THE MARKET:
In early October, we hit 50 closed sales in Vasari. We are on pace for 67 closed sales during 2010. Our previous best year for MLS results was 46 closed in 2008, followed by 39 closed in 2009, 30 closed in 2007.
There has also been a reduction in the average number listed for sale through the MLS. The average number of properties on the market was 114 in 2007, jumped to 176 in 2008, 118 in 2009 and the average for 2010 has been just 62.
See the graphs below for year’s 2007 to 2010 showing average number of listings, number of closed sales and 2010 projected closed sales.
Prior to 2009 our MLS did not identify distressed sale properties. During 2009 there were 4 foreclosed and 12 short sale homes that were successfully closed for a total of 16 distressed properties. During 2010 to date, we have had 5 foreclosed and 16 short sale properties closed for a total of 21 distressed sales closed. That amounts to 41% of the sales in 2009 and 42% of the sales for 2010 to date. Our current inventory of 68 homes listed includes 3 foreclosed properties and 10 potential short sales for a total of 13 distressed properties on the market or less than 19% of the total active listings.
The current inventory of less than 10% of the homes in the community and the reduction of distressed sales available means we are approaching a balanced market. Values will continue to be affected by the offering and selling prices of distressed properties and appraisals will continue to influence asking prices. However, the market is improving. We believe that the majority of the Vasari market has stabilized and we expect increased values to be the trend for the coming year and beyond.
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