Our Market’s Recovery: The Latest Snapshot

September was another month of solid recovery for Southwest Florida’s residential real estate market, as revealed in the latest market report just released by Trendgraphix*

Following are key highlights from the report, which covers September 2012 property sales in Sarasota, Manatee and Charlotte Counties:

–As they typically do at the end of each summer season, overall property sales throughout the tri-county region slowed from August to September.  Nevertheless, they were at the highest level for any September since 2005, during the height of the property boom.

–The market for luxury properties above $1 million, on the other hand, was unusually active in September.  Sold properties were up by 68.4% compared with August, and up by 18.5% compared with last September.

–During every month of 2012, closed sales throughout all price ranges have been substantially higher than during the corresponding month of 2011.

–Pending properties—or those placed under contract during September—were 2.6% ahead of August; and 31.5% better than last September.

–Pending sales of properties priced above $1 million soared in September. They were up 41.9% over August; and up 100% over September 2011.

–The precipitous decline in property inventories that has stymied many would-be buyers throughout 2012 stopped in September—for the first time this year—with levels remaining about even with August.  A 3.6% increase in new listings was one of the main contributing factors.  Still, the overall inventory is 23.8% lower than in September 2011.

–The greatest percentage of these new listings was of luxury properties priced over $1 million.  Compared with August, they rose by 41% in Sarasota County, 200% in Manatee County, 350% in Charlotte County; and by 63.8% for the combined region.

–Although it is too soon to signify a trend, this is a sign that more and more sellers are taking advantage of one of the most buyer-rich periods in our market’s history; thus giving buyers the greater selection of luxury properties they’ve been clamoring for.

–There is now a 5.7 month supply of available properties throughout the region, based on September’s rate of closed sales.  This is up from the 4.6 month supply in August; but well below the 7.9 month supply of September 2011.  A 6 month supply is considered a healthy balance between supply and demand.  Thus, the Southwest Florida property market is finally edging closer to an ideal balance between supply and demand.

*Trendgraphix data is relied upon by more than 150 brokerages in 20 U.S. states to help identify and interpret real estate trends based on sales.  Its information is generated using actual data supplied by local MLS systems; and is not mingled or mixed with data or information from any other source.

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