Local authorities in the state of Florida report an improvement in the number of homes up for sale compared to last year. A like on like comparison between March last year and this shows an increase of almost a fifth, which shows promising signs of growth. A month on month comparison has also shown a marked increase of over three percent which shows steady period of growth. The number of single families listing their homes over the last two months has also risen, but sharply so with an increase of again, almost a fifth, which is only slightly lower than the entire growth over the period of the whole year. The listing of condos in the area has increased too by sixteen percent over the last two months, but has in fact doubled over the whole year, which is a phenomenal improvement.
Essentially all signs point to growth across the entire market which is very encouraging to prospective sellers, as well as buyers. According to realtors, the rise in the number of homes listed for sale reflect potential demand and therefore an increase in the number of homes bought too, which is key in assessing whether the housing market is improving.
Pending contracts on condos set to increase
Recent activity shows that condos are outselling the homes of single families, which although has increased has not done so as much as condos. The number of condos due to sell have risen by a quarter compared to last year and by two percent compared to last month. The number of foreign investors has also had an extraordinary effect on the housing market, compared to other economic markets in the country, an effect which has been likened to that of the housing boom ten years ago. Potential buyers being outbid by other buyers is a key sign that the demand for houses is picking back up again.
As a rule, the number of houses sold across the country has risen over the last two months, although there have been some fluctuations as to the extent of the growth in each state. Nationally the growth has been around 2 percent over the last two months, but over 8 percent over the whole year, which shows strong and significant improvements.
Although these figures refer to pending sales, they will be converted to sales eventually and so are a key indicator as to how much the market is showing signs of improvement. The fact that growth can be seen across the entire country is also encouraging and so from the perspective of the buyer, the home owner looking to sell, and the mortgage lender, assurance can be given that the future is set to look a little rosier