Several markets across the country are starting to heat up — if you know what to look for. Take across Florida — prices are depressed, sales are down in the double digits compared to a year ago, while foreclosures and short sales rule. However, it’s turning and the smoke is starting to rise before the flame ignites. Across Florida, the inventory was skyrocketing over the last two years, and now those numbers are dropping. At the same time, the sales reported month after month are increasing in the high double digits.
Where can you see the smoke? In the numbers that rise or fall before sales and prices jump – pending sales, inventory, and absorption rate.
Consider these cities: In the Greater Fort Myers area, pending single-family home sales are up 85 percent in just the last 10 weeks, according to the Realtor Association of Greater Fort Myers. Meanwhile, the absorption rate has dropped to half of what it was just four months ago to a 12 month supply.
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