Real Estate Market

I know it has become a monthly comment but the number of Listings continues to decrease. The all time high reached 3300 units after Katrina. We are not at 986 units and this only includes 19 Foreclosures and 65 Potential Short Sales. The Total Sales INCREASED by 17.74% from 2010 to 2011.

CONDOS:  The Sales Price to List Price remains the same at 93.33%. The average Sales Price  increased from 252,389 to 300,039. Of the 62 sales, only 5 were Foreclosures. 

HOUSES: The number of closings increased slightly to 27 in December but this is typical for this time of year.  The number of listings decreased to 431 houses for sale. The List Price to Sales Price increased to 94.91% which is encouraging.

WATER FRONT LAND: There was only one water front land sale. Therefore, the stats are not reported.

As mentioned above the amount of inventory and the level of demand continue to show positive signs. Interest rates remain low but the ability to get loan approval is much harder than years past.

Cash buyers seem to have the best of both worlds.  I believe 2012 will be better than 2011. We are all ready seeing signs where a complex or a subdivision may have had 20 units For Sale at any given time and now only have 3 or 4 units For Sale. Changing to a Sellers market, it could happen.