February is always a volatile month for Real Estate…it is after the holidays…just starting the new year…before spring break…and can set the tone for the year for Real Estate. I have been looking deep into the crystal ball to see what 2010 will shape up to be and so far I have been spot on with my assessment:
1. Distressed Property is making up a significant portion of sales and inventory as the number of foreclosures rise. Distressed property represented 62% of all transactions for combined residential sales in February of 2010!
2. 2010 is the Year of Land! I said this back in October of last year and land sales and prices are getting blown to pieces. Year to date pending sales compared to the same period in 2009 are up 177%, lots sold up 135%..Distressed land sales are up 310%…Average price sold is down 42%...percent of selling price to list price is 78%. What this means is land prices are still too high and will continue to adjust downward until we decrease inventory. We have 3,674 parcels for sale along the Emerald Coast with only 120 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 GoodNew inventory is down from February of last year by 25% Scenic 30-A pending sales are UP 46% for Combined Residential Single Family Residential Inventory on Hand along Emerald Cost is down 18%
The Bad Residential Land is still struggling with only 120 lots sold out of 3,674 lots available Distressed property represented 62% of all transactions for 30A Combined Residential Distressed property sales including short sales and foreclosures are up 283% for February and 140% YTD Residential land prices are experiencing a significant downward price correction
Scenic 30-A & Emerald Coast Market Summary and Analysis for February 2010 pdf Version
