Real Estate Inventories at Lowest Levels Since 2005, Prices are Up

By
Real Estate Broker/Owner with M & M Realty of Brevard Inc. BK629999

Real Estate Inventories are at the Lowest Level since 2005 by Sandy Shores Broker AssociateThe National Association of Realtors has released their 2012 Year End Statistics for existing home sales.

In 2012 existing home sales increased by 9.2% from 2011.  This is the highest increase since 2007.

The National average home price increased from December 2011 to 2012 by 11.5% to $180,800.  This was a 10 month year over year increase.

The national average median price increased by 6.3% to $176,600.  This is the largest increase since 2005.

Our inventories of homes for sale at 2012 year end are at the lowest they have been since the housing boom in mid 2005. With just 1.82 million units, this is only a 4.4% suppy of inventory.

Chief economist, Lawrence Yun,  for the National Association of Realtors predicts that, "both sales and prices will again be higher in 2013."

So, those that are holding out for "that great deal" you may want to rethink your strategy and start moving forward on those good deals, if you can still find them.  Every day we are seeing fewer properties on the market for sale. 

Check out the National Association Year End Statistics.

Interesting, but we are hearing no mention of the "shadow inventory" of foreclosures that will eventually be coming on the market.

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Sandy Shores, Broker Associate, Brevard County FL Real Estate

 

Sandy Shores, Melbourne FL Broker-Associate

M & M Real Estate, Inc.

Residential, Investment and Relocations

We have a team of professionals to facilitate your Short Sale.

Melbourne Real Estate / Palm Bay Real Estate

321-253-4545 or 321-733-6080

www.SandyShoresMelbourne.com

Email me at SandyShoresMelbourne@hotmail.com

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Rainmaker
1,017,196
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Yahoo we have an improving real estate market.  I want to wish you a positive and productive 2013.

Jan 26, 2013 01:49 AM #1
Rainmaker
671,751
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Tim, Good news for all of us!  Thank you for the well wishes and the same to you!

Jan 26, 2013 02:58 AM #2
Rainmaker
1,607,599
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

Here people are making their payments and just not selling as they are upside down but realize it is the right thing to do as the banks didn't force them to get the loans.

Jan 26, 2013 04:05 AM #3
Rainmaker
1,003,796
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Generalities aside Sandy, there is some glowing activity around Florida that may be surpasing Yun's predictions.  We're not completely through the storm but at least it's calm for the time being!

Jan 26, 2013 04:09 AM #4
Rainmaker
671,751
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Joyce, It's good to hear that owners are taking responsiblity for their situations.

Kevin, We seem to be seeing quite a bit of consumer optimism here in Brevard. Buyers are scooping up properties and our inventory is certainly dwindling in the lower price points.  Investors are out in full force right now.  Our market has been moving briskly. We are blessed.  However, you are correct, the storm has not completely passed yet.  There are foreclosures that have yet to hit the market.  It seems that no one is really talking about them right now.

Jan 26, 2013 05:27 AM #5
Rainmaker
316,584
Frank Laisch
Orlando, FL
"The Insurance Guy"

Sandy, it has been a long road back here in Fl. you last comment is so true, there are still many foreclosures looming out there

Jan 26, 2013 08:57 PM #6
Rainmaker
1,516,022
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Inventories down, multiple offers up, increasing prices...all positives for the market...except the buyers who are missing the chance to get in now.

Jan 28, 2013 10:29 PM #7
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Rainmaker
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Sandy Shores FL Realtor®, Melbourne Real Estate

Brevard County Real Estate, Florida's Space Coast
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