This week the inventory remains large even though it is down 2% from last week with a total of 544 active listings: 197 residential units (36%) and 346 lots (64%). One commercial property came on the market this week as well.
Twelve sellers decided to try dropping their prices, most modestly. The biggest change was a reduction of 12% (from $659,000 to $579,000) on this 45 x 145 (0.15 acre) first tier gulf view lot at San Dunes. This lot was listed on August 4.
Although there were no “Solds” this week, two lots and one home did go under contract. This interior lot at Park Point , listed for $210,000 and on the market for 181 before going under contract, was purchased in August of 2004 for $280,000. The list price is 25% below that though we won’t know the actual sale price, of course, until it closes, which should be by October 5 according to the available MLS info.
The other lot that went under contract was this 78 x 103 (0.18 acre) gulf interior lot at Boardwalk, listed for $310,000, on the market for 251 days before going under contract, and scheduled for a quick closing date of September 28. These sellers bought the property in September of 2001 for $85,000 and, again, we won’t know the actual sale price until closing.
As for the one home that attracted a buyer this week, it is this cute cottage style gulf first tier home in San Blas Shores (adjacent to Ovation) which the sellers purchased in May of 2002 for $325,000. The home was on the market for only 138 days before going under contract. The list price was $399,000 and it is schedule to close by October 1.