Pent up demand, coupled with an early start to the traditionally busy winter real estate season, is creating lots of business for local Realtors.
The typical slowdown before an election and the holidays didn't occur this year, agents say, and pending home sale numbers continue to grow.
Pending sales were up 33.4 percent in Sarasota County and 6.4 percent in Manatee County from September to October, with year over year increases of 41.4 percent and 60.5 percent respectively.
"There are a lot of buyers in the market right now," said Marie Avery, broker/associate with Re/Max Alliance Group. "The weather's gotten cooler early (up north) and potential buyers see the home prices going up, they figure they better hurry up and purchase now."
The median sold price rose 16.8 percent in Manatee County and 31.1 percent in Sarasota County in October compared to the same time last year, according to data.
"Buyers are here now to secure places before the new year," said Julia Applegate with Atchley International Realty.
Often potential buyers willwait until the end of the school semester before making offers and relocating, so there often is a lull between Thanksgiving and Christmas.
Often potential buyers willwait until the end of the school semester before making offers and relocating, so there often is a lull between Thanksgiving and Christmas.
"I haven't started slowing down yet," said Sarah Whisnant with Leslie Wells Realty. "I know some agents who are showing property to people who had their houses destroyed by Superstorm Sandy. They've gotten their insurance settlement and they are buying."
But the lack of inventory also is causing buyers to have to hunt for homes.
In Manatee County there has been a 55.1 percent drop in inventory compared to this time last year. In Sarasota, it has dropped 52.4 percent.
"These figures, along with reports from our Realtors who are suddenly slammed with business, indicates that our typical season, driven by snowbirds and othertourists, is kicking into gear even earlier than last year," a releasefrom Re/Max Alliance Group said.
New home builders are finding the lack of inventory is escalating the sale of new homes coming onto the market. New developments such as Neal Communities' Central Park in Lakewood Ranch, Forest Creek in Parrish andRiver's Reach are doing swiftbusiness. The builder-developer said it has 503 new home sales so far this year, exactly 100 more than last year.
"I could sell a lot more if I had the inventory," Whisnant said. "People are ready and willing and able to buy but they can't find the homes."
An economic forecast from the University of Central Florida predicts new housing starts will continue to increase into 2013 and will help rebound the lagging construction industry.
Another reason for the lack of a slowdown in the real estate market can be attributed to more short sales filling the void, said Ken Miller, home inspector with Manatee Home Inspection Service.
"I'd say 50 percent of the sales I'm seeing right now are short sales," he said.
Buyers also are getting more bang for their buck, Miller said. "Some are buying upscale homes with pools that they didn't think they could afford."
Source: http://www.bradenton.com/2012/11/26/4292640/realtors-report-no-lull-in-the.html
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