According to data provided by the National Association of Realtors, a lack of houses for sale continues to lift the prices of homes for sale in much of the country, and our area. This in turn has pushed down the number of existing homes sold in January.
The torrential weather has not helped either. NAR Chief Economist Lawrence Yun said, “Disruptive and prolonged winter weather patterns across the country are impacting a wide range of economic activity, and housing is no exception. Some housing activity will be delayed until spring.”
The National Association of Realtors noted some significant changes among the population of homebuyers.
1. First time homebuyers accounted for 26% of purchases in January 2014. That is the lowest market share for first time homebuyers since NAR began monthly market measurement (October 2008). In the past, about 40% of home sales involved first time homebuyers.
2. One third of the sales were to cash buyers.
3. Individual investors, who account for many cash sales, purchased 20% of homes in January 2014 (19% in January of 2013). Seven out of ten investors paid cash in January 2014.
Spring is fast approaching and the time is right to secure your dream home. Contact the specialists at Waterfront Properties and Club Communities and discuss the local waterfront real estate market at INFO@wfpcc.com or please call our office 561-746-7272 for more information.