Pelican Pointe Golf & Country Club – 2011 State of the Market Report

Pelican Pointe Golf & Country Club is a gated golf community, consisting of over 1,200 homes in Venice.  In 2011 unit sales were up, but prices were down. Sixteen (16%) more homes sold at Pelican in 2011 than in 2010, but, the average price per square foot went down 5% --- the median price dropped 3% from 2010’s pricing levels.  And, therein rests the challenge for sellers … seeing things as they are, not as one would like them to be; aligning one’s expectations with reality.  A home will usually sell within 10% of its active listed price, provided, however, it is priced at current fair market value.  If it is priced too high, it will likely languish on the market, not sell, and be subject to price reductions, as it “chases down the market”.  Pricing it right doesn’t mean giving it away.  As a matter of fact, the silver lining in all of this may be found in the months of inventory of homes available for sale based on closed sales.  As we enter the New Year, inventory is low with only an 8.6 month supply; last year at this time there was a 26.5 month supply.  This should stimulate sales activity and help to firm up prices.  

• Sold Homes - 16% more homes sold in 2011 vs. 2010; 56 sales in 2011, 47 in 2010.
• Average Price per Square Foot – 5% less in 2011; it was $151.33 per sq. ft. in 2010, $143.75 per sq. ft. in 2012.
• Median Price – Down 3% in 2011; $278.33 in 2010, $269.75 in 2011.
• Percentage Difference  Between the Selling Price & Original List Price --- A 3% improvement; 84.16% in 2010, 86.66% in 2011.
• Percentage Difference Between the Selling Price and the Final List Price -- 90.25% in 2011, 90.91% in 2010; fundamentally the same, in accordance with historical standards of not greater than 10%.
• Months of Inventory (Based on Closed Sales) – 8.6 month supply at this year’s end, compared with a 26.5 month supply at the end of 2010.  6 months is considered to be market equilibrium, a fair balance between buyers and sellers.

  The following chart is a more definitive snapshot of the market value of homes at Pelican Point for 2011.  Certainly, every home is different, with its own distinctive features.

Pelican Pointe Sales Activity:	For 2012
Square Feet	Up to 1599	1600 - 1999	2000 - 2399	Over 2400
Total Sold	21	12	12	11
Price per Sq. Ft. (avg.)	$128	$136	$151	$167
Median Price	$176,000	$245,000	$346,000	$444,000