Recently our pending sales in SW Florida have been cut in half!
Sounds horrible right? I agree, except that this slow down is more about a return to cyclical sales patterns <slower in the summer here> vs. REO and short sales being released into a cash fueled buying frenzied market which has hallmarked our area for 3 years.
Frankly, we are low on inventory and high on buyers. Building permits have moved higher each year and continue to drive higher. It may be a bit early for a touchdown dance but we are crossing the 5 yardline and heading at breakneck speed for the endzone. Our median values are up 25% in the last 12 months. My company serves 8 major banks in the resale of foreclosures and our inventory releases are low. Our county court house auction is gobbling any/all potential homes. New short sale listings are also anemic.
This spring season should be quite interesting. My opinion. Buyers will pay more if they wait. Simple as that.
Jack Solloway
Right Choice Realty
www.333-BEST.com
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