Home Sales on the Rise – Good News for the Palm Harbor Real Estate Market
The National Association of Realtors reported some welcome statistics in an industry report released on Monday, March 23rd. According to NAR, sales of existing homes unexpectedly rose in February, recovering from a sharp drop in the previous month.
This brings us to a seasonally adjusted annual rate of 4.72 million units, up 5.1% from a rate of 4.49 million in January. There were some economists that projected a decline of almost the same percentage of what turned out to be an increase!
Apparently it was first-time home buyers that made up half of all purchases in February, and it was sales of distressed properties that accounted for about 45% of all transactions. The large number of foreclosed properties did adversely impact the median price for existing homes. NAR’s chief economist Lawrence Yun stated: “Our analysis shows that distressed homes typically are selling for 20% less than the normal market price, and this naturally is drawing down the overall median price.”
However, we are back to a bright side here as there is a marked decrease in the homes on the market. This is due in part to home owners withdrawing their listing if they don’t need to sell, homeowners not listing at all, or the ones that need to sell are starting to price their home realistically.
By the way, the consensus among those of us that are active Palm Harbor Realtors is that we have been writing buyer contracts like crazy the past month or so …. not only for Dunedin homes and Palm Harbor Homes but Clearwater Condos and every conceivable type of Tampa Bay real estate. Maybe we aren’t the only ones signed up to Surf the Tampa Bay MLS?
Maybe this all adds up to the start of something good!
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