Closed Sales
The number of closed sales in 2012 continued the upward trend of the past five years, culminating in the highest number of sales in 13 years! All price ranges were active with the biggest percentage gains in the segment between $500,000 and $1,000,000, up 26% for the year. Properties priced above $1,000,000 continued to sell at a brisk pace, posting the highest number of sales in five years.
Inventory and Absorption Levels – New Listings
The inventory of available properties continued to decline for the sixth consecutive year. The greatest decreases occurred in condominiums priced between $750,000 and $1,000,000 which declined 24% from prior year and single family homes priced below $250,000, which decreased by 44%. The total number of properties currently for sale represents approximately a seven month supply, down from nine months at the same time last year. The number of new properties placed on the market during the year also continued to fall, dropping to its lowest level
since 2004.
Inventory and Absorption Levels 2007-2012
Pended Sales
Pended sales remained strong as they have for the past four years, indicative of a continuing high level of buyer interest in the southwest Florida market. All price ranges, with the exception of the segment below $250,000, showed increases. It is important to note that not all pended sales close. However, this benchmark, along with listing
inventory, has proven to be the best leading indicator of market direction.
Summary
The real estate market in Southwest Florida remained very active throughout 2012 and shows no signs of slowing down as we enter 2013. Some areas are experiencing shortages of product, and prices have already begun to increase in these segments. Multiple offer situations are once again occurring with some high-demand properties. Foreclosures and short sales declined as a percentage of the overall market and now comprise only 7% of available inventory.
John R. Wood Realtors successfully represented over 3,000 buyers and sellers in 2012. An outstanding sales team and staff, delivering unequalled service to every customer continues to earn us repeat and referral business. I appreciate your confidence and invite you to call me at (239) 289-2650 when you would like assistance with your real estate needs.
“The source of this real property information is the copyrighted and proprietary database compilation of Sunshine MLS, LLC. Copyright 2012 Sunshine MLS, LLC. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.”