Monday, January 12, 2009

2008 Nassau County MLS Wrap-up

For the year 2008, there were 660 sold properties in the MLS in Nassau County. The total sales volume was about 201 million dollars and the average sales price was about $305k. This is a drop compared to MLS sales for 2007 in Nassau County in which we saw a sales volume of about 379 million, 1028 total properties and an average sales price of about $369k.

For Amelia Island Sales (areas #1-6),our Prudential Office was the number one single office for sales dollars and continues to perform well on both the listing and selling side of transactions.

Improved affordability spurs buyer traffic.

Buyer traffic improved slightly in December. While most potential buyers are “hesitant to enter the housing market based on financial and job market security concerns,” improved affordability has attracted investors and some first time buyers seeking bargains. “Both lower interest rates and declining home prices account for the traffic increase,” comments one agent.

Financing remains tough.

The financing environment remains tough, with “changes in lending criteria discouraging buyers despite the lower rates” and banks requiring bigger down payments for entry level buyers. Appraisals are coming in at “unexpectedly low” values given what a number of agents attribute to “a lack of good comps.”

Rising inventories pressure home prices.

Home prices continued to fall in December. Despite the lack of new construction, the increase in inventory levels continued in December, largely stemming from a growing number of foreclosures. Rising inventories have further pressured prices, as distressed sales make up a sizable proportion of homes on the market. Expect bloated inventories to continue to pressure home prices in the coming months.

John Holbrook - REALTOR Prudential Chaplin Williams Realty Amelia Island, Fernandina Beach, Yulee FL 32034 904-415-0171 Search the entire MLS at

Search the Local MLS

No comments: