It’s mid September 2006 – A busy summer here for sure, but now we shall be back to periodically offering information and updates and even some personal commentary. Real Estate condominium sales continue in the “bubble burst” mode. Condominium settlements for August 2006 compared to August 2005 were down 55 percent. New contracts generated in August 2006 compared to 2005 declined by 46 percent. Statisticsare available and offered by the Coastal Association of REALTORS .. CLICK HERE TO REVIEW THE ENTIRE REPORT AND PRINT IT OUT. http://www.coastalassociationofrealtors.org/statistics/2006/caroccc0806.pdf
The statistics as noted in this report continue to show a dramatic slump in real estate condominium sales in Ocean City Md, whereas Single Family home (purchased primarily for primary homes and not as 2nd homes or rental investments) sales locally remain comparable to nationwide trends with 7 to 10 percent declines. Cyclical trends in real estate specific to Vacation Destinations in the US have shown such trends previously in the 1980′s and very early 1990′s . 2nd home purchases are a long term investment. Condo sales trends may take an upturn up again in a few years or 10 years. Only time will tell.
