Real Estate Market

For the first time in eight months, the total condo inventory increased this month.  Listings increased from 1,341 to 1,457. Also, the number of sales decreased ever so slightly. 18 of the 58 sales were Foreclosures. This would indicate that probably our mix of supply and demand is stabilizing. The number of sales is lower than I would like but the total inventory is well within a suitable range. Demand is what needs to pick up.

CONDOS:  The Sales Price to List Price increased to 92.55% of List Price. The average sales price decreased from $259,908 to 217,834. Our current supply of inventory is around 25 months which is a lot better than years past but this still needs improvement. 

HOUSES: The number of closings  decreased to 26 closings in February.  The List Price to Sales Price increased to 95.74%. and the average sales price INCREASED. Thus, I believe the housing market has also reached a new plateau. 

WATER FRONT LAND:  There were two waterfront land sales in February at 81.33% of List Price. That's four months in a row.  

Five years from now you will be able to say that "I could have bought that unit for  xx dollars. Looking at the stats for the last nine months and watching the inventory steadily go down confirms that the worst is over. Many experts have come out and said that 'the recession is over." The average house prices even went up this month. I haven't been able to report that in several years.

Foreclosures and Short Sales continue to wag the tail that effects sales prices. Short sales have been in total disarray. However,  new regulations start next month which we all hope will make short sales easier to deal with.

I see that the buyers today are more the end users. The people who got pushed aside when the investors were buying and selling aggressively. Now, the prices have come down to eight year ago prices and with the rental income actually make owning real estate much more affordable and with a positive upside. So, if you have been playing the "wait and see" game it may be time to get up to speed on the current market and what is available at what price.