With the 2nd Quarter 2009 recently ending, I have come up with the following comparisons from our local Glynn County MLS system for single family home sales on St. Simons Island, GA as follows:
For the 2nd Quarter, there were 35 sold transactions recorded in our local MLS system with an average asking price of $499,312. The average sold price for those 35 sales was $452,712 or approximately 91% to list.
At the end of 1st Quarter 2009, there were only 12 recorded single family sold transactions with an average asking price of $493,082 and average sales price of $432,825. To compare the 2nd Quarter 2009 sales statistics to 2nd Quarter 2008, the numbers show a marked decline in the number of transactions closed. At the 2nd Quarter 2008, our MLS recorded a total 56 single family sales (compared to 2nd Qtr. 2009 - 35) with an average list price of $674,589 (compared to 2nd Qtr. 2009 - $499,312) and an average closed price for the 56 closings of $630,138 (compared to 2nd Qtr. 2009 - $452,712).
Certainly we are seeing more activity and hopefully a start to some upturn, albeit I must say that some of the transactions closed out of our system this quarter were foreclosures /bank owned properties that were sold "as is." But definitely even though foreclosures are catastrophic to the individuals or families involved personally, I believe we will not see a recovery until inventory is diminished and the "desperation" factor isn't so central to the equation.
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