The Witch is Dead! … or so proclaims BP about the Macondo well. A lot of recovery and reclamation remains but buyers started showing interest shortly after the July 15 capping. There is definitely some tentativeness in buyers, but as they see the double-red flags come down and more waters open to swimming and fishing, I predict that they may feel a sense of urgency to commit for fear that the end of the crisis will cause prices to climb.
The graph below shows that the area was poised for a recovery year in real estate sales. Notice how the first four months of 2010 compare to previous years’ first quarters. Then look at the effect of the oil spill on May, June and July’s numbers.
With the oil crisis winding down and fading from the public’s collective consciousness, the area may see some recovery in real estate sales in September and October. After that, it’s all about the Holidays and the beach is a distant thought. Keep your fingers crossed!