I was quoted in this past weekend’s Sun-Sentinel real estate section in an article entitled: Prices on way up in Broward [County]. Prices ticked up in September 2012, but the overall sales volume has decreased for the first time in two years, as home inventory has dramatically declined. For instance, there are only a total of 186 Parkland single family homes available (including bank foreclosures and short sales). Last year, there was at least 30-35% more homes available for sale. As a result buyers are becoming frustrated with the lack of listings on the market.
Sun-Sentinel writer Paul Owers wrote, “At the end of September, 4,872 single-family homes were on the market, nearly half the number from a year ago. Broward’s condo inventory [also] fell 43 percent.” Not only has the inventory significantly declined, but homes in Broward County received 93% of the asking prices, which was an increase from last year.
Many of my Parkland and South Florida salable listings are selling within days, and not weeks, as buyers are forced to buy what’s available, and they are having to fight for it! Potential buyers are also anxious to purchase homes in desirable areas like Parkland and Coral Springs that have great schools and safe neighborhoods. Sales could remain weak for the remainder of the year because the holiday season traditionally is a slow period for housing. But, the 2012 year-end forecast may get a boost from the recent price increases and shortage of homes for sale.
I recommend to potential sellers that now is the time to put your homes on the market, as there is a larger pool of buyers that are still anxiously looking for the right home for their families. For buyers, I strongly recommend that you keep looking during the holiday season, as the right home may come available when you least expect it! Interest rates may increase in the beginning of 2013, and there will certainly be a larger inventory of homes for sale next year, as more sellers list their homes after the holidays, including the banks!
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