When looking at Inventory levels one can find out immediately if we are in a buyer's market or seller's market. Just how much inventory is there anyway? I can break this down by category, ie....condos, homes, lots, townhomes. I can also break this down by location, ie...Destin, Santa Rosa Beach, or Panama City Beach, FL. I can further break it down by subdivision or type of sale, ie..foreclosures, REOs, etc.
For today I am going to look at the whole pie. All listings in my current Associaition of Realtors called the Emerald Coast Associaiton of Realtors and I will concentrate on only condos along the Emerald Coast.
Currently there are 2,445 condos for sale at the ECAR MLS.
Last Month there were 74 condo sales. Multiple 74 by 12 months and you get 888. Divide 880 by 52 weeks of the year and you get 17 condo sales per week.
With 2,445 condos for sale and we are selling 17 a week currently, this means we have 143 weeks of inventory before we sell out of condos.
This is a very strong buyer's market here in my market area and the prices could not be better. We are looking at 2003 pricing in 2010 for a condo at the beach. This is terrific news for buyers looking to cash in now.
If you have questions or concerns about a particular category, I hope I can assist you.
Lifeguard Real Estate, Inc.