There are currently 90 active listings. 13 are new construction. 7 of the listings are pre-foreclosures, 5 are foreclosures. Foreclosures have increased in the area in the past 3 months as shown below. Most are in St Leonard. Get an updated list on foreclosure vacation homes at my site.
Six homes went under contract. Pending sales jumped this month as seen in the chart below:
Four homes sold in March of those 1 was a pre-foreclosure. Home prices range from 94,900 for a foreclosure to 1,730,000 for a large waterfront home. View homes for sale and information on vacation and second homes in Saint Leonard, Port Republic and Broomes Island area go to http://www.SouthernMarylandVacation.com/
Phyllis Minik, www.westernshoreblog.com
There are currently 61 active listings. 18 are new construction. There are no foreclosures or Short Sales Listings for this month. Solomons has not been hit with many short sales and foreclosures so far.
Three homes went under contract. Below shows the 3 months of past pending sales.
Two homes sold in March. Below is the chart for the pas 3 months of sales.
Home prices range from 99,900 for a 2 bedroom home built in 1930 to 1,290,000 for a large waterfront home. View homes for sale and information on vacation and second homes in the Solomons area go to http://www.SouthernMarylandVacation.com/
Phyllis Minik, WesternShoreBlog.com
There are currently 216 active listings. 38 are new construction. 16 of the listings are pre-foreclosures, 14 are foreclosures. The chart below shows the foreclosures for the last 3 months. There was a jump in March.
Thirty homes went under contract. THe chart shows pending sales over the last 3 months. Pending sales almost doubled this month.
Eighteen homes sold in February. Another large jump can be seen in home sales. The chart below show 3 months of data.
Of those sales 7 were foreclosures and no pre-foreclosures sold. Home prices range from 85,036 for a 2 bedroom bank owned home to $3,478,000 for original customs home built in 1730. View homes for sale and information on vacation and second homes in the Lusby area go to http://www.SouthernMarylandVacation.com/
Phyllis Minik, WesternShoreBlog.com
The National Association of Realtors reported that the sale of vacation homes fell 30.8 percent in 2008. The NAR's 2008 Investment and Vacation Home Buyers survey showed that 512,000 vacation homes were sold in 2008, well below the 740,000 sold in 2007. The market share of vacation home sales slipped from 12 percent to 9 percent in 2008. "We expected vacation-home sales to fall given the impact of a declining economy on discretionary purchases," said NAR Chief Economists Lawrence Yun in a press release. In the Southern Maryland area this did not happen. Vacation home sales have been stable here. Below is a chart of vacation home sales over the past 3 years.
On average about 30 percent of vacation home sales were paid for in cash. I sold several homes that were all cash because of inherited money. Money is still available from lenders for second homes. The best place to go for financing a second home right now is a credit union. You can find lower down payments through credit unions. Ray Gagner, a local Mortgage Consultant with C&F Mortgage says he must have 20% down for a second home sale.
"As in the market for primary residences, it appears that many sales of deeply discounted distressed homes are pulling down the median price in the second-home market," said Lawrence Yun, the Realtors group's chief economist.Deeply discounted foreclosures and homebuilders' efforts to unload inventory led median sales prices of vacation homes properties to drop 23 percent. Here we are just beginning to see foreclosures for waterfront properties. But there has been an increase in pre-foreclosures. You can get free listings in your email of vacation home foreclosures at my website.
Given that most people become interested in buying a second home are in their mid 40s, "the bulge of population approaching middle age should drive the second-home market over the next decade," added Yun. There are 44.8 million Americans in the 40 to 49 age range, a fact that the NAR thinks may drive sales for second homes in the coming decade
The average vacation home buyer purchased a property that was a median of 316 miles from their primary residence. Twenty-six percent of vacation homes were purchased in small towns, 23 percent in rural areas, 23 percent in resorts, 20 percent in a suburb and 8 percent in an urban area or central city. Seventy percent of vacation homes purchased in 2008 were detached single-family homes, 18 percent condos, 5 percent townhouses or row houses and 7 percent other.
Phyllis Minik, WesternShoreBlog.com
Last week I couldn't reach my friends for any updates. Matt, my neighbor across street came over all excited and said rockfish are in. He sighted a 50 pounder. Right now it is just catch and release.
The rockfish season doesn't open until mid April. I can't wait it's my favorite fish. Matt always supplies us with Rockfish throughout the season. Matt said Herrin, Big Bunker and Hickory shad are in as well.
Phyllis Minik, www.WesternShoreBlog.com
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Specializing in Vacation Homes, Second Homes and Retirement Homes in Calvert County and St Marys County. Including Solomons, Dowell, Lusby, St Leonard, Leonardtown, North Beach and Chesapeake Beach.
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