Derby Woods is a single family residential development in Lynn Haven, Fl. offering homes that were built in the late 70’s and early 1980’s. The predominant age of homes in the subdivision were built in mid 1980’s. The project features a mixture of homes ranging from approximately 1,500 square feet to 3,000 square feet and above.
The development is fairly homogeneous in terms of Bay County real estate with the main differences in properties being size and/or swimming pools.
Market Peak
The subdivision experienced increasing values from 2000 to 2006 with the development peaking in 2006. From mid 2006 through 2012 the subdivision experienced a cycle of decline. This is typical of many single family projects comprising the Bay County market.
The first chart below depicts the overall sales volume on an annual basis indicated by the horizontal bars. The red line running on the right axis reflects overall values on a per square foot basis.
Derby Woods Price Change from the Market Peak
The next chart reflects market change using 2006 as a base year as this period reflects the peak for this specific development. As of the end of 2015, overall values were down nearly 24% from the peak of the market. On a positive note, the decline terminated in 2012 and the area has been slowing recovering over the last 3 years.
Final Thoughts
The take away from this is that if you are an owner who purchased several years ago, you might have negative equity in the residence. On a positive note, values in the area have been recovering since 2013. If our firm can be of assistance to you in determining your equity position, feel free to visit our main website –OurAppraiser or contact our office at 850-785-0062.
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