2013 final sales numbers are in and again we saw price increases inline with expectations. The median sales price of a single family home in Lee County Florida popped up to $177,000, up from $170,000 in November and up 24% over last December’s $142,750. The mean average sale price was only up 12.8% over last year with December 2013 coming in at $269,789 versus $239,186 in December 2012. 2012 numbers were revised upward about $15,000 so that helped to keep the average down to an increase of only 12.8%.
Aiding in the increase to local housing prices is the limited supply of homes, or scarcity as some buyers like to call it. About this time of year inventory begins to rise but last year it was hardly enough to keep up with all the seasonal buyers that arrived. This year it seems the seasonal buyers have arrived earlier, and if they stay as long many are wondering if the inventory levels will hold up.
Season sets the tone for the rest of the year. At the Ellis Team we are working on bringing several homes to the market. The past several months it seems like we’d list 5 homes per week and sell 7, so inventory levels have gone down for us. Thankfully they are increasing right now for the overall market.
Unfortunately in the 6,169 single family homes currently for sale some will never sell regardless of how low the inventory is. This is because some sellers are still overpricing their home even in a good market. This is nothing new, some sellers will always over-price a home and buyers will continue to reject it. What hurts is missing a good opportunity to sell. Some of these over-priced sellers actually do want to sell their home; they’re just misinformed about the market. Either that or they’re under the impression that the seller can always come down but you can’t go up, so they overprice it.
In reality, you can go up if it’s priced correctly because a fairly priced home in a low inventory market attracts multiple buyers who may bid up the price. An overpriced home attracts buyers who are expecting more and when they compare the over priced home to similarly priced homes they find they get more value in the other homes. They don’t make offers on the over priced homes, they make offers on the homes that offer more value.
This is probably the biggest misconception sellers have about selling their home. When you read in the paper it’s a seller’s market, that’s not a license to overprice your home. It simply means if you price your home at or close to market value, it should attract buyers. This isn’t always the case in a buyer’s market. Many years ago we’ve had listings that were priced properly but due to lack of buyers some homes just sat on the market. It took extra marketing just to get a sniff from a buyer. Of course back then the average time on the market was 9 months or more compared to now. The median time on the market in December 2013 was 43 days.
If you’re interested in selling, now is a good time. It’s also a good time to talk to a professional that can help you price it correctly, market it correctly, and take advantage of the many buyers we have shopping for homes. If you’d like to speak with us, call us at 239-489-4042. You can search the MLS on our website www.Topagent.com
If you’re looking for a waterfront home to purchase, keep in mind our team is waterfront specialists. Not every waterfront home in SW Florida is the same. Some canals have varying depths which limits the size of boat you can have in that canal. Sometimes the waterfront behind your home may be deep but the waterfront entrance to the community may have silted in and restrict the depth at the entrance. Sailboats need more clearance, so you really need to know how much draft your boat pulls, or how much your future boat might pull.
We can help you with all your waterfront needs.
Good luck and Happy Selling!
If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!
To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 Good luck and Happy House Hunting!!!
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