Oil leak halted, beaches clean, markets returning to normal. With the oil leak plugged and beaches cleaned, the market reflects noticeable return in buyer optimism. While year-over-year sales this past month are down, the number of contracts (pending sales) placed this month have surged along the beach, especially in the condo market.
Condo Sales & Inventory. A comparison of year-over-year numbers show condo sales fell 27% in July (72 vs. 99 units). This month’s decline shows the effect of the oil spill this spring. Overall condo sales in 2010 remain up 14% (+74 units) compared to the same 7 month period in 2009. The good news in the condo market stems from the number of contracts placed in escrow this month. July contracts surged forward to close just under 2008 levels. Condo inventory fell 3.5% (- 88 units) this month bringing the total number of condos for sale to 2,454. Inventory is down 491 units (-16%) compared to July last year. Short sales accounted for 33% of home sales in July. Foreclosures accounted for 15%.
Home Sales & Inventory. Year-over-year comparison show home sales fell 30% in July (210 vs. 298 homes) compared to July last year. This downturn seems to reflect the combined negative effect of the oil spill and the end of the government’s tax credit program which both occurred in April. In spite of the significant retraction of the market in June & July, home sales in 2010 remain up 2.5% (+43 units) compared to the same 7 month period in 2009. Home inventory increased 23 units in July (+1%) bringing the total inventory to 3,251 homes for sale. Although home inventory increased in July, inventory is down 35 homes (-1%) from the same time last year. Short sales accounted for 16% of home sales in July. Foreclosures accounted for 13%.
Residential Land. Vacant residential land sales remain slow, but show some improvement this year. Sales this year remain the highest of the past five. While the number of sales remains too low to serve as proof of recovery within the vacant land market, the improvement makes it worth watching. Short sales accounted for 11% of all land sales in July. Short sales accounted for 11% as well.
We hope that you will continue to check back with us as we begin to blog about the place some call Paradise, but we call Home.