GOOD ENDINGS BRING GOOD BEGINNINGS

I’m optimistic about real estate sales now, and I’m ready to share the “Why’s.â€� From December 24th through December 31, 2008, 80 residential properties closed in Manatee County, 17 less than those closing for the same period a year ago. The good news is that the average sales price $260,000 was off less than 10% from the average sales price of $274,000 for the last week of 2007. Clearly, prices are leveling off, and that’s a good thing for the coming year. There are other interesting phenomena that tell me the picture is looking brighter: two homes sold at over $1 million the last week of December 2008, with one of those reaching $3,200,000. Unlike 2007’s final week when only one residence sold above $1 million for $2,450,000, both 2008 sales were not cash deals, but rather conventional mortgage purchases. All three homes were waterfront, single family homes. I believe credit will loosen and the waterfront will continue to be a best buy. Finally, I’m happy to report that sales for the first week of January 2009 are painting a good picture too! Between January 1 and January 7 this year, 20 residences have sold, at an average price of $540,000. That’s because two properties traded at above the $2 million mark, with one at $2,450,000 and the other at $3,000,000. Compared to the same week in 2008, when 34 residences sold at an average price of $382,000 and only three cleared the $1 million mark, I’d say consumers are finally buying value when they see it, and making purchases within that magic 5-to-10 percent of asking price. Change is in the air!