August Mountain Empire real estate summary

Posted at 4:14 PM, Sep. 9, 2008

 How are we doing in the Mountain Empire this past month? Not bad in some respects. In a typically slow period of our selling year, we had 2 lots and 5 homes go in escrow. Sales is another story as only one lot sold and that was for $88,000. In 2007, 4 homes and 6 lots closed escrow for a total of $3,500,000. 

Since a month does not a year make, we need to look at the year to date before forming a conclusion. In 2007 there had been 57 closed transactions through 8 months. These were split almost equally between land and homes. The total was $22,784,000. In the same time period this year, there were 25 transactions closed for a total of $14,201,000. So, we have had less than half as many closings and dollar volume is off 38%. The good news for sellers is that the price per square foot is up to $225 for $193. The bad news for sellers is that the price per acre is down to $15,548 from $19,500. Thus, as we have said for a while, land sales are still trying to recover from the boom times while home sales are recovering albeit with fewer transactions.

I continue to see more internet and foot traffic and have recently written contracts for both homes and land. To see waht is for sale, please check our website, www.sonoitaproperties.com.