Showings are more active now and Settlements may be starting to increase. The properties that are priced right ARE getting contracts! On 7/29.08, according to the MLS we have 131 Single Family homes for sale (av price of $978,164 & median price $819,000), 39 active condos (av price of 474,297 & median price of $520,000) and 91 Lots for sale (av price of $353,517 & median price of $325,000). There are 8 under contract properties for upcoming settlements Aug-Sept which include 1 share, 2 condos, & 5 single family – 0 lots. The number of Solds for the last 30 days is low, but we’ve had increased showings – a good sign! The MLS is showing 3 Settlements this month: a single family home, 0 condos & 2 lots. In the last 30 days, there were 3 settlements. The code is: YR=year built, Wtr=view & DOM=days on market
Sold Asking Orig Price Address View SqFt $/sqft Close Date DOM
1,157,525 1,200,000 1,200,000 707 F;ying Fish Ocean Front 2035 568 7/3/08 96
137,000 159,000 249,000 407 Wahoo Dr lot Golf 7/24/08 689
265,000 284,000 284,000 242 Deer Run La-lot Lake 7/8/08 381
The only one with a big discrepancy between original asking price & sold price is the middle one and it’s a whopping 55% of the original price (!) which happens to be the worst so far the whole year - & I can’t begin to explain it to you.
MSN just keeps pounding us with news about the existing home sales tumbling (this month at 2.6%-more than double what had been expected). The Wall Street Journal & the New York Times aren’t much better. The mortgage rates & availability news is also not too good & probably both heading upward. BUT, IT’S A GREAT TIME TO BUY!!! The biggest fears come from inflation – with costs rising all around us; and we must acknowledge that this is true. On 7/28 we read in the Gazette (& I’m sure everywhere), that food & fuel aren’t the only culprits. Next it’s coming from companies such as J & J, & Hasbro Inc,….& Sherwin Williams, & Kimberly Clark & Dow Chemical—just to name a few.. The cost of manufacturing is way up & we’re seeing inflation with increases that will keep coming. But what if the interest rates were to also go up?…which could very well happen. Then the Buyers will kick themselves for not taking advantage of the lower home prices and the lower mortgage rates. Indeed, if you can afford it, you should take advantage of the market as it is today- low interest rates & lower home prices & quite a pick of inventory. If you’d like a FREE list of available inventory call us or visit our web site www.homesonfrippisland.com
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