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Pending Home Sales Rise in First Quarter
Despite conflicting information from two data sources, it is clear that home sales in Lee County Florida have increased during First Quarter 2008. Home SALES show a small decrease Year-to-Year, reflecting somewhat diminished purchasing activity in Q4 of 2007. PENDING sales show a 17% increase Year-to-Year and confirm what many Realtors are saying......buyers are beginning to "pull the trigger". Inventory levels of lower priced homes have fallen ( on a months basis) as Pendings rise. Obvious reasons include Compelling Prices and Pent-Up Demand.
Many bank-owned properties were priced too high in 2007. Not being known for aggressiveness, banks were always just a bit behind the pricing curve in 2007. Some of them, at least, seem to have figured that out and have gotten their pricing about 5% to 10% ahead of falling prices. Also, Real Estate Auctions in Lee County have become predictive of future pricing. Result? The $100,000 floor that seemed to exist in Cape Coral Real Estate during 2007, seems to have been re-established as an $80,000 floor. The $90/sq ft floor for good houses is now a $75.00/sq ft floor. That 20% write-down was apparently enough to bring out first-time homebuyers, schoolteachers, policemen and other who just couldn't make ... more
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