Data for January and February are in and we’re beginning to see signs that prices have risen the first two months of 2013. Single family median home sales rose from $140,000 both in January 2013 and December 2012 to $153,890. Median home prices were up 23.1% over last year’s median numbers. Emerging Data From Season Shows Price Gains.
Average single family home sale prices also rose from $215,973 in January to $269,961 in February 2013. This represents a 35.3% rise over last February numbers. The average piece can be deceiving as a few large sales in the county can skew the numbers, so this tends to be more volatile. It is nice to compare both statistics to spot meaningful trends. The average price was higher in December 2012 at $224,878 so you can see this number can bounce up and down just a bit.
60.27% of the home sales were paid in cash. Last year 66.13% were paid in cash so financing is rising slightly.
Listing inventory is down from last year’s levels. Pending sales are up over last year so we would expect inventory levels to be down in March once official numbers are released.
The Ellis Team had a very productive and busy season, and judging by many of the agents we’ve talked to, others did as well. In fact, we’ve sold practically our entire inventory. We don’t even have enough to fill a page in the newspaper. With recent price gains many are surprised at how much they are able to get for their home today versus just one year ago.
Of course, there are some that didn’t realize just how low prices were a few years ago, so when they read news headlines they believe their home shot up more because they’re using a higher baseline.
It’s important to keep in mind that not all homes appreciate or depreciate at the same rate. Certain communities fare differently than others, as do homes with varying features such as waterfront, etc.
For the first time in awhile we’ve begun to see SW Florida residents making up/down and lateral moves. We saw so little of this because so many were upside down on the mortgages they couldn’t afford to sell even if they did wish to live in a different type of property. With the rising prices it is freeing some up to make the move they’ve been thinking about for a few years.
Some residents have felt trapped in their homes because of the values. The chains are beginning to loosen. Although it will be awhile before everybody is out from those chains.
Some people can afford to sell but just don’t like the prices today. They’re still not where they were at the height and may not get there anytime soon. However, if you’re selling today and purchasing another, chances are you’ll make out because its value is much less today than it once was too.
Whatever your situation is, it pays to consult a Realtor that can help you fairly identify your value. If you under price your home you just give your equity away. If you overprice it, you’re making decisions based on a false premise and that could bite you in the end.
Give the Ellis Team at RE/MAX Realty Group a call 239-489-4042 and we’ll be glad to help you evaluate your options. Or feel free to search the MLS at www.Topagent.com