Nassau Real Estate Reality

The Nassau County Multiple Listing Service is a compilation of about 95% of the real estate listings in Fernandina Beach, Amelia Island, Yulee and all other parts of the county. Those not included would be For Sale by Owner and other private transactions. Some interesting numbers were brought to my attention.

Currently, there are 895 residential listings according to the MLS. Only 9 residential closings occurred between February 1st and today. That is about 1%. In the month of January 2009, there were 22 residential closings and NO commercial or industrial closings. Compare that to January of 2008 with 526 residential closings, January of 2007 showed 804 and in 2006 there were a reported 976 residential closings for the month of January. You notice a constant downward spiraling of residential closings in our community.

Some reports are showing an increase in the real estate industry for January of this year, but what we are not being told is how many of those homes are foreclosures that were purchased below the neighborhoods market value. Another number I would be interested in seeing is the percentage of ORIGINAL list price to sale price.

Yes, we all want to see the real estate as well as other industries bounce back from this currently unstable market, but we don’t want to see our home values continue to drop!

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