In December, 2009, there were 17 residential sales for a total of 178 residential sales for the year. That's the highest yearly total since 204 when there were 207 sales . . . and it's the second highest total since before 1999 (our MLS will only go back to 1999). The short sales and foreclosures have effected our residential market on the Island, driving down the prices and thus making residential properties more affordable.
Also in December, there were only 7 land sales, which is the lowest number of land sales since before 1999. Prices are much lower than in the boom year of 2005; however, buyers are scarce.
As of this date, the residential inventory is still high with 340 active listings. And there are 16 pending sales.
The land market is also high with 361 active listings . . . and 3 pending sales.
What is the outlook for 2009? There are some positive signs for our market. First-time residential buyers have a great inventory from which to choose, low interest rates, great pricing and first-time homebuyer financing programs. Will we actually hit "the bottom"? Only if the number of foreclosures decline instead of continuing to flood the market.
My outlook is positive . . . I choose to look on the bright side and expect that 2009 will be a better year for the real estate market in Southwest Florida and on Pine Island!
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