Check out our latest insights into the latest market activity as of September 2014.
The residential market continues to thrive! Inventory is down 6% and with new buyers entering the market, homes are selling at an impressive rate. Based on what we have seen this year, we think we've emerged from the flat market of the last several years.
The condo market is strong! Depsite barries to financing, this segment of the market shows positive signs as second home buyers make moves. And while the average sales price is still down over the same period last year, the impressive sold volume numbers, if maintained, will drive prices up over time.
Even though land numbers show volatility, this segment of the market is gaining overall. Activity is still slow, but given the almost nonexistent activity we witnessed over the last 2 years, any gain sheds glimmers of hope that land will rebound. A few large acquisitions dominate this sector, but recent activity shows buyers are moving in on smaller, more affordable land offerings.
We remain very bullish on the commercial sector! Despite lower prices, speculators are taking advantage of lower prices - as they say, the best time to get in is at the bottom, and that is exactly what is happening. With news of a poosible HOVENSA sale on the horizon, we see this sector of the market making healty gains as we move into the 4th quarter.