Market Report - Oct 2009
The local housing market appears to have hit a soft bottom during the past few months with some communities faring better than others. The median price of a single family home in Lower priced properties are seeing the most action as we emerge from the worst housing downturn in decades. In Some communities are faring better than others. Property values in Ironhorse Country Club have remained somewhat steady between 2008 and 2009 as other communities have seen values decline. And the number of sales in Ironhorse are up about one-third. With five Ironhorse homes selling between January and August, 2008, the average dollars per square foot was $163. In 2009, with eight homes selling during the first eight months, the average dollars per square foot was $161. At Ibis Country Club, there is a 25 percent decline in the number of sales during the first eight months of 2009 compared with the same period of 2008. In 2009, 48 homes sold, while in 2008 63 sold from January through August. And prices in Ibis have declined 12%-13% from 2008 to 2009. Ibis homes priced at $500,000 or less averaged $156 a square foot in 2008 and $137 a square foot in 2009. Homes priced above $500,000 averaged $231 per square foot in 2008 and $202 a square foot in 2009. Sales in higher end communities remain slow. In Steeplechase, just one home sold through August 2009. It was a foreclosure that sold at $156 per square foot, which is not representative of current market values in Steeplechase. In San Michele just one home sold between January and August 2009 and that closed at $198 per square foot, a 14 percent decline from 2008. The Weiss-Clawson Team provides market research to our clients, friends and neighbors on communities throughout REAL ESTATE MARKET APPEARS TO BOTTOM
BUT SOME COMMUNITIES ARE STILL STRUGGLING
