Lela's Fall News Letter

Lilas "Lela" Ashkarian PA, CRS, E-PRO, GRI (Coldwell Banker Schmitt Real Estate) — Wed, 31 Oct 2007 16:01:18 -0500

To present a balanced overview of 2007 and current market trends, we must first revisit what's taken place since 2005. The first quarter of 2005 was the all-time high sales period in our history and the trends we'll discuss date from that time.

During the 1st nine months of 2006, the Keys-wide number of sales for all properties declined -48% and the average sale price was up +1% versus the same period in 2005. By the end of 2006, the number of sales had declined -45% versus 2005, while the average sales price went up +2%.

Over the 1st nine months of 2007, the reduction in sales was down
to -12% with a -7% drop in average sale price compared to the
same period in 2006.

The trend of declining number of sales is leveling off while average sales prices are continuing their decline in the face of large inventories of properties for sale. The number of sales in 2007 is
off -54% from 2005 and -62% from the peak number for calendar year 2004.

The year-to-date 2007 dollar value of sales declined -19% compared to the same period in 2006, reflecting reduced average sales prices in 2007. From January to September 2006 it was down -44% compared to the 1st nine months of 2005.

Average days-to-sell rose +32% compared to 2006, which in turn was up +17% over 2005. The lowest days on market measured
was in 2004 at 140 days compared to a current 228 days.

The original list price (the price of a property when initially listed for sale versus the list price at the time the property goes under contract), which provides a more realistic indication of the market, during the January to September time period was 82.5%, off -4% compared to the same period in 2006. The average "Sold Price" YTD for 2007 is $744K, a -7% drop from the $802K during the same period of 2006, which was the all-time Keys high.

For a copy of this Fall Newsletter you can email or call Lela at 305-395-0814 or lela@coldwellbannker.com or visit lela at www.BigCheeseRealtor.com www.FindHomesInTheKeys.com

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Lela's Fall News Letter