When will the sales slow down? This is the million dollar question, and I am getting it a bunch. Since May of last year, it has been a full go ahead. Agents, vendors and all the people in Real Estate, need a break and are trying to schedule vacations. It’s difficult to get away because of the bountiful harvest in Real Estate right now. See graph of closed sales increases of 1st quarter below.
Closed Sales Increases 1st Quarter
The pantry of active listings is bare and agents have an abundance of buyers looking to buy but have not been able to secure a property. This could have the effect of slowing overall sales. I’ve been a Broker in SW Florida for 25 years and have never seen this before. It’s a first for me!
Here is what we do know:
The interesting phenomenon is that nationally the numbers are strong, making it easier for buyers to have cash. The national media is recognizing how strong the market. In fact the Wall Street Journal had two positive real estate articles just this week!
Florida’s popularity is amazing right now. It’s hard to see anything now that can halt our “marketability”!
Clients are joining the frenzy and often taking what they would not have bought last year. It’s better than nothing, they say.
Builders are having a hard time competing with resales because of supply costs. Lumber is up 400%.
Recent prices are not slowing demand as of right now. It may come at some point, possibly Fall 2021 but right now buyers are loving our area and sellers are getting rewarded. It’s like a thousand kids on an Easter egg hunt for 50 eggs, nobody likes the feeling of coming up empty handed.
Written by Jay Richter, Managing Broker & Licensed Real Estate Instructor
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