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Redland, FL April Real Estate Market Report (Apr 2009)

By Janie Coffey

Real Estate Agent with First Coast Sotheby’s International Realty

May 03, 2009 12:31 AM

Redland Active Listings -369 (similar to last month) 36 are NEW listings
    10 are "luxury listings" (ie over $1,500,000) -
    102 are short sales
    29 are foreclosures
    Median List Price - $399,000

Redland Pending Sales - 74
    0 are "luxury listings"
    21 are short sales
    35 are foreclosures

Redland Closed Sales - 10
    0 were "luxury listings"
    3 were short sales
    5 were foreclsoures
    Average List Price - $264,838
    Average Sold Price - $240,000
    List price to Sold Price Ratio - 95%
    Higest Closed Listing - $750,000
    Lowest Closed Listing - $177,500; a foreclosure

What does this mean to you?

If you have a listing in the market, there is stiff competition with over 1/3 of all listings in the Redlands being "distressed" properties, ie short sales or foreclosures. Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Redland Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Redland, FL May month in review!