We are now 10 months into the real estate market in the Mountain Empire of Sonoita, Elgin and Patagonia. This past month, October, was certainly nothing to brag about but I do feel we are at the bottom of the market. Prices should begin to firm up over the next couple of months and getting better as we go through 2012. Our current housing inventory represents almost 3 years and normal is about 1 year. So, a seller’s market is still far in the future.
The numbers are: We had 32 transactions in the 10 months of 2011; 22 of those were homes and 10 of those were lots. The total value for homes sold in the first 10 months was $5,930,628 and the total for land or lots was $828,500 for total market $6,759,128. This would look like we’re going to reach the end of this year at something Around $8 million in sales. That is unfortunately only about 20% of our normal volume in an average year.
As for the month of October, there were only three transactions and they were all homes. The value of the three homes was $850,287. Last October wasn’t any better in terms of volume as one home sold. However, that home sold for $852,000.
Currently there are a total of eight properties in escrow. If all the escrows close by the end of the year, the total value for those closings will be $2,489,248. That will put this market at just over $8 million for the year. I do believe that we are at the bottom of our market, or very close to it, so you buyers who are interested in purchasing in this area, (to move here or for potential long-term investment), I would suggest coming and taking a closer look. There currently still over 100 homes on the market and approximate 170 parcels of vacant land ranging from .4 acres to 320 Acres.