
Because the federal government enacted stricter standards for financing following the recession in 2008, “most buyers in the last ten years have purchased homes using cash or conventional financing with significant down payments,” said Adam Vellano, West Coast Sales Manager, BEX Realty – Florida. “This has created larger amounts of equity in the market and, with our current balanced inventory, we can absorb a short disruption.”
Vellano added that we are not facing a housing crisis like what we experienced in 2008 because we don’t have a lot of highly leveraged owners with second mortgages that will be forced into foreclosure.
The NABOR® February 2020 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
CATEGORIES |
Feb 2019 |
Feb 2020 |
CHANGE |
Total closed sales (year/year) |
610 |
789 |
+29.3% |
Total pending sales (homes under contract) (year/year) |
1,068 |
1,526 |
+42.9% |
Median closed price (year/year) |
$335,000 |
$345,000 |
+3.0% |
Total active listings (inventory) |
8,160 |
5,825 |
-28.6% |
Average days on market |
101 |
95 |
-5.9% |
Single-family closed sales (year/year) |
300 |
376 |
+25.3% |
Single-family median closed price (year/year) |
$403,750 |
$425,500 |
+5.4% |
Single-family inventory |
4,134 |
2,868 |
-30.6% |
Condominium closed sales (year/year) |
310 |
413 |
+33.2% |
Condominium median closed price (year/year) |
$265,000 |
$283,250 |
+6.9% |
Condominium inventory |
4,026 |
2,957 |
-26.6% |