Published: January 29, 2008 09:00 am         

Real estate market sound in the county

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By TESA CULLI

tesa.culli@register-news.com

MT. VERNON — The real estate market in Jefferson County has been on the rise since at least 2006, according to information from local real estate agents.

“In 2006 in Jefferson County, our sales were up 8 percent,” Tom Cox of Coldwell Banker said. “And, our property values also increased by 8 percent. ... We have a low unemployment rate here, and those show a good, strong economy. There are good things on the horizon.”

Myron Foley of MG Foley Real Estate said some of the tools used by all area real estate agents help keep the housing market in a good place.

“Use of the (multiple listing service) and co-brokering ... give us the best data to help the buyer and the seller,” Foley explained. “We have access to the MLS, which is a database. ... There are closed sales available and when you’re trying to figure the right price for property, using comparable sales which ideally would be three in the last six months of the same type in the same area, you can help predict value.”

One month into the new year, real estate sales are up about 3 percent, according to Cox. Cox said there is a perception in the area that there are a great many properties on the market — which isn’t true.

“We hear stories about seeing a lot of signs,” Cox said. “What people don’t realize is that whenever we list a property for sale, we don’t put up only one sign. We now put up many to lead in to where a property is located.”

Foley said the local market has been “very good.”

“We didn’t see the drastic decrease in prices, unlike other areas seeing declines,” Foley said. In addition, Foley explained the commercial real estate market has been on the increase.

“Commercial property sales are already up from last year,” Cox said. “We already have three which will be closing by the middle of February.”

     

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