As you can see, upper tier sales have been soft in the Seaside marketplace due to a lack of secondary home buyers. Seaside has been impacted by the economy as secondary home buyers took to the bleachers when the stock market collapsed in 2008. Trends reflect that there were two additional sales above $ 500,000 with the biggest sale y-t-d being an ocean view property that sold at: $ 810,000.
Opportunists should be aware that for the first time in many years deals are abundant on ocean front homes that have historically listed for atleast 1 million + Today, a total of: 4 ocean front properties are available at under $ 900k.
The overview remains the same, properties listed at above $ 300,000 continue to languish on the marketplace for the second year in a row. The time to buy is now as the deals are HOT and inventory is a plenty!
Warrenton remains the land of opportunity. Economic growth is concentrated in this marketplace as we anxiously await the opening of the biggest Costco ever. One cannot fathom the introduction of such retail giants as Wal-Mart & Big 5 coming to our area. The growth is welcomed as it brings employment opportunities to our needy area.
That being said, Warrenton remains the land of affordable homes. New home construction has been the driver as first time homebuyers enter the market. One needs to look only at the Warrenton market for evidence of impact of the governmental First Time Home Buyers Tax Credit. I believe with great confidence that Warrenton is the place to invest for future dividends in the real estate market. Consistent with other cities in our county, sales are concentrated in the $ 200-250k price range. Let's hope that the addition of the "move up" clause that was just added to the First Time Home Buyer's Tax Credit will stimulate upper tier sales.
One note, the two existing sales are attributed to property sold in the gated community of Surf Pines, that reflects a Warrenton address.
As you can see from the sales trends above, the highest concentration of sales is in the $ 200,000-250k price range for the second year in a row. The introduction of the First Time Home Buyer's Tax Credit is to be acknowledged for the growth in these market segements. For the first time in many years we're seeing the re-introduction of home listed below $ 200,000. This is due in part to the entry of bank owned properties & short sales. Inventory in our area continues to drop from the record highs of 2008. Continued inventory declines are to be expected through the end of: 2009, when I expect another 100 listings to expire. I'm optimistic that we'll start see signs of a recovery in mid-2010.
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