Market Report - Year End 2009
HOME SALES INCREASE SIGNIFICANTY IN 2009
AS PRICES STRUGGLE TO FIND BOTTOM POINT
We are hopeful that 2009 was the watershed year for the
The majority of homes selling were in the lower price brackets, spurred on my government policies providing qualifying first time homebuyers with as much as $8000 in tax credits or rebates if they closed on their new home by the end of November. The program was wildly successful in jump starting portions of the real estate market. Its success helped extend the program into spring 2010 and expand it to include some current homeowners.
Prices remained fluid throughout the year hitting a
Of course, all real estate is local and some communities fared better than others. The average single family home at Ironhorse Country Club declined in price just eight percent in 2009 compared with 2008; at San Michele prices declined seven percent in 2009 over 2008; large single family homes in Evergrene declined just two percent in 2009; but in Ibis prices decline about 15 percent from 2008 to 2009, and in BallenIsles, prices declined about 20 percent in the same period.
IRONHORSE: There were 11 homes sold in Ironhorse during 2009 and they averaged $159 per square foot. This is a decline of about 8 percent from 2008, but a 30 percent decline from the boom year of 2006 when homes averaged $226 per square foot. At the end of January in Ironhorse there are about 36 homes on the market, four of which are short sales. An additional five homes are under contract with two of those being short sales.
STEEPLECHASE: There were just two homes sold in Steeplechase during 2009, one a foreclosure and one a tear down. The two averaged $184.50 per square foot, but one can easily argue these are not comparable to most Steeplechase homes. The fact that about 20 homes remained on the market in Steeplechase throughout the year might indicate that residents are unwilling to accept prices significantly lower than their listing price. It is unsure how this will play out in 2010, but by the end of January, there was one additional home sold and three more under contract in Steeplechase.
IBIS: In Ibis, a community of nearly 1500 homes, about 72 homes sold in 2009, nearly the same as sold in 2008, but there were 35 percent more homes sold in the lower price brackets, those under $400,000, in 2009 than in 2008. And prices declined 15 percent for homes priced below $400,000, going from $136 per square foot in 2008 down to $115 per square foot in 2009. There was a 25 percent decline in number of homes sold that were priced at or above $400,000 in 2009 compared with 2008 sales and prices of those homes in Ibis declined 16 percent, going from $224 per square foot down to $189 per square foot.
The Weiss-Clawson Team is optimistic about the 2010 real estate market. We closed three homes in January and have three more under. In 2009 we closed 29 homes totaling nearly $11 million in sales. If you are interested in buying or selling a home in
