The State of the Market – Lynn Haven

by Wendell Browne on February 10, 2011

One of the things that makes this job interesting is analyzing the vast array of data and seeing how the data shapes up for different locations. Generally, when you look at published real estate stats, those stats are based on a larger pool of data on a macro level. This may involve several property types, zip codes, and other variables.

In summary, those numbers may not be providing the true picture of how real estate is performing. In other words, one area may have declined by 5% over the last year whereas another area and or market segment may have declined 15%. The average decline would be 10%, however in this example, the 10% average would have overstated the decline for the specific neighborhood that was really adjusting by 5%.

This is why it is imperative to deal with a local real estate appraiser that has the geographic competency in the area that he or she works.

Let’s continue on and see how the Lynn Haven, Fl. detached single family market is performing at the macro level. Contrasting 2010 to 2009, the Lynn Haven single family market experiences a -2.76% change in the median sales price for this 12 month period. Sales volume was down -16% and the average listing price for detached single family properties dropped by -2.2%.

2-2-2011 8-02-46 AM

While prices continue to correct, the rate of decline has slowed as compared to the prior 12 month period that witnessed a -13.9% correction.

Leave a Comment

Previous post:

Next post: