Bethany Real Estate; The Good, The Bad and the Ugly
The Case-Shiller Home Price Indexes fell for the fifth straight month in January with the 10- and 20-city composites each dropping 0.8 percent from December, Standard & Poor’s, which compiles the indices, reported Tuesday morning. The 10-city index slid to its lowest level since May 2003 and the 20-city index dropped to its lowest level since December 2002.
Fenwick Island and Bethany real estate was down 4% in total units sold but on the good side the average sales price was up from $728,444 to $984,597 which could be attributed to several higher end homes that had settled. The average list price of new listings was down 11% from 2010.
Across the country home prices fell in 16 of the 19 cities studied with Phoenix, Washington DC and Miami the only that showed improvement. Since January of 2011 the 10 city S & P index fell 3.9% and the 20 city S & P index fell 3.8%. Denver, Phoenix and Detroit saw and increase.
Real estate prices have also increased in Washington D.C. for seven of the last 10 months. Hopefully, some of that momentum will help us here in Bethany Beach and Fenwick Island.
However, home prices have fallen month after month in Las Vegas for seven straight months and for 15 of the last 16 months. Real estate prices have also dropped for six straight months in Seattle, San Francisco, Los Angeles, Boston, San Diego, and Atlanta. San Francisco has seen the sharpest decline of 2.5% then followed by Atlanta at a 2.1% drop in real estate prices.
Atlanta had the overall greatest yearly drop in home prices where home prices were off 14.8% followed by Las Vegas which had a drop of 9% in real estate prices.
Since peaking in June 2006, the 10-city S & P index is down 49.1 percent and the 20-city index which peaked one month later is off 48.6 percent. Bethany real estate did show improvement west of the canal which was up 3% but the average price fell 10% to $300,766.
Audrey & Frank Serio, CRS
REMAX By The Sea
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