John R Wood, Sanibel Real Estate market recap for U.S. existing home sales. The National Association of Realtors reported on December 20 of this year that the sales of existing homes have been surging in all regions except for the West. Everyone saw a signification in sales activity in November. All existing home sales grew rapidly for the 3rd straight month during this time. The growth from a seasonally-adjusted 5.81 million to a 5.50 million in October. After Novembers sales are 3.8 % higher are now at their strongest growth.
Economic growth, booming stock market and an increasing number of job gains are exerting a substantial demand for buying a home (NAR). Activity in November depended largely on an increasing share of cash buyers. With considerable larger down payments. Due to increased better inventory conditions, the sale of homes at the upper level of the market is much better. In November the median existing 248k home price, up 5.8% from 2016 ($234k). The November priced increase marked the 69 straight months of year over year gain.
Total housing inventory at Nov. End dropped 7.2% to 1.6% in 2017 for existing homes available. And is now 9.7% lower than a year ago (1.85 Mil). Over 30 costive months, it has fallen month over month. One year ago unsold inventory was at a 4.0 months supply today it is 3.4 month supply.
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Yun (NAR) recalled “if these low supply levels persist higher mortgage rates are to be expected. Price appreciation is too fast in a lot of markets right now. More new construction is needed in 2018 if we are not to suffer from the shortage of inventory. In November a first-time buyer was 29% of sales down from 32% a year ago.”
Cash-paying investors continue to frustrate many mortgage buyers. The numbers of many cash-buying investors in significantly more noticeable The numbers of this buyers add to the frustration of the affordability and availability of first-time buyers. The booming economy and high wage earners are expected to challenge the market further for first-time buyers. The only hope for some of these buyers is if lower priced and smaller homes become available.
In Nov. 2017 properties stayed on the market 40 days, up from October of 34 days and down from 43 days a year ago. 44% of November houses sold were on the market less than a month.
A 30-year convention mortgage according to Freddie Mac increase to 3.92% Nov from 3.9 in Oct. For 2016 the average morale 3.65%. For the 4th month straight in Nov foreclosures and short sales were only 4% of sales.
Single family homes and condos grew 4.5 % ( A seasonally adjusted rate of 5.09 mil) in nov from a 4.79% in Oct. And are now 3.2% above the 4.99 growth a year ago. The Median single-family home price was $248 In Nov. up 5% from Nov. 2016 the median existing condo price $245.5k in November 2017 which was 8.8% above what it was a year ago. The NE Sales grew 2.67% an annual rate of $80,00 the same as a year ago, the median price in the Midwest.
Ready to make a real estate investment? Contact one of our knowledgeable Sanibel Realtors if you’re interested in Sanibel real estate. You can also search our MLS for available properties, or get in touch with our office at 239-272-2411 for general inquiries. Whether you’re buying, selling, or just looking, we’re more than happy to help you find the Sanibel realtor that’s the right fit for you.
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