While other areas have seen some improvement year-to-date sales for the surrounding Graeagle area are only slightly ahead of 2012. With so few sales it is difficult to determine whether the average price is different from last year or not. It is not atypical for the second home markets to trail metropolitan areas both on the up-swing and the down-turn. As we begin our peak sales period, we at Graeagle Associates, are looking forward to a more robust sales cycle.
The 2012 real estate sales year had several changes from the prior year, both positive and negative. First, and most importantly, residential home sales (92 units) were up about 50% over 2011. Secondarily, of those residences, 35% were either bank owned or short sales and 52% were sold for less than $200,000. For comparison, sales data from 2011 shows 41% bank owned and 46% under $200,000. Here is the spread sheet for the residential sales year 2012 Area Sales and for vacant land 2012 Lots & Land
The Sales Summary Report for the area subsets shows a 63% increase in sales with 30% of sales either bank owned or short sales. The average price was only about 7% lower than the previous year, the least amount of decline in the last five years. Local Area Market Sales ’12
The Sold Analysis report shows 2012 sales data broken down by specific areas of Eastern Plumas Country. 2012 Sold Analysis
This report highlights sales by value. Graeagle Stats
It was no surprise that the second half of the year represented 62% of the sales due to the winter conditions. The Valley area had 61 residences sold in 2011 compared to 28 & 51 for 2009 and 2010 respectively. The “bank owned” or repossessed properties and “short sales” where the selling price is less than the mortgage amount was up by 4% to 41% of the total sales. Also noteworthy is that 46% of the total were residences that sold for less than $200,000.
This report shows sales in Eastern Plumas County by area. It further breaks down the data by single family residence, condo/townhome or lots & land, giving gross listed value vs gross selling price: 2011 Sold Analysis
The following report is a chart comparing a number of neighborhood sales data over a seven year period: Local Area Market Sales ’11
This report shows the Valley data by price range: Graeagle Stats 2011
Vacation communities across the United States are showing big signs of a rebounding real estate market, reporting soaring sales at levels that have not been been seen since the days of the housing boom, The Wall Street Journal reports.
The increase has been driven by deep discounts and cash purchases, analysts say.
“We haven’t felt energy like this in a long time. Buyers sense that they’ve been on the sidelines long enough,” says Ned Monell, a real estate professional with Sotheby’s International Realty in Palm Beach, Fla. Palm Beach posted a nearly 40 percent annual increase and a 54 percent increase in homes under contract.
The following is a sampling of vacation-home communities that saw an increase last year (percentage is the increase in home sales from 2009 to 2010):
▪ Barnstable County, Cape Cod, Mass.: 9 percent
▪ Hilton Head, S.C.: 13.6 percent
▪ Mercer Island, Wash. (waterfront): 181.8 percent
▪ Palm Beach, Fla.: 39.3 percent
National Association of REALTORS® Chief Economist Lawrence Yun attributes the increase to gains in the stock market and an overall improving economy. He says prices in these areas have come down so much that there’s been high demand for these properties among buyers, particularly in areas with stable labor markets.
Source: “Market for Vacation Homes Is On the Rise,” The Wall Street Journal (Jan. 10, 2011)
3.8% tax on your next Real Estate transaction?