Is Your Real Estate Market the Same as Ours?
It has been my experience that all real estate markets are not the same. You should seek out and rely on local numbers.
Even a few miles outside your target area can really make a difference.
Is your “boom”coming?
Is your “boom” already here?
Or is it gone?
Inventory is Key
Let’s take a look at active listings (often referred to as “inventory”) to determine whether it is a Buyer’s or Seller’s market. If you’re interested in the Southwest Florida real estate market, these are the figures for our market of single family homes:
January 2013 = 1500+ active listings.
July 2013 = 1000+ active listings.
January 2014 = 2000+ active listings.
As you can see, the first half of 2013 is moving towards a seller’s market as the number of the homes on the market decreases by several hundred.
But wait… take a look at the abrupt turnaround from July to January 2014 – the inventory has increased considerably. From about 1,200 to just over 2,000 active single family homes on the market. (click the graph to expand the view)
What is this telling us?
This tells us that the market has changed and is moving back to a buyers’ market.
More active listings = more for buyers to choose from. And sellers have to be on their game if they want a buyer to choose their home over another.
Now is the time to really get serious if you’ve ever considered buying property in Southwest Florida.
Get yourself a good Realtor and start looking – there are some excellent bargains out there!