LOCAL STATISTICS FOR AUGUST 2010
The Metro Market Trend report for August reveals continued positive overall trends for real estate in St. Johns County. Compared to Aug. '09 the number of single family home sales increased 14.29% and is up 16.64% YTD. Condominium sales for the same time period were up 38.36% and 42.82% respectively and the number of lot sales has nearly doubled since last year. While the number of foreclosure sales has increased dramatically, as expected (up 43.52% YTD), the number of Lis Pindens filed in the county continues to decline (down 19.73% YTD), a positive sign in the market recovery.

JUNE SALES ARE HIGHEST SINCE 2007!

The real estate sales activity report for St. Johns County produced by Metro Market Trends, Inc. shows that the total number of single family new and resales are the highest since 2007! 487 units closed in June, a 42.4% increase over June 2009.

Perhaps equally as encouraging for the future outlook of the local market is that Lis Pendens filings (preforeclosure notices) were down 17.57% from June 2009 marking the 3rd consecutive month of such a decline.

We're not out of the woods yet, but with interest rates, property values, and inventory remaining lower than normal, our recovery appears to be headed in the right direction!

St. Johns County Real Estate Still Trending Up

Metro Market Trends, Inc. has released its March 2010 real estate sales activity report and once again it's all good news. Finally!

New home sales are still sluggish but the re-sale numbers are outstanding with YTD increases across the board:
Single Family Home Resales:
# of sales up 19% YTD over 2009 and up 43% for the month over March, 2009
$ Volume up 16% for the year and 47% for the month of March over 2009

Condo Resales: WOW!
# Sales up 88% YTD and 141% for the month of March 2010 over March 2009
$ Volume up 39% and 47% respectively

Lot Resales:
Up over 100% in both number and volume of sales!

Foreclosures/Lis Pendens:
Although the number of foreclosures for the 1st Quarter increased 69% over last year, the number of Lis Pendens has gone down by 8% for the quarter. The number filed in March was down 12% for the second month in a row. Let's hope this is the beginning of the end of the foreclosure crisis.

For a copy of the report, email rob@thepremierproperties.com

WHAT TO BELIEVE?

This post is in response to a recent front page headline from our local paper that read something to the effect of "Homes Values to Drop 20% in 2010". Holy Cow, run for the hills everyone, the sky is falling! It was printed in the paper so it has to be true. Well maybe it is and maybe it isn't. The fact is that the source for that article was Forbes magazine. Maybe it's accurate. Or maybe the forecasts provided by the National Association of REALTORS are accurate. I tend to rely on these since NAR's economists have an awfully good track record. So here's a snippit of the US Economic Outlook for 2010 as it pertains to the housing market according to NAR:
Median home prices for existing homes will go up 3.7% in 2010
The number of existing sales will go up 9.9% in 2010
Here's the link for the complete outlook http://www.realtor.org/wps/wcm/connect/7e86e30040ee1e7dadcdff1f371b0c90/outlook0110.pdf?MOD=AJPERES&CACHEID=7e86e30040ee1e7dadcdff1f371b0c90
Another positive indicator is that year-end pending home sales were up 15% in '09 over '08. This is a useful index to provide a window into future home sales.
So, what do we believe in this stat happy society? I don't think anybody really knows for sure but I do know that I'm weary of those printed by one periodical sourcing another periodical for their data. And my crystal ball broke some time ago.
Here's a real indicator that you can take to the bank. Premier's numbers for January '10 were double January '09 and our projections for the rest of the 1st quarter are more of the same. I have a good feeling about this year as a moderate bounce back year for St. Augustine real estate.

2009 Ends on a High Note

As we wrap up 2009 at Premier Properties, I see a renewed sense of optimism in the office and industry in general. Our numbers have been an improvement over 2008 for October, November and December and we charge into 2010 with a full head of steam. Nationwide, according to NAR statistics, the number of residential sales in November were up 44% from November '08. We feel that this is attributable for the most part to the then expiring 1st time buyer tax credit, but there also is a feeling of increased consumer confidence and many buyers are feeling confident that our values have finally hit bottom.
We are preparing ourselves for a really busy first half of 2010 with the extension and expansion of the tax credit through June 30. Another extension is unlikely so we expect an even greater fever in March and April than we felt in October and November.

Tax Credit Extended/Expanded

President Obama has signed the extended tax credit into law. This is great news for the real estate market! NAR economists predict that 2 million Americans will take advantage of the credit this year. In addition to the $8,000 for first time buyers, they have added a $6,500 credit for home purchasers who have owned their home and used it as a primary residence for 5 consecutive years during the previous 8 year period. Contracts must by signed by April 30, 2010 and close by July 1, 201o to take advantage of the credit. Please don't wait until April to start looking at houses!

Here is a link to the specific terms of the law:
http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

SEPTEMBER SALES UP!!!

According to recent figures released, it looks like Premier Properties isn't alone in having a great September. Nationally, home resales were up 9.4% in September from the same month last year. October is pace for another positive increase in sales and I would bet almost anything that November will be way up with all of the first time buyers set to close on their homes before the credit expires. By the way, the senate is voting this week on a bill to extend the credit through June30, 2010 and expand it to include all homebuyers, not just first timers.

Here's a link to the Forbes article with complete information on September's sales figures.
http://www.forbes.com/feeds/afx/2009/10/23/afx7037443.html