In Local numbers defy "doom and gloomers" I presented data for my region dispelled the notion that we are doomed. The data shows a market holding steady with some areas down a little and others up bit. It also shows that the condo market is up by double digits in some places.
Seems good but what about my specific community? How is it faring? Is it flat, too, or is something more dramatic happening? What's the data show?
There are about 500 homes in my bayside community of colonials, capes, ranches, splits and antiques. The affluent part of town it's actually two strips of land that jut out into the Great South Bay like two thumbs. Each is trimmed by waterfront homes, canals and marinas.
There were 72 homes on the market in 2006. Of those, 42 sold at an average $545K. In 2007, 65 homes were listed--but only 12 sold! However, the average price was up $36K.
Local realty firms that rode the wave are now taking hits to their professional reputations. Frustrated homeowners are pulling their properties off the market or re-listing them but with other firms. I've actually seen properties that have been listed with 3 different Realtors in one year.
The bottomeline, though, is that homes in my area are not selling for one simple reason: prices are too high.
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