Surge! When was the last time words like that were written in the headline, page 1 of the newspaper? Specifically, this from Bonita Daily News March 12, 2009.
These data from the Fort Myers area Realtor association and therefore underestimates the total sales for property during the period somewhat.
The increase in February 2009 over February 2008 is more than 100%. Anyway that you look at it, this is a significant change.
Now you ask why? Simple...prices are down, sales are up. This scenario just could not be better because it is the beginning for the reduction in home inventories. Now, inventory is not going to drop dramatially because there are more foreclosures to come but I'm pretty well convinced that we know where the bottom is for any given property in any given area.
Property sales and breakdown of sale situation:
Foreclosures: 66.4%, median price $73,000
Traditional sales: 19.3%, median price $196,000
Short Sales: 14.3%, median price $130,000
Short sales have dominated virtually every media outlet for the past year or more. Isn't it interesting that short sales make up the smallest component for properties actually sold? Previsouly, short sales were below 10% so they have improved. But, with the amount time spent to process these still being 3-4 weeks at a minimum many buyers lose patience and move on especially when there are so many other properties that can be purchased more easily.
Make no mistake, purchasing a foreclosed property isn't necessarily fast but at lease you have a response and a contract within 2-5 business days typically.
So, the steals and deals are out there...happy shopping. Want to see them? --> Click here
Great statistics. We have a similar ratio of short sales here in Tahoe. We have quite a few short sale escrows, but not as many closings.