More indicators we may be near or at the market bottom in the news this week. Data released Tuesday by the National Association of Realtors show that in former housing-boom hot spots like Florida, Nevada and California, single-family home prices dropped 20% to nearly 30% in the past year. (See the NAR data.) NAR figures show that nationally, home prices fell 5% in the first quarter from the first quarter of 2007, with drops of more than 10% in places in California, Florida, Tucson, Ariz., and Boston. Locally, price changes continue to top the list in MLS activity and we’re seeing a bit of an uptick in consumer interest as prices become more affordable. Today’s post includes one local home down 40% from its mid-2005 price.
Our inventory level remains unchanged, at 466 total, with 174 homes and 292 lots. No closings again this week, but we do have one new contract. There are ten new price tags, nine new listings and six expireds.
We haven’t seen much sales activity recently with lots and most of the homes sold have been gulf front, so our one new contract is an encouraging trend bucking sign in that it’s an interior, gulf view lot. Located on Cape San Blas in Sunset Pointe subdivision which is adjacent to the state park, this lot has amazing views as clearly seen in this photo. This picture is taken from 35 feet up on a boom truck. The sellers paid $309K for it in early 2004 and listed it for $399K, so I’m really curious to see what it closes for.
That lot contract is especially good news since lot listings led the way 2-to-1 this week with six new lots and only three new homes. Speaking of prices coming back down to earth, if you thought the days of snapping up a lot on the Cape for under a hundred grand were long gone, check out this new listing in Peninsula Estates for only $99,000. This lot offers great bay views and is adjacent to the north side of Ovation, and includes deeded beach and deeded bay access just a short stroll away.
That’s my pick of the litter for new listings, now let’s see what tempting new offerings there are in our ten price changes. The first one that catches my eye is this 3-bedroom, 2-bath gulf-front condo in a 4-unit building for only $309,900 , well below the $315,000 the sellers paid for it in, you guessed it, 2005. Sounds like somebody’s ARM payment recently went way, way up. Here’s the view from the front deck. Looks to me like the perfect setting for some serious afternoon blender sports.
There’s a lot to like in this week’s price changes and if you’re into waterfront bargains this is your week. Remember when we saw this newly listed bay-front home just a few weeks ago for only $650,000? This is apparently one seriously motivated seller because he dropped the price already to $575,000, which would be a great price for just the 100′ wide lot alone. I wish I’d been born rich instead of so darn sarcastic because I’d snap this puppy up in a heartbeat.
My final pick of the week is also one we’ve seen before, a sweet little Key West-style gulf first tier home in Money Bayou, listed originally for $389,000, reduced this week to $379,000, down 40% from the market top. If you recall this is really a sad one as the seller paid $630,000 for it in July 2005.
That’s a wrap for this week’s review. If you’d like to learn more about these of other properites give me a call at 850-227-5197 or shoot me an email to [email protected] . Time for me to head on over to the Salt Air Farmers Market in town. If you haven’t had a chance to visit, it’s open every other Saturday from 10 til 2, and it’s a wonderful new addition to our area which I hope everyone will support so it can continue to grow.