Contrary to what many may think, the last four months of real estate activity has shown some significant improvement. If the current trends continue, we could be looking back at this moment as the time when the real estate market hit bottom.
It's not unreasonable to assume that if activity continues at this pace the great opportunities available today are going to get absorbed much more quickly than people might expect. Are we at the bottom of values? I don't know. Are there going to be other foreclosure opportunities? Yes, there will be.
The point is that now is a great time to buy and it is apparent that there are a whole lot of people acting on that fact. If these numbers sustain themselves, it’s great news for the market. If they improve, it will mean more people will be looking to take advantage of the values and that spells more competition.
If you are looking to buy, you might want to give serious consideration to acting now. Don’t be one of those who waits right through the opportunities and five years from now be uttering that fateful phrase, "I wish I would have..."
Some interesting statistics:
January Home Sales
2009 – On Island 16; All of MLS 67
2010 – On Island 41; All of MLS 110
Final Quarter Home Sales
2008 – On Island 101; All of MLS 339
2009 – On Island 168; All of MLS 480
January Villa Sales
2009 – On Island 19; All of MLS 20
2010 – On Island 47; All of MLS 53
Final Quarter Villa Sales
2008 – On Island 89; All of MLS 96
2009 – On Island 160; All of MLS 173
January Lot Sales
2009 – On Island 0; All of MLS 8
2010 – On Island 6; All of MLS 16
Final Quarter Lot Sales
2008 – On Island 11; All of MLS 39
2009 – On Island 18; All of MLS 85
The last quarter of 2009 was by far the best quarter of 2009. The 2009 final quarter and January 2010 are better than the sales in 2007, too.
Respectfully,
Mike B.
