FOR IMMEDIATE RELEASE

September 18, 2010

ST. AUGUSTINE TEAM REALTY SEES STABLE HOUSING MARKET

The St. Augustine housing market is stablizing according to St. Augustine Team Realty’s broker and manager Sean Hess.

“In fact, single-family homes have actually appreciated this year,” Hess said.  “According to figures from the St. Johns MLS, the average sales price of a home this year is $227,107 through the end of August.  This is up 3% over the 2009 figure.”

“We’ve been telling our customers since last year that we would see stability by this summer,” Hess continued, “but the appreciation, as modest as it is, was unexpected.  Unit sales are also up.  It’s been a long time coming.”

The condo market still remains volatile, however.

“The condo average sales price is down about 21% from last year according to the figures,” Hess said. “But even so, it’s not as bad as it looks. 

“We have had a lot of investors and bargain hunters buying low-dollar condos for cash this year,” Hess continued. “When you put that many ‘extra’ low dollar sales into the mix it drives the average sale for the whole lower.  There is stability in the higher price points but you have to look at it almost on a unit-by-unit basis…some communities have hit bottom and will remain stable, some still have a ways to go.”

Anyone interested in finding out more can click on the “Market Report” section at www.StAugustineTeamRealty.com or by contacting Hess at (904) 386-8327 or at Sean@StAugTeam.com.