Gulf-front and beachside condo sales decreased about 35% in June when compared to June 2009. Prior to June, 2010 sales had increased 95% over 2009 sales for the period of January through May. If this doesn’t speak to the impact of the oil spill on the real estate market, I can’t imagine what would.
What is more telling is the increase in inquiries after the temporary cap was fitted and the oil flow staunched. By no means is a flood of buyers with fistfuls of dollars descending on the coast, but it seems that the light at the end of the tunnel may be brightening. There are still issues to be worked out, from making sure BP keeps its promise to restore beaches to their previous condition, to correcting mortgage appraisals indicating that the area is a declining market due to the spill’s impact.
At this writing, the temporary cap is still being monitored, the relief well is progressing on schedule, the beaches are being cleaned on a regular schedule, and recovery and reclamation activity continues offshore and inshore…and we all wait and watch.