March is the grand kick off for the Summer Real Estate surge that occurs every year. This March the numbers are very positive. It is exciting to see that our market is slowly rebounding and trending in a positive direction as we have predicted. If March is a benchmark for the rest of year, it would be fair to say that 2010 will be an outstanding year for Real Estate! An outstanding year would be a significant decrease in inventory, continued increase in transactions, a continued stabilization of sales prices, surviving the foreclosure surge and the new HAFA program streamlining short sales…that would be an outstanding year!
But don't take our word for it…let's look at the numbers! We are seeing much more GREEN in my monthly spreadsheets than RED…so this is a good thing.
1. Distressed Property continues to be a significant portion of sales and inventory as the number of foreclosures rise. Distressed property represented 32% of all transactions for combined residential sales in March of 2010 down from 62% in February!
2. Scenic 30-A Combined Residential Pending sales are up 19%, and sold transactions are up 58% compared to March of 2009 and up 56% year to date from 2009!
3. Single Family Homes for all of the Emerald Coast had a 36% decrease in inventory year to date compared to 2009 with only 12.48 months of inventory on hand! This is HUGE as we are closely approaching equilibrium for inventory! If you are a buyer, you have seen that your inventory choices are depleting rapidly! Once the great buys are gone…they are gone.
4. 2010 continues to be the Year of Land! I said this back in October of last year, land sales and prices are getting blown to pieces. Year to date pending sales compared to the same period in 2009 are up 129%, lots sold up 136%..Distressed land sales are up 321%…Average price sold is down 37%...percent of selling price to list price is 77%. This means land prices are still too high and will continue to adjust downward until we decrease inventory. We have 3,741 parcels for sale along the Emerald Coast with only 205 parcels selling YTD in 2010. If you looking to purchase land, now is the time to start searching for some fantastic deals!
Distressed Lots and Land under $235K
Distressed Lots and Land over $235K
The GoodScenic 30-A Combined Residential sales up 56% year to date
WaterColor – our benchmark for 30-A is almost all GREEN with increases in Sales prices, Price/sf and reduced days on market Emerald Coast Single Family Residential Inventory on hand is down 36% to 12.48 months!! Single Family Residential Pending sales are up 26% year to date compared to 2009. Residential land pending sales are up 129% and lots sold are up 136% Panama City Beach Condo pending sales are up 24% and condos sold are up 37% The Bad Residential Land is still struggling with only 205 lots sold out of 3,741 lots available Distressed property represented 32% of all transactions for 30A Combined Residential Distressed property sales including short sales and foreclosures are up 103% YTD Residential land prices are experiencing a significant downward price correction
Scenic 30-A & Emerald Coast Market Summary and Analysis for March 2010 pdf Version
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