Single family home sales county-wide were down 2% compared to the previous month and down 5% compared to November of 2010. Year-to-date sales were up 13.9%.
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 canal front in Vero Isles at $440,000 and a 3500+ sq ft house inn Oak Harbor $510,000.
County-wide inventory of single family houses decreased 100 units from the previous month.
There is a 9.34 month supply of houses for sale on the mainland. This continues to fall and is lower than the overall county absorption rate, which is an indicator that lower priced and smaller properties are more in demand. Especially with the expected recapture of equity (appreciation) over the next few years, investment property in a low to mid priced house is expected to produce a small positive cash flow from the investment as rents are increasing.
