If you recall back in March and early April we reported that preliminary March Sales weren’t as strong as hoped and indeed the official numbers confirmed that prices weren’t rising in March at a time when they typically do.
Strong April Sales Numbers in SW Florida
We are happy to report that April numbers appear to be coming in a bit stronger. Official numbers won’t be reported until later in the month and agents are still changing pending sales to closed and adding final sales prices to the MLS, so it’s impossible to gauge for sure. As of May 6 we are seeing median sales prices rising to $191,950, up from $185,000 in March and up from last year’s April figure of $182,000.
Now here’s where it really gets interesting. Our phones and Internet leads have blown up the last week of April and first week of May. Contracts are coming in very strong and buyers are buying. It’s stronger now than all of season was. Many have speculated this could happen.
Here’s the buzz we were hearing from buyers all season. The weather up North was terrible. In fact, it was so terrible many couldn’t get here. Many waited for the weather to improve and now they’re making the trip to purchase. Many who did make it down are returning. I don’t think we can underestimate how impactful this past winter has been, but it isn’t the sole reason we’re strong.
The economy is improving some. Interest rates have risen and are expected to go higher. Many people have been locked in their homes for so long due to negative equity and when they’re finally able to break out it’s like a jail break. We’re seeing locals moving up, down, and laterally. We’re finally returning to a healthy market after years of healing.
Are we completely healed yet? That depends on your situation. Some are still in negative equity so they would say no. For many the answer would be yes. In any event, opportunities have opened for those in a position to take advantage, and this is the way it always is. The market doesn’t care what you owe or what you need out of the property. It never has. The market only cares about what a home is worth today. Markets are always on the move and rarely stay constant.
The good news is we have a market, and it’s a vibrant flowing market with money on the move. This beats a market where homes just don’t move. If you price your home correctly, there is a market. If you over price it, chances are it will not sell, and that is true in an up, down, and sideways market. It’s always true. It is perhaps the only constant in real estate.
Some say it’s all about location, and I won’t argue that. I will say it’s all about Price. A home with a better location will fetch a better price. If you over price the best location, it will sit. Conversely, the worst location will sell too, at the correct price. So, location is secondary to pricing.
If sales like this keep up we may head back to a market where the summer months are the best months for single family home sales. In the old days Season was best for condos and the summer months best for single family homes. SW Florida used to be a year round market and we may be returning to that. Summer sales never left, but they may actually rise going forward.
We’ll keep our eye on it. By the way, if you’re considering selling, we’ll be introducing a new way to market homes in SW Florida. We’re pretty excited about it, and we think you will be too. Don’t list your home until you talk to us. 239-489-4042
Good luck and Happy Selling!
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