Just so that we are on the same page, I'll share some numbers, from the Emerald Coast Assoc of Realtors, comparing the avg sales in SoWal, in the area between Bay County and Sandestin.
Detached Single Family
2005 compared to 2004
qty of sales, down 25%
price of sales, up 17%
2006 compared to 2005
qty of sales, down 57%
price of sales, up 15%
2007 compared to 2006
qty of sales, up 35%
price of sales, down 7%
The "peak of the market," according to qty of sales was June 05. That is when the Shelly's came out and said that the bubble had burst. However, looking at the statistical data, prices of homes sold, increased another 15%. Maybe Shelly was basing the bubble bursting on the quantity of sales, which decreased substantially, 57%. Avg Sales Prices did decrease in 2007, compared to 2006, but compare those of 2007, to 2005, when the "bubble burst," and you will see the avg sales price increase of 6%. Yes, the quantity of sales is down in 2007, compared to 2005. However, the quantity of sales in 2007, compared to 2006, has increased by 35%.
The avg selling price of homes (detached single family) in this area of SoWal, during 2007 is $937,532, and this is based on 361 sales.
Sure, there are foreclosures coming up, but looking at the recent history, it doesn't appear that has stopped homes from selling at prices which are historically significantly.
Detached Single Family
2005 compared to 2004
qty of sales, down 25%
price of sales, up 17%
2006 compared to 2005
qty of sales, down 57%
price of sales, up 15%
2007 compared to 2006
qty of sales, up 35%
price of sales, down 7%
The "peak of the market," according to qty of sales was June 05. That is when the Shelly's came out and said that the bubble had burst. However, looking at the statistical data, prices of homes sold, increased another 15%. Maybe Shelly was basing the bubble bursting on the quantity of sales, which decreased substantially, 57%. Avg Sales Prices did decrease in 2007, compared to 2006, but compare those of 2007, to 2005, when the "bubble burst," and you will see the avg sales price increase of 6%. Yes, the quantity of sales is down in 2007, compared to 2005. However, the quantity of sales in 2007, compared to 2006, has increased by 35%.
The avg selling price of homes (detached single family) in this area of SoWal, during 2007 is $937,532, and this is based on 361 sales.
Sure, there are foreclosures coming up, but looking at the recent history, it doesn't appear that has stopped homes from selling at prices which are historically significantly.
