Here are the January - June 2010 stats and 2009 for comparison -
- 64 Homes Sold
- Lowest price: $25,000
- Highest price: $1,000,000
- Lowest Per Square Foot Sold:$25.51
- Highest Per Square Foot Sold: $298.18
- 43 homes sold
- Lowest price: $48,000
- Highest price: $615,000
- Lowest Per Square Foot Sold:$40.32
- Highest Per Square Foot Sold: $226.77
I know most buyers want to hear more information about distressed sales (REO's/Bank Owned properties) and most sellers would prefer to ignore them - as they make up about 50% of our local Multiple Listing Service inventory, however, they are impossible to ignore, as they do have an impact on pricing, and value perception of the market.
Foreclosure sales are up about 50% year to year, which is good, as the sooner we get the distressed inventory (and overall inventory) to "normal" levels, we will begin to see prices stabilizing.
Pricing showed a decline of about 36% on the low side; this could be a combination of factors, including the amount of inventory available a the lower price levels, (increased competition) and possible condition of properties. I have personally seen some very rough foreclosures.
Prices increased on the high side as well, another positive sign, approximately 30%. It's also important to keep in mind foreclosures happen everywhere, from exclusive, gated subdivisions to oceanfront, and everywhere in between.
If you are interested in purchasing a foreclosure, there are certain items you need to be aware of, including: how long has it been since the utilities were last on? This could affect your inspection process, as you will have to pay to turn on the utilities prior to purchase, so you know what you are buying. If the electricity has been red-tagged by the utility service, you will need to have an electrical inspection conducted to ensure the system is functioning correctly as well.
If you are ready to list your home, call me for a comparable market analysis to see what price range you should list in, and to learn more about what sets myself and Prudential Network Realty apart from the competition.
If you or someone you know is considering a short sale, please have them contact me for a no-obligation confidential interview about their current situation and how best for them to move forward. I hold the Certified Distressed Property Expert, and am one of a mere 18,000 who do so - I can help salvage their credit, and their future.
Carol Zingone is a Broker Associate with Prudential Network Realty. Recently honored as the Realtor of the Year for Northeast Florida - an award based on community service, professional qualifications and other attributes, Carol helps buyers and sellers throughout the Beaches, Intracoastal West and Greater Jacksonville, FL areas. She can be reached at 904/993-9048 or via email at firstname.lastname@example.org.