We have seen a recovery in the Real Estate Markets in Naples and Marco Island. In the article below, the report is that trend is now nationwide, especially in the hardest hit markets around the country. This is more of an indication that we are seeing the bottom of the market. With inventories shrinking and pending sales increasing, it is only a matter of time before pricing will be affected. For years, buyers have been asking us when they should make their move. With interest rates still at all-time lows, it looks like now is that time.
Housing inventory down 22% nationwide
WASHINGTON – Jan. 24, 2012 – Housing inventory slid to 1.89 million homes in December – down 6 percent from the previous month and 22.3 percent from the prior year, according to Realtor.com.
In the 145 markets tracked by Realtor.com, only Springfield, Ill., registered a year-over-year increase. Inventories plunged 49.7 percent in Miami, 49.1 percent in Phoenix, and 46.6 percent in Bakersfield, Calif.
Meanwhile, the national median price edged up 5 percent year-over-year.
Asking prices – the amount sellers include on a Realtor.com listing – climbed 32.5 percent in Miami, 21.7 percent in Naples, 21.5 percent in Fort Myers-Cape Coral, and 19.4 percent in Punta Gorda, according to Realtor.com.
However, asking prices were down 11 percent in Detroit, 10 percent in Chicago, 7.6 percent in Las Vegas, and 7 percent in Sacramento.
Source: “Housing Inventory Ends Year Down 22 Percent,” Wall Street Journal (01/19/12)
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