales and revenues since 2005!

My next post will be about January 2010 sales and current active and pending listing activity in residential and vacant land properties.