Let's Get REAL Estate

Yes the new sales numbers are out...and they are NOT disappointing! Home sales were up 16% from last year in Broward County. Median prices on single family homes were down 7% from last year but condo prices were UP 25% from last year! I think this is to be expected...and here's why...

As we have been telling you for months and months, our inventory is at record lows. Our number of sales have been up consistently for the past year, especially condos. We have seen a big return of the "investor" paying cash for cheap condos (a large portion from outside of the US). The reason you are seeing the price of condos jump is because the existing inventory of condos is being depleted MUCH more quickly...simply because of the price point. Lower inventory and higher demand usually translates to HIGHER PRICES! I don't think that single family homes are far behind.

Is it too late to "jump in"? Almost...but not quite. I believe we will start to see more foreclosure inventory as the banks resume processing of them. As long as they don't flood the market all at once, our prices should remain stable if not inch upward. So is it too late? No...BUT YOU MUST BE READY TO ACT! If you think..."Let me sleep on it, and I'll make a decision tomorrow" YOU WILL MISS YOUR OPPORTUNITY!

We hope everyone has a GREAT THANKSGIVING! Bob and I give thanks to all of you who make our blog a regular part of your day!