Existing home sales nationally are at the highest level in 3 years. The seasonally adjusted annual rate was over 5 million units sold in November. There have only been 3 times since 2007 that we have crossed the 5 million mark, one of which was tied to the ending of the tax credit for first-time home buyers back in 2009. With the dwindling inventory levels, it would take 4.8 months to sell the current supply of homes on the market (2.03 million) where a 6 months supply is considered balanced. Good news for sellers. The low inventory levels and low interest rates will help the market continue to improve and even "outperform the rest of the market in the next few quarters" according to the Wall Street Journal article. The condominium market is up 33% over last year with Florida being a large driving force in that sales growth. As far as sale prices are concerned, there has been a gained of 5.6% over last year making it the largest year-over-year increase since 2006. If you're thinking about selling or are ready to buy in Naples give Scott Pearson a call: 239-300-3534.
Scott Pearson GRI, CRS