February 2020 Sales Report

OVERALL: February still was strong, but there was no way to match January. Still total sales were up $17.3MM over February 2019. That is 36% higher and that is without any substantial commercial activity! Overall, year-to-date we are up 62% over last year.

HOMES: The average price per square foot (ppsf) increased to $172.97 from $164.56 in January – this is abnormal for this time of the year as the ppsf usually goes down through the winter.

LOT SALES stayed the same – 76 sales but the average price per acre dropped about $6,000 to $14,204.77 per acre. This is not unusual for this time of year and we are still dealing with a small data set which can be influenced by a few sales. With all statistics, it is important to look at trends more than blocks of data.

RAW LAND SALES remained steady at 945 acres sold for an average of $5,505.22 per acre. This is up from $5,183.59 in January.

HIGH END RESORT LAND (HERL) continued to do well for the winter with 18 sales and $3.1 MM in dollar volume. This category is usually considerably slower in the winter.

COMMERCIAL had a weak month with only 6 sales for $1.3MM. Obviously, this is a big concern moving forward and will probably not change much in March. There are, however, projects that will remain in the works which could substantially improve our commercial market this year.

Foreclosure/REO Sales are still low with only 4 foreclosure sales (two being home foreclosure sales).

This is good news and indicates a stronger seller’s market and interest rates remain low allowing more people to buy or refinance.