FINALLY, SOME GOOD NEWS!
December 15, 2008 4:46 pmFiled in Real Estate At a lunch meeting the other day, the President of the St. Lucie County Realtors Association spoke about our local housing market and the news was good! He stated that the absorption rate in the area had decreased from 41 months (Yes, almost 4 years!) to around 20 months. THAT IS GREAT NEWS.
We have to start moving the inventory to be able to recover from the housing mess. This is a good first step in the right direction. Sales are also up 14.66% year-to-date compared to the previous year. Of course, the sales are up because of the exceptional prices. I have heard people say that our lifetime will never see pricing levels as low as they are today, for our economy’s sake I hope so too.
With the good, comes the bad. The sales are up and absorption rates are down, but what that translates into is lower prices. We are in a buyers’ market and if you are buying, GREAT! If not, hold on to your property, if you can.
The pricing also translates into more opportunities. Future developments, conservation land, education and infrastructure all cost less today than 3 years ago. In fact, the Port St Lucie News reported that Torrey Pines Institute in Port St Lucie, FL came in almost one million dollars less than anticipated. The opportunities are endless. So, instead of allowing the media to focus on all the bad news, let’s focus on the opportunities available and help move forward.
