2017 Real Estate Review

Looking back at our year in real estate, 2017 has been an interesting one. The first 8 months was in line and on track with our previous years; inventory around 3000 and sales averaging about 1200 per month, then Irma came through and slowed things down for a few months. Fortunately Decembers numbers were the strong. Total sales for the county were 1,081 properties closed. Our inventory is at 3,096 that gives us a 2.86 month supply and an absorption rate of almost 35%. We were still down slightly for the year compared to 2016; less than 400 closings separated 2017 from the previous year.

Here are the numbers for 2017

Total Properties Sold 13,741Single Family Homes 10,304Condos 1,940Townhouses 772Manufactured Homes 591Half Duplex 133CondoHotel 1

What type of sales happened_Standard Sale 12,895Bank OwnedREO 681Short Sale 95Probate Sale 47Relocation 23

How they bought in 2017Conventional Financing 6,048Cash 4,466FHA 1,610VA 1,495Owner Financing 76USDA Loan 20203KRenovation 12Exchange 11Assumption of Loan 4

The Board of Realtors will be releasing the average price, median price, days on market and more stats in February. Please let me know if you would like this info!

I am thankful for the year I had in real estate. I was able to help 12 buyers find a new place to call home and help 19 sellers with the sale of the home. Something that stood out to me with my real estate business in 2017 was how many offers were accepted by the buyers or sellers I was working with that did not close. I had 19 transactions not happen for various reasons. Most of these were due to the inspections. Several transactions were due to the financing; either the buyer no longer qualified for the purchase or the appraisal had come in low and we could not come to acceptable terms between the buyer and seller. I understand that sometimes a transaction was not meant to be; but 19 in one year? Looking forward to leave this trend in 2017.

I do hope that as you look back on this past year, there are a lot of wins and good memories for you to enjoy and that the new year will continue with that trend.


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