Jul 22

Written by: MarjTaylor
7/22/2010 10:31 PM

It is interesting to read a quote of mine from a report for the Marsh Creek Country Club 2010 Trends Report last year and the prediction that the market improvement would be "quite gradual". 

"There are a lot of pre-foreclosures out there which will keep the prices depressed; unemployment is still high, which will eliminate some of the migration here.  That is why I think it will be quite gradual.  With that said, Marsh Creek Country Club still tends to be a very popular place to live and sales there have been picking up. "

This year I am relaying a report fromNAR (National Association of REALTORS) chief economist Lawrence Yun recently that "although the supply of homes on the market is higher that we would like to see, nationally home prices are still holding and raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008."

There are currently 27 homes in on the market in Marsh Creek 1 home in Short Sale. The average list price of homes for sale is $615,800.   There have been 30 sales to date with average sale price of 402,054.  This is about the same (408,883) as this time last year. The average List/Sale price ratio is 93% which is up from a touch from 92% last year.

With fewer foreclosures and Short Sales in Marsh Creek than some of its Island counter parts, home prices appear to be stable.  Marsh Creek still remains a very desirable community in which to live.  I believe that we are looking at the new normal in our local real estate market and I do not foresee prices increasing much if any in the year to come.

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