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2008 Year In Review

Published on January 2, 2009 by Sherri Dodsworth under Cape San Blas, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Happy New Year! Hope you had a joyful celebration with family and friends. It was COLD and windy here, so those bonfires on the beach New Year’s Eve brought very welcome warmth. Time now to take a look back at 2008 and see if there was any renewed fire in our local real estate market.

First, let’s take a look at our overall inventory. We started the year with 489 total MLS listings in the Cape San Blas, C-30 Corridor, Indian Pass market vs. 355 at year’s end which represents a very healthy 27%+ reduction, with 148 homes this year vs. 169 last year, and 207 lots this year vs. a whopping 320 last year, so those are numbers worth celebrating.

If there was a bright spot in our market this year, it was surprisingly in residential sales, which were up 14.5% over 2007. When you look at home sales year to year, it appears that 2007 may have been the bottom and we began a slight recovery in 2008 as the numbers for ’08 were better than ’07 in every respect. Here is a snapshot 6-year history of home sales in the Cape market:

Year-to-Year Comparison of Cape San Blas, Indian Pass,
C-30 Corridor Residential Sales
2003
2004
2005
2006
2007
2008
Total # of MLS Sales
108
141
103
36
35
41
Average List Price
$395,438
$607,920
$644,636
$546,391
$501,175
$545,718
Sale/List Price Ratio
96.34%
96.42%
96.22%
76.53%
74.91%
87.24%
Average Monthly Inventory
49
46
145
248
226
181

The same cannot be said for lots sales, however, as dollar volume was practically half of what it was last year and down 97% from the market high in 2004. Here’s a similar 6-year record of lot sales in the Cape San Blas market which includes the Cape, C-30 Corridor and Indian Pass.

Year to Year Comparisons of Lot Sales in the
Cape San Blas, Indian Pass & C-30 Corridor Market
2003
2004
2005
2006
2007
2008
Total # of Sales
195
450
145
18
20
19
Dollar Volume
$30,770,140
$201,817,330
$85,655,000
$10,782,000
$10,058,800
$5,962,500
Avg. Sold Price
$147,556
$455,580
$498,066
$428,972
$502,940
$313,815
Average Days on Mkt.
157
72
123
272
223
229

I feel optimistic overall heading into 2009 and am glad to leave ’08 behind. I think at this point we have weathered the worst in our area and have started a slow recovery. I’ll continue to keep you posted on market conditions as we find our way through the new year.

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