We wrote last week about the big spike in Naples January real estate volumes. Inventories are down, prices are rising slightly but we sure needed that January volume boost to prove we are continuing are way up. Now it looks like the national trend in January was also positive.
Florida Realtor reported yesterday “(National) Pending home sales are on an upward trend – an admittedly uneven but meaningful trend – since reaching a cyclical low last April, according to the National Association of Realtors®. Today’s national Pending Home Sales Index (PHSI) rose 2 percent compared to December 2011.The PHSI, a forward-looking indicator based on contract signings, rose to 97.0 in January from a downwardly revised 95.1 in December, and it’s 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.” (http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=272410)
Ok so inventories are down, volumes are improving – what does all this mean for buyers and sellers? Well if inventories are holding at low levels and we do not see a flood of bank owned properties leave the bank’s balance sheets we should see positive pressures to support prices. Sellers might think about holding off on that price reduction if their deal flow is good (repeat buyers, lots of floor traffic) and buyers should be careful another buyer does not scoop up their favorite place.
But beware – all real estate is local – hyper local. Actual results may differ by neighborhood, even by building so know your facts and get with a good Realtor.
Let us know what you think. What are you seeing in your local markets?
No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA REALTOR Coldwell Banker 5th Avenue South Mobile: 239.595.3921 Email: firstname.lastname@example.org
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