Let us take a moment to reflect on our real estate data in 2008 as compared to 2006 and 2007. First off is a look at total sales in Gillespie County. This is all types of property, including residential, unimproved land, and commercial properties.
There was a decline in the number of properties sold over the three year period. In 2006, there were 599 properties sold; there were 406 sold in 2007, and 349 sold in 2008, a decline of almost 42% over the three years.
In terms of total dollars, sales in 2008 were almost $41 million ($40,888 million) less than sales in 2006. The Days on Market (”DOM”) increased about 10% and the average price per property increased about 22%. In short, prices are increasing, but there are fewer sales and they are taking longer to happen. As Sellers realize the additional costs of holding properties (insurance, taxes, maintenance and repairs, etc.) for longer marketing periods, this may put downward pressure on List Prices in 2009/2010.
Click here to read the complete article, from The Burg online real estate blog.
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