Recovering? From the surprise, expectation or the (now) well-known fact that the Democrats have retained their footprint within the walls of the Oval office for four more years. Coining the term “financial cliff” as the newest buzz word in the aftermath of this heated election is not exactly comforting.
If the nation was uncertain about the state of the economic landscape before the election and resolved to take on a “wait and see” approach the resounding thud or cheers (depending on one’s political affiliation) may have done little to calm the collective nerve.
Pundits have stated that the future of the economy rests on the nation’s ability to create jobs and increase homeownership. How has the election affected a buyer’s propensity to purchase property, especially in a second home market such as Naples, Fl where buying property could be viewed as an option and not as a need?
In the month leading up to the election our brokerage firm, Downing-Frye Realty reported 308 pending sales, as compared to 209 pending sales in October 2011 and 183 pending sales in October 2010.
Since Election Day (November 6, 2012) the following statistics have been compiled utilizing the Naples Area multiple listing service.
Total New Listings in Naples: 349
New Listing from $ 300,000: 180
New Listings from $ 1Millon: 47
Total Pending Sales (properties under offer): 144
The pace of sales in the aftermath of the highly contested presidential race is remarkable given that the autumn time period is typically a slow time for purchasing property within the Naples area. Our local market buzz word has nothing to do with cliffs but instead a more tame term called inventory. The lack of available properties for purchase has been the driver of recent sales. As we reported previously the banks new willingness to provide loans coupled with investors and foreign buyer purchases over the summer months cut the inventory of homes drastically.
Sellers are now contemplating putting their properties for sale in anticipation of our seasonal buying period. The number of sales in October and the first part of November confirm that the buying season arrived early this year, and the pre- and post election drama did not phase buyers in Naples one bit.
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We will take a breather next week and hope everyone pauses to reflect on the abundance that makes this Thanksgiving holiday a time of great joy.
We are inspired by the gratitude for the people, circumstances and events that enrich our lives and strengthen our community.
Wishing you and yours a happy and healthy Thanksgiving Holiday.