July Sales and Inventory Stats

[Smiling JOe]

See attachments

The only area where there appears to have been stability over the last two years is in the category of single family detached homes from Sandestin to Destin.

Overall Net Inventory appears to have leveled off, although still very high. Most sales prices appear to be inline with 2004 prices.

More attachments in next post.

 

[Smiling JOe]

see attachments

 

[lenzoe]

Hi SJ,

Thanks for contiuing to post sales figures. It's nice to see some facts rather than speculations.

I have one question on these statisticts, though. Would any closings on pre-construction contracts be included in these, or would those not show because they're not in the MLS?

Thanks.

 

[Smiling JOe]

Hi SJ,

Thanks for contiuing to post sales figures. It's nice to see some facts rather than speculations.

I have one question on these statisticts, though. Would any closings on pre-construction contracts be included in these, or would those not show because they're not in the MLS?

Thanks.

Lenzoe, thanks for your feedback. You bring up a good question.

Answer: Only if they are listed in the MLS. Agents are supposed to report all sales for purposes of comps, even if there was not a listing, however, they don't always do it, and Developer Sold units don't have to be a member of their local chapter of the Association of Realtors, therefore, they do not have to comply with MLS Rules.

FYI- many preconstructions are listed in the MLS. If you are questioning the sales in Arial Dunes, they have been appearing as closed sales in the MLS, and those particular units are part of this data. You probably noticed the spike in closed sales for Condos from Sandestin to Okaloosa Cnty, from June having 22 to July, which posts 159 units closed. You will most likely note that the DOM (Days on Market) for Condos in that area is only 29, which is probably due to many Realtors not entering the listing data in a timely manner -- these units were listed and reserved long ago.

Remember to take this data with a grain of salt. Garbage-in/garbage-out. If you do notice unusual numbers with my data, just ask -- there is a likely chance that it is due to some information not readily available to the general public, eg- knowing the Arial Dunes units closed in July. Maybe I won't know the answer, but there are other intelligent and trustworthy Realtors on SoWal who may know and chime in.

I like looking at the data divided into the different areas which I show now. For technical issues which I won't go into, I think the division of the properties works well at getting the most accurate information to you. However, nothing is set in stone. If anyone has an interest in seeing other data based on local sales, let me know, and I will see what I can do to get it to you.

 

[Beachlover2]

SJ

Thank you for posting these numbers - I find them very interesting and always spend time trying to figure out exactly what this means to me and my situation. Information is power and I do appreciate your help in providing more info to us. :clap_1: :clap_1:

 

[Beachside]

Cannot tell you how much I appreciate your efforts on posting the sales numbers so regularly. It really helps to have the facts as we all evaluate our real estate portfolios.

Didn't Luau Building II close in Sandestin in July which would account for the short DOM as well as the # of units sold??

 

[SHELLY]

Remember to take this data with a grain of salt. Garbage-in/garbage-out. If you do notice unusual numbers with my data, just ask -- there is a likely chance that it is due to some information not readily available to the general public, eg- knowing the Arial Dunes units closed in July. Maybe I won't know the answer, but there are other intelligent and trustworthy Realtors on SoWal who may know and chime in.

Interesting thing about these pre-constructions that are now closing out:

...if a number of people in the same condo closed at 2004 prices, let's say $300,000ish, and then a number of people want to try to sell their condo at 2005 prices, let's say $550,000ish, and considering a buyer needs to float a loan--how is the bank's appraiser going to justify a $550,000 loan when almost every comp (the best comps coming from the exact same building) sold for $200,000 less in the last couple of weeks?

Telling the bank that the price includes a 32" plasma TV in the deal isn't going to help--besides, who in their right mind would want to make payments on a TV stretched out over 30 years? :roll:

 

[dsilvar]

Interesting thing about these pre-constructions that are now closing out:

...if a number of people in the same condo closed at 2004 prices, let's say $300,000ish, and then a number of people want to try to sell their condo at 2005 prices, let's say $550,000ish, and considering a buyer needs to float a loan--how is the bank's appraiser going to justify a $550,000 loan when almost every comp (the best comps coming from the exact same building) sold for $200,000 less in the last couple of weeks?

Telling the bank that the price includes a 32" plasma TV in the deal isn't going to help--besides, who in their right mind would want to make payments on a TV stretched out over 30 years? :roll:

Just ask Pete Smith..Okaloosa county property appraiser..he will justify it for you..
Oh and thnks SJ for the stats... another demonstration of the milk of human kindness.

 

[Smiling JOe]

Interesting thing about these pre-constructions that are now closing out:

...if a number of people in the same condo closed at 2004 prices, let's say $300,000ish, and then a number of people want to try to sell their condo at 2005 prices, let's say $550,000ish, and considering a buyer needs to float a loan--how is the bank's appraiser going to justify a $550,000 loan when almost every comp (the best comps coming from the exact same building) sold for $200,000 less in the last couple of weeks?

Telling the bank that the price includes a 32" plasma TV in the deal isn't going to help--besides, who in their right mind would want to make payments on a TV stretched out over 30 years? :roll:

Shelly,
Good question and difficult for appraisers to do, I am sure. Most likely, they will take into account that the reservations were made in 2004 for the cheaper sales. However, with this slow market, it may indeed be difficult to justify $550K for that same unit, today.

Thanks to everyone for your comments.

 

[Smiling JOe]

Didn't Luau Building II close in Sandestin in July which would account for the short DOM as well as the # of units sold??

It may have, but it is not listed in the MLS as such. In the MLS, Luau II, accounts for only 1 closed sale in July '06. Ariel Dunes accounts for 100 units sold in July, with an average DOM equalling 21 days, however the DOM is very incorrect as most of those listings do not have the DOM calculated by Solid EArth, the data system which ECAR uses. Most were listed in 2004 and did not close until July '06.

As I said, use the info with a grain of salt. Garbage in = garbage out. ;-)