Cloudcroft Area Real Estate Update 2010

The Everett Team at Prudential Blue Water Realty not only provides exceptional service for buying & selling real estate, but we also strive to provide education in regards to local market trends & analysis.  To that end we have provided market statistics, full year 2010 as compared to full year 2009.

Our analysis & summary of this information follows:

Residential Mountain

Category 2009 2010 +/- Var % Var
Quantity Sold 104 99 -5 -5%
Volume Sold $ 19,393,252 18,393,181 -1,000,071 -5%
Average Sale $ 186,474 185,790 -684 0%
Median Sale $        
Quantity Active 175 220 +45 +26%

 

As you recall, 2009 was a stable year for Residential Real Estate in The Sacramento Mountains.  Our performance for 2010, while not as good as 2009, appears to be maintaining stability.  Both the quantity of home sold & the dollar volume sold was down 5% verses the previous year.  However, the average sale price per home is basically flat & holding value at $185,790.  As long as this average price per home doesn’t begin to loose value, I consider our market stable.  The primary culprit that creates an un-stable real estate market is too much inventory coming to market at one time.  Here I have some concerns.  Our inventory level is up by 45 homes or 26% over last year.  My hope is that this is an anomaly caused by the very harsh winter last year, when there was no point in having your property on the market; verses our mild winter so far this year.  Our 1st quarter of 2010 will shed some light on stability of value vs. higher inventories.

 

Residential Cloudcroft (Village only)

Category 2009 2010 +/- Var % Var
Quantity Sold 37 32 -5 -14%
Volume Sold $ 6,624,795 5,699,524 -925,271 -14%
Average Sale $ 179,048 178,110 -938 -1%
Median Sale $ 165,000 169,242 +4,272 +3%
Quantity Active 64 77 +13 +20%

 

My analysis for the Village is basically the same as the entire mountain, however a bit more extreme in every indicator.  Both quantity of homes sold & dollar volume sold were down a whopping 14%, which normally is cause for concern.  However, once again, the average price per home was down only 1% at $178,110 & the “median” price per home was actually up 3%!  We are facing the same issue in the Village as we are on the mountain as a whole with inventory up  20% over last year.  In my opinion, we continue to be “in strong hands”…meaning our property owners tend to be more conservative than in many other 2nd home markets.  Many have nexium tablets online paid cash, therefore no leverage, therefore no panic selling…therefore STABILITY.  We are Blessed!

 

Land Mountain

Category 2009 2010 +/- Var % Var
Quantity Sold 86 41 -45 -52%
Volume Sold $ 4,036,500 3,230,280 -806,220 -20%
Average Sale$ 46,936 78,787 31,851 +68%
Median Sale $        
Quantity Active 532 265 -267 -50%

 

Our trend in land sales during 2010 continued on the same path as 2009.  The story is that the “little guy”, buying 1 lot at a time is all but gone, but the “big guy”, serious land investors increased.  Supporting indicators are total units down 52%.  This is a little scary but the average sale price per unit was up a huge 68% or $31, 851 per parcel over last year.  An even healthier sign;  inventory is down by 50%, that’s 267 less parcels for sale!  I believe this indicates that the “hard asset play” (moving monies into “hard assets” vs. stocks, bonds, currency) continues due to fears of inflation, currency debasement, budget deficits, etc.  People want something tangible.  The “smart money” seems to have increased.

In summary, we continue to believe that our little slice of heaven remains a very safe place to not only invest your hard earned money, but to enjoy the tremendous quality of life as well!  Terri & I followed our own advice in 2010 & utilized a Self Directed IRA to purchase a cute little vacation rental cabin in the Village.  I can’t think of a better place to “park my savings”.  Let me know if you would like information on a Self Directed IRA which allows real estate purchases.

The Everett Team at Prudential Blue Water Real Estate wishes you a happy & prosperous New Year.  We had a wonderful 2010 performance & were blessed to have sold more listings than any other Realtor on the mountain & closed more buyers than any other Realtor on the mountain.  We are SPECIALIST in what we do.  Please give Randy a call at 575-430-0510 to discuss any real estate listing questions or for help with buyer questions call Georgia at 575-430-8520.   We can also be reached via e-mail at:  Everett.Team@gmail.com .  Take some time and visit our website at:  www.CloudcroftRE.com where you can see our newest listings and search the MLS. 

 Randy Everett                             Georgia Rink                        Terri Everett
 Associate Broker                        Associate Broker                Unlicensed Assistant
 Listing Specialist                         Buyer Specialist                  Marketing &Administration