Coastal Real Estate and Lifestyles

A year ago inventory was plentiful.  Things are a little more settled down for now; however,  pricing and presentation are still very key factors.

This chart is from our office’s internal Market Trends report (data is taken directly from the Multiple Listing - MLS) comparing current inventory to new listings in Ocean Colony between October 2008 and October 2009:

Available listings in Ocean Colony on 11/20/2008 - 22

Available listings in Ocean Colony on 11/20/2009 -  9

There have been 14 closed sales from October 2008 to October 2009 broken down as such -

Attached homes - 2 (both bank-owned, REO)

The lowest sale price during this time period was on Pinehurst Lane.  The REO sale on 10/14/09 for $541,900 was 38% lower than the original asking price on 11/7/2008 ($869,900).  The last sale price in Feb 2004 was $715,000.

Detached homes - 12 (1 short sale; 1 lease option)

The highest sale price during this time period was on Ashdown Place.  The sale on 10/6/08 of $1,924,000 is less than 2% off the asking price of $1,949,000 on 9/26/08.

Spyglass homes - no sales during this time period

I did not look at Ocean Corners condos for this post.

There have been 12 single family home listings that have not sold during the same time frame - that means that they’ve either cancelled, withdrawn or expired.  Sometimes the seller takes the property off the market for various reasons (for example - refinance, visitors, short term rental, exhaustion). 

A brief six month look - May to Oct 09:  The highest sale in the last six months was $1,625,000 on Cypress Point Rd. among 7 of the 14 sales.  Four homes came off the market. 

In my opinion, this neighborhood - like many others - has been soft for the past year and continues to be soft for now.  I think the number of new listings coming on the market will remain low until next February or March 2010.  Since last year was such a turbulent year, the Coastside’s spring selling season of 08 didn’t start until later in the Spring, but my feeling is that it may start sooner this coming year, more in line with a normal pattern.  I could be completely off, but this is what my gut is telling me.

Related article:

Ocean Colony Facts, Figures & Trends - August 14, 2008