· Total # of single family homes is 1326, condos – 301, vacant lots – 501
· Full time population is approximately 550 living in 318 homes
· Average sales price as of 10/5/10 was – homes $506k, condos $203k
· In 2010 so far 26 homes and 7 condos have sold for a total sales volume of $14.4 million
· In 2009 17 homes (average price - $530k) sold and 7 condos sold (average price - $253k) for a total volume of $9 million.
· As far as pricing goes, I believe we are at the bottom and beginning to stabilize.
So you may be saying to yourself, “how can prices going down be good news?” This is good news because although prices are down, activity is up. Generally speaking there two curves in real estate sales – an activity curve and a price curve. The activity curve always leads the price curve by about 6 months to a year. NO market can reach stability with excess supply of inventory. Our inventory is at an historic high and the lower prices will help with that, ultimately bringing order back to the real estate market.
The other good news is that I believe we are at the absolute bottom as far as pricing goes and again, that will help with stabilizing our market. This is ultimately a good thing. Our market can never reach “robust” without first getting to “stabilized”.
