Clearwater Florida – OK, increased home sales numbers in Clearwater FL as well as the US overall for December were definitely helped a bit by the beating median home sales prices have been taking. But don’t let that fact fool you into thinking that sellers weren’t still smiling ear to ear – it’s all good news for the Clearwater Real Estate market!
Check out this video that Chris Griffith, Bonita Springs Realtor shared with us – It’s nice to be able to share “good news” in the media with you – Cramer says that Florida “has hit bottom” and is a model for the rest of the country.
In fact, only a month after falling below the 5-million unit trend line, December housing sales volume saw a spike of some 300,000 homes leaving more than a few housing analysts with their jaws hanging open! Folks – we could see the first makings of a case that this spring’s home-buying season could have some steam behind it!
As I said, it’s no secret that falling home prices here in Clearwater, Florida and across the nation have helped fuel home sales. Nationally, the median sales price (the midway point at which half of all homes sold for more and half sold for less) was $175,400, down $32,000 from 2007 totals.
However, the most important part of December’s Existing Home Sales report isn’t making headlines.
At December’s sales pace, it would now take 9.3 months to exhaust the existing home supply Last month it was 11.2 months. This means that buyers are competing to purchase fewer homes which, in turn, puts upward pressure on home prices.
What we’re seeing here, folks is basic supply and demand in action. Economists have remained adamant that the key to turning housing around is bringing some balance back to the home supply. We just might be heading in that direction. With recent numbers pointing to an all-time low in housing starts, December’s Existing Home Sales data signals future strength.
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(Image courtesy: The New York Times)
There are some builders here in Las Vegas that have stopped building. Perhaps Las Vegas is going to follow in Florida’s footsteps.
Hopefully these signs will be reality. The Florida Market has suffered long enough….
Hopefully we’ll bottom out soon too…
Quote”What we’re seeing here, folks is basic supply and demand in action.” Unquote
Very True, Its a Cycle of Events. And Prices are going to Move Up Again.. But When and How … is the only question.
The 700M $ Package may help Revive the system,However It may be a mistake to think that bad days are over.
Coming months may still remain difficult especially for loan bearers.
Real estate market recovery? Far from it. Commercial property foreclosures will be the next shoe to drop. It’s going to get worse before it gets better.