Misguidance on Real Estate plunge

[SHELLY]

Correct. They had a few sales in Feb, too, if I correctly recall, but yes, the majority of the closing were due to the completion of Aerial Dunes, not just an uptrend in the market.

I can understand how even in a "challenging" market the RE sales would normally show an increase month-over-month heading into the "hot Spring selling season;" but how do those figures compare to Jan - Mar Y-O-Y? (06 vs 07).

...and are these figures comparable to the "normal" RE sales figures going back to the pre-frenzy era (in other words, a reversion to the mean?)

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[Smiling JOe]

Shelly, to answer your question in a quick fashion, in regards to the quantity of sales, single family detached homes in southern Walton County plus Freeport, were off 23.5% for the last four months ending Mar 31, 2007, as compared to the four month period ending Mar 31, 2006.

Edit: Actually, my sales data which was earlier referenced does not include the northern part of the county except for Freeport, which is included. That might be another difference in the Market Trends data.

 

[SHELLY]

Shelly, to answer your question in a quick fashion, in regards to the quantity of sales, single family detached homes in southern Walton County plus Freeport, were off 23.5% for the last four months ending Mar 31, 2007, as compared to the four month period ending Mar 31, 2006.

Edit: Actually, my sales data which was earlier referenced does not include the northern part of the county except for Freeport, which is included. That might be another difference in the Market Trends data.

Thanks SJ.

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[Smiling JOe]

a little more info on that comparison:
At a glance, inventory has ticked up slightly from this time a year ago, and prices have pretty much averaged out to be similar comparing the four month periods. For Mar 07, in SoWal, the average home (sfd) sale price was slightly over $1 million.

 

[SHELLY]

For Mar 07, in SoWal, the average home (sfd) sale price was slightly over $1 million.

What was the highest sale price paid for a home in Mar 07 and how many home sales is the average based on?

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[Smiling JOe]

I take that back. I was looking at avg list price of the sales. The average closed sales price was $998K for sfd homes in SoWal. That is based on 34 sales, which is the highest quantity of sales in the area dating back to Dec 05 when there were 38 sales. In comparison, the avg sales price in Dec 05 was $665K.

The cheapest sale during mar 07 was a mobile home closing at $107K and the most expensive closing was a Gulf Front home at $4.515 million. Eleven homes closed at prices greater than one million, with nine homes closing between $500K -$999,999, and the remaining 14 closing under $500K.

 

[Bob]

Throwing out the high and low would give a more accurate number?????

 

[fisher]

The real trend report for all of Walton County reports March Year to Date sales figures as follows:

SFH--unit sales down 17%, average price down 11%

Residential land--unit sales down 60%, average price down 30%

Condos--unit sales up 239%, average price up 22% (resale condo sales up 20%, resale condo average price down 13%--factors out the preclosing condo issue)

 

[Babyblue]

Truth be told, there are a lot of agents who are sweating bullets because they've got their own RE they're trying to unload...and their desperation is doubled since they are getting hammered from both ends (their job income AND their investment outgo--kinda like what the folks at Enron went through).

/

Did you see the Enron movie? Great flick.

 

[Babyblue]

What was the highest sale price paid for a home in Mar 07 and how many home sales is the average based on?

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2.9 in Rosemary. Off the beach.