Thursday, January 3, 2008

December 2007 Recap

John Holbrook – Realtor - Amelia Island, Fernandina Beach & Yulee Florida

December 2007 Nassau County Florida Real Estate Recap of closed sales (sold properties) that were recorded in the MLS as of 1/3/08.

December Sold MLS 2005
Residential 100, Condos 88, Lots 42

December Sold MLS 2006
Residential 88, Condos 27, Lots 11

December Sold MLS 2007
Residential 42, Condos 5, Lots 12

Current Active Listings 636 lots and acreage, 779 Homes, 322 Condos.

Average selling price for December of 2005 was $329,000 compared to $284,000 for December of 2007.

Search The local MLS with the REALTOR IDX feed at

B of A National Monthly Real Estate Agent Survey
Lower Prices Help Traffic, But Further Price Declines Scaring Buyers

Traffic up as lower prices and mortgage rates help ease affordability. Our
traffic index improved to 28 in December from 20 in November, still at weak
levels, as agents lowered expectations for the typically quiet month and bargain
prices lured some buyers off the sidelines.

Spring season likely to disappoint. We expect traffic to fall short of expectations
in Spring as fewer buyers’ qualify for mortgages based on tighter lending
standards and lower appraisals, based on responses to our survey. We do not think
that December is a good barometer of Spring traffic given that traffic is generally
light in December and expectations are low.

Foreclosures drive prices lower. Our price index was essentially flat at 18 in
December, up from 17 in November (readings below 50 indicate sequentially
lower prices). Agents noted price declines in every market we surveyed as more
foreclosures undercut asking prices, forcing sellers to match lower prices. We
think further price declines will reduce buyers’ confidence and traffic for fear ofoverpaying before home prices bottom.

John Holbrook - REALTOR 904-415-0171

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