I love New Year’s Day. It’s one of my favorite holidays, in part because it’s such a nice neat closing of one chapter and opening of the next. I enjoy taking a look at where we’ve just been and reflecting on what lies ahead. Oh, and the champagne toasts at midnight are fun, too. Let’s see how we did in 2009 compared with 2008, and see if the numbers can provide us any clues as to what may be in store for us in 2010.
Overall, relative to 2008, 2009 was a good year for our local real estate market with the total number of houses and lots sold up a very healthy 68%. This year we had a 101 sales in all in the Cape San Blas, Indian Pass and C-30 Corridor Market, with 55 houses and 46 lots sold. Compare this to 2008 when we had a total of just 60 sales, with 41 houses and 19 lots. Quite a remarkable difference. That’s a 34% increase in homes and 142% increase in lot sales.
Looking at the total dollar volume of sales for year over year paints a different picture of our changing market because the gains are not commensurate. Take lot sales. The total number of lots sold was up 142% this year, but the total dollar volume sold increased by only 34%, ($8,486,050 vs. $6,331,000) clearly reflecting lower values. Housing dollar volume wasn’t quite as drastic, posting a 9% increase vs. a 34% increase in units sold. Total dollar volume for sales in our market increased from $25,851,200 in 2008 to $29,826,377 this year, an overall 15% increase. So how do 2009 lot sales compare with past years? Overall it was our best year since 2005.
Year to Year Comparisons of Lot Sales in the |
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Cape San Blas, Indian Pass & C-30 Corridor Market |
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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 |
The average price for lots took a big dive, plunging 45% to $184,479, down from $333,211 last year. The median price fell by 57% to $119,750 from $282,500. Lots are staying on the market longer, with the total Days on Market (DOM) averaging 264, up 19% over 2008.
Housing prices held a little better, with the average price declining only 18 1/2%, from $476,102 to $388,006. The median price fell 34% to $400,000 down from $605,000. Total dollar volume for homes sold was up 9%, at $21,340,327 vs. $19,520,200. It’s taking much longer to sell houses as the average DOM increased by 70% to 281 from 165.
I said at the beginning of the year I believed 2007 may have been the slowest year of all and that we would likely see an increase in sales this year which turned out to be the case, but our market continues to correct from the hyperinflated run-up which peaked locally in 2004. Prices have returned to a price point that is once again attractive to buyers, and the buyers I’m seeing returning are primarily looking for long-term investments or second homes. As Martha would say, “That’s a good thing”. We have moved a lot of bank-owned properties out of the inventory in the past 12 months and that, too, is a good thing. We still have a good way to go, but all indications are we’re recovering.
I hope you’re recovering, too, from your New Year’s Eve revelries. Did you make any resolutions? Mine include working to improve the quality and quantity of useful info I bring you in this blog. It’s been quite a year, and I appreciate my readers who have helped to make it so. My best wishes to you and your loved ones for good health, much love and prosperity in 2010. Happy New Year!
