Official sales numbers were just released today and as expected record sales lead to higher prices and lower inventory in SW Florida real estate market.
Single family home sales were 1,315 which were a 26.2% increase over last year’s numbers. Keep in mind our inventory levels stand at 4,311 now compared to 4,918 last year. We’re down 12.3% in inventory and sales are up 26.2%. It’s no wonder there has been upward pressure on prices.
New pending sales were up 6.3% in July in what could be a good sign for August and September closings. Total pending inventory was down 2.9% but that doesn’t mean much.
Last week we reported unofficial sales price numbers and we said the official numbers were going to be good. They’re even better than we reported and we’ll feature that in next week’s article.
Our buyer specialists have been very active in this market. We’ve recently landed several homes for our customers. In a low inventory market the secret is getting to them fast and finding where the hidden pockets are.
We’ve identified several listings that are mis-categorized in the MLS by the listing agent so they’re not getting the traffic they should. This generates opportunity if you know where to look. If you’re a seller you don’t want this but as a buyer you look for opportunities wherever you can find them.
We also look for recent price reductions. Sometimes sellers are over-priced and when this happens the property will not sell. A property is freshest to the market when it first comes on. After about 21 days on the market it gets passed over. This can be unintentional. Buyers subconsciously feel the home is stale to the market and figures it’s over-priced or something is wrong with it if it doesn’t sell in first month or so.
Some of these listings get forgotten about. While it is better to price correctly upfront, some sellers have to test the market, or perhaps they’re not as motivated Day 1 as they are later. For whatever reason the property sits on the market, and when the price is reduced it’s not always noticed. Buyers looking in that neighborhood see the sign, but they no longer call on it or check up on it after awhile. They lose interest.
That’s why our MLS search site is so important for buyers. When a buyer saves a search the system will email any changes in that search result. If a new property comes on the market, our buyers find out about it. If an older listing reduces their prices, our buyers know right away.
It’s a great way to stay on top of the market and beat out other buyers to new or changed listings. In a low inventory market, these tips can produce big results. Four of our buyers in the last month scored the home they were shopping for using one of these techniques.
Technology is great, but there is no substitute for meeting with a great agent and sitting down and going over your needs. Buyers are frustrated out there and they’re calling us because they’re tired of losing out on homes.
While we can’t guarantee to get you your first choice in a multiple offer situation, we can put your offer in its best position by using a few inside tips we’ve developed over the years. Put our team’s experience to work for you. It could make the difference between owning your first choice or your 5th choice, and not owning one at all. We’d hate to see you rent another year. Rents have climbed so high many times it’s more expensive to rent than to own.
Visit our SW Florida MLS search site and our phone is 239-489-4042. Lets us know how we can help you!
Of course, feel free to call us at 239-489-4042 We’ll be glad to help you buy or sell. Good luck and Happy Selling!
Southwest Florida Real Estate Video Market Update