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Making Gains
May 1st, 2013 10:56 AM

The local housing market continues to show signs of recovery and is expected to improve even further by the end of 2013.  Last year's total home sales was the highest since 2006 when the market took a downward turn.

In 2012, we experienced a year of stabilization and modest recovery.  We now have a market which is really cleaning itself out of distressed housing inventory.  However, due to high local unemployment, many homes are still slipping into foreclosure. 

Florida has a slow, court-managed foreclosure process and the state has been working to clean out a backlog of foreclosed homes. But despite the abundance of foreclosure filings, this market has a relatively small inventory of unsold homes.  Banks have increasingly turned to short sale transactions and other options to avoid the costly process of foreclosing and reselling homes.   In addition, investors have been quick to snatch up good deals in the housing market, which has boosted sales activity and median sale prices. 

After several difficult years, the local home construction industry is also showing gradual improvement. Many of the larger companies are once again developing communities and projects that have been on hold for quite some time. Last year's home construction activity was at its highest level since 2008.   

It has been a very long buyer's market, but now with the absence of resale inventory, sellers have the advantage once again.  For many who have waited patiently, selling a home can now be less stressful and more profitable. 

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Posted by Barbara Doeringer on May 1st, 2013 10:56 AMPost a Comment

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