By Richard Savino, President
Our Puerto Penasco Chapter of AMPI has been focusing on several major issues thus far in 2011. As reported in my prior articles, quality in; membership, transaction data and financial operations has been our stated mission this year. This focus is distributed throughout our operations by the various Directors and their functional responsibility. For example, signify cant improvements were made to the data resident in our MLS database. This is extremely important for the integrity of the data for use by agents and brokers and by related industry professionals such as appraisers and mortgage brokers. In the end, you our clients, will be better served. We have made improvements in our financial condition and financial reporting which benefits the Directors and all members. As new members join, we have focused on proper documentation and disclosure at the time of member approvals. These efforts, while not complete yet, will make us a better professional organization as we grow and mature.
A specific goal for this year is to reestablish the state of Sonora’s Diplimado licensing course here in Puerto Penasco. The State has recognized our chapter as the official organization to deliver this certification process here and we are organizing this effort with the objective to have the course available for agents and members in July of this year. Our VP of Education, Gretchen Ellinger, is working diligently on the course material and instructors as well as the logistics for the classes. Our intent is to incorporate a certified renewal course for existing licensees as well.
Real estate activity comparisons for April 2011, shows that in the residential category there were:
MAR/2011 APR/2011 APR/2010
· Number of Active Listings 641 647 613
· Number of Pending Contracts 16 10 17
· Number of Sold Listings 15 12 11
· Absorption rate (months) 47.5 48.5 54.5
· Median List Price $225,000 $222,000 249,000
· Median Sale Price $125,000 $135,925 172,500
· Sale Price as a % of Original List Price 73.7% 71.5% 85%
While we have more listings in the residential category this year, the activity has been fairly consistent in March and April of 2011. The statistics month over month are within a narrow band signaling perhaps a relative base or floor of values and activity currently. Note that the gain in median sale price compared to March could be evidence of the value floor. We need one or two more months of stable, if not increasing, median sale prices to know for sure.
Should you have any questions about this data please consult your AMPI Realtor who can provide you with additional pertinent data customized for your use. I also encourage our readers to visit our AMPI Puerto Penasco website, http://www.rockypointampi.com/, where there is meaningful information for your review including a list of AMPI members and a section devoted to frequently asked questions.
Be sure to enlist the services of an AMPI professional for all your real estate needs.
President – AMPI Puerto Penasco
Rocky Point Resort Properties