As reported in a press release from NABOR - Naples Area Board of Realtors - Naples, Florida - "...greatest market activity in the past 31 months..."
This indeed is very good news and it's based on the complete market report issued at the same time. The report is available by following the link and looking at the bottom of the page.
What is notable in the data?
Pending Home Sales - The exuberance is derived from pending home sales data. The increase in the Pending Home sales numbers is a result of buyers writing contract offers for real estate. The Pending sales data will translate into increase closed sales numbers in the next 30 - 60 days. Buyers are buying. The good deals are here now, without question.
$0-$300,000 Range - The increase in Pending sales is in this range only. But, it is extremly important especially for the second home buyer. What it means is that properties that were almost $600k just a year or so ago can now be purchased for $300,000 or less. In pending sales this category is up almost 27% over the same period last year.
Closed Sales Data - It's not just the pending data that matters. Closed sales for the same period year-over-year is up more than 33%!
Prices are going down - Well there's just no question, that is what's driving the sales and sales activity thereby further reinforcing the right time to buy. Looking at the average or the median doesn't really tell the story because it is sensitive to the range in value for the units sold. What needs to be looked at are the properties of interest and compare them to the recent and past markets for like properties. This is where the Realtor comes in.
Prices will stay down - Even though the activity has increased, the available inventory is relatively flat with new properties coming on the market. This will hold prices down.
All-in-all this is great news for home buyers. WOrk with a Realtorwho understands the local market, the market in general and local dynamics.
