Happy New Year! I hope everyone had a wonderful Holiday. Now it’s back to work. As I usually do, I have compiled the sales data for 2009 for single family homes and condos and compared it to 2008. As expected the numbers are down in most categories. Most of the downtrend in dollar volume can be attributed to distressed sales and/or auction (Sanctuary Condos). On the other side of the coin, units sold are about the same, meaning that most of the distressed properties were purchased, which is what needs to happen for the market to stabilize.
I do see some fundamental changes going on in the Sandbridge market. Most of the distressed properties are sold, inventory is down and interest from buyers is growing, and the lending market is improving. We’ll see how this affects sales in the first quarter of the year. As always, I will keep you posted.
Pat