■ 30A Market Summary and Analysis for Feb 2010 by South Walton Realtors Tracy and Craig Baranowski
February is always a volatile month for Real Estate…it is after the holidays…just starting the new year…before spring break…and can set the tone for the year for Real Estate. I have been looking deep into the crystal ball to see what 2010 will shape up to be and so far I have been spot on with my assessment:
- Distressed Property is making up a significant portion of sales and inventory as the number of foreclosures rise. Distressed property represented 62% of all transactions for combined residential sales in February of 2010!
- 2010 is the Year of Land! I said this back in October of last year and land sales and prices are getting blown to pieces. Year to date pending sales compared to the same period in 2009 are up 177%, lots sold up 135%..Distressed land sales are up 310%…Average price sold is down 42%...percent of selling price to list price is 78%. What this means is land prices are still too high and will continue to adjust downward until we decrease inventory. We have 3,674 parcels for sale along the Emerald Coast with only 120 parcels selling YTD in 2010. If you looking to purchase land, now is the time to start searching for some fantastic deals!
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■ Statistical Graphs through February (Single Family Sales between Destin and 30A) by South Walton Realtor Josh McLean.
(click to enlarge)
