We closed the year with the market slowing as a result of low inventory. Despite that, 385 single family residences and 80 condos sold making 2012 the best year since 2005 when 442 residences and 75 condos sold.
This is a solid 32 percent increase over 2011.
Inventory will be the key factor and driving force for potential appreciation in the coming months. With only 99 homes on the market and 23 condominiums, sellers who have been patiently waiting for a turnaround may decide to test the waters with prices which were not attainable in the previous five years. Buyers, previously cautious, will need to determine if they have confidence in the health of our economy and the stability of the real estate market.