Posts Tagged ‘march 2011 market report for st augustine’

March 2011 Real Estate Market Report from St. Augustine Team Realty

Wednesday, March 16th, 2011

by Sean Hess (Sean@StAugTeam.com), Broker and Manager for St. Augustine Team Realty (www.StAugustineTeamRealty.com).   Join us on Facebook.

To See the Statistics along with this summary and video, go to the Market Report Page at StAugustineTeamRealty.com.

Homes: Home sales are on par with last year in terms of average price and unit sales, and we expect this for the next three months (last year home sales were boosted by the tax stimulus in a weak economy). This year the economy is stronger…after April or May we should see residential prices continuing to show appreciation when compared with the non-stimulus sales of 2010.

A unique twist this month: January price points are typically the lowest of the year. But this year January was unusually strong while February was unusually weak. Unit sales, however, remain strong.

Condos: Condos are still down. As in residential, however, January was unusually strong, and February was unusually weak. Coupled with a unusually strong February 2010 to compare with, the condo market this month looks weaker than it probably actually is.

One thing is clear however, the bargain hunters are still raiding the market below $140,000…that’s where the majority of sales are still even though inventory is getting scarce in those price points. If you are a buyer looking for a deal, it’s still a buyers market above $200,000 and especially above $500,000.