In September there were 433 homes that were closed compared with August's 361 here in Manatee County, FL.
That is an INCREASE of 16.2% from the prior month!
This is noteworthy because this is supposed to be the SLOW season. No vacationers, no snowbirds, kids are in school, Holidays coming, etc.
I listed 4 new listings in September and all 4 had offers with the month. All but one went pending, but that last one is still in negotiations.
Three offers written in the past month have been in multiple offer situations. It seems that the buyers are realizing that we have hit the "bottom".
You do not need to be an economist to see that the supply of inventory here is going down, and also that sales, contracts are increasing. Except for January and February of this year, there has not been less than 500 homes go pending in a month. Last year the highest month was under 350 units.
5 MAIN REASONS FOR THE RECOVERY IN MANATEE COUNTY, FLORIDA
- Home owners who can afford their homes and do not need to move are not on the market.
- Banks REO departments are bringing the REO homes on the market at barely a trickle.
- The "pent-up demand" from three years of a "bad" FALLING MARKET, has hit a breaking point. At some point those that need to buy, will feel that they can't wait anymore.
- KILLER DEALS are here. I have sold two homes in the past three weeks that are 50%-25% of their 2005 Prices!
- Resale homes are priced well below replacement cost. One home that I put under contract for 525,000 had to have almost 700,000 for home owner' coverage. The buyer complained for a minute, but quickly realized this is a very, very GOOD thing.
When you are ready to buy or sell- Think of us!
Joe and Molly Murphy www.manateemoves.com