In a classic case of being careful what you wish for, the number of properties for sale in Southwest Florida has tumbled considerable of the past several months – just as everyone had hoped they would. Buyers in record numbers are responding to today’s exceedingly rare combination of low prices, low interest rates, and improving economy; and repeated recommendations in the worldwide media that our area of the Gulf Coast is home to some of the best values n U.S. real estate.
As a consequence of this extraordinary resumption in buying, the number of properties now listed for sale in Southwest Florida is trending at it’s lowest level since 2005, at the peak of the housing boom.
This is wonderful news for our region; as such a profound increase in sales is both a signal that a broader economic recovery is underway; and a bellwether that it will continue to gather momentum. Even our luxury market is on the comeback trail thanks to the recovering finance of high-net-worth buyers.
Amid this encouraging news comes a wonderful surprise. In virtually every price range, buyers are here, eager and ready to act; buy are finding precious few properties to choose from. Havng substantially reduced the glut that built up during the post-boom recession, our marketing is once again experiencing a shortage of listings.
It’s important to remember that while our marketing is recovering – it is not yet fully recovered. That being said, now is the best momentum in years to sell a home with relative ease – provided it doesn’t debut as an overpriced listing to be largely ignored by today’s extremely well-informed buyers.
With “season” having wrapped up, the next wave of buyers will begin arriving shortly. Significant among thise will be a large number of international buyers, of whom nearly a third will ultimately buy second homes in Florida. Plus, many of our traditional “feeder” markets are recovering too, freeing up that many more domestic buyers to relocate here before prices and interest rates begin to rise again. At long last, it’s as good a time to sell as it is to buy.