Single family home sales county-wide were down 2% compared to the previous month but up 5% compared to November of 2010. Also, this was the best November sales figures in 8 years – top monthly sales for 2 months in a row. Year-to-date sales were up 12%. On the mainland, there were 51 houses that sold for under $100,000, 27% lower than the previous month. Again most of these sales were in the south end and the northwest side of the county. The high sale was a riverfront atHarmonyIsland inGrandHarbor @ $900,000 and a canal front in Vero Isles for $875,000.
County-wide inventory of single family houses increased 21 units from 1952 to 1973 the previous month.
There is a 9.91 month supply of houses for sale on the mainland. This is lower than the overall county absorption rate, which is an indicator that lower priced and smaller properties are more in demand. Also, there are more investors buying and renting out the distressed sales on the island. With the expected recapture of equity (appreciation) over the next few years, investment in a low to mid priced house is a good investment. One can even get a little positive cash flow from the investment.
