Some 23.8% of 1,000 local real estate brokers, agents and appraisers in the Gulf Coast area surveyed by Clear Capital reported a negative impact on their markets from the disastrous oil spill.
The Truckee, Calif., company reports over 50% of those reporting a negative impact also reported a decrease in housing values by anywhere from 5% to 15%.
The analysis shows the number of sales has dropped dramatically year-over-year in many markets, even those that have not experienced a decrease in price or physical oil damage.
Markets inland from the coast whose industries rely heavily on the Gulf are also reporting a slowdown in real estate activity. So much so that 41% of respondents in unaffected areas are unsure about what the future holds for their area while 15.3% anticipate a decline in housing prices.
Nearly one-in-four real estate professionals polled report a negative effect even in markets with no physical damage.
For example, markets inland from the coast with industries that rely heavily on the Gulf are also reporting a slowdown in real estate activity because of related job losses.
Physical property damage from the spill was reported by 3.2% of survey respondents.
The southern coastal area of Alabama and the Florida Panhandle reported the greatest concentration of physically affected areas. All of these areas estimated at least a 5% to 15% decrease in property values.
In Mobile, Ala. the number of home sales fell 25% in June from one year ago. Other areas along the coast of Alabama and along the Florida panhandle also reported decreased sales and property values as a result of the spill.
