Ocean Colony – 6 month update
Ocean Colony continues to have good inventory, and a few sales including some distressed property sales. Inventory is down from a year ago 21 active listings vs 14 during this period); however sales continue to be sluggish.
In the last six months (November 2009 through April 2010) Ocean Colony neighborhood has had 9 sales; 4 of them distressed sales (2 bank-owned/REO and 2 short sales) or approx 44%. The graph below shows the months these closed escrow – two in Nov 2009; one in March and one in April 2010.
The average sale price of all single family homes in this neighborhood during the last 6 full months was $988,767, with a range of $541,900 to $1,600,000. A year ago the average sale price between November 2008 and April 2009 was $1,172,800 based on just 5 sales, of which only 1 of those was distressed (REO sale). This means that the there are a few more distressed properties in the market, which we expected, and of course they do have an impact on averages. Important to keep in mind when understanding the list price. Appraisers look at all comps, whether distressed or not.
Of the total 9 sales in the current time frame, the 5 “over $1 million” listings sold for about 5% off list price (average sale price $1,206,000).
Of the 4 “under a million” listings, the sales averaged 1% off the list price. It is important to note that not all lower priced listings started out in (final) offer acceptance range. Two sold as REO properties. (one example: 265 Eagle Trace Dr was bought in 2004 for $1,100,000; it went on the market in June 2008 for $1,199,000. After 9 price reductions, this property sold for a minimal 2% off its last list price of $865,000).
There are no pending sales as of this article.