May 4th, 2012 2:59 PM by Rob Robbins
We are seeing a lot more activity in our market with buyers making offers. Foreclosure homes are moving on and off the market quickly with the exceptions of properties in bad shape. Foreclosures and Short Sales are 32 % of our sales since the first of the year.
Our total inventory of residential homes has stayed around the 1300 level which is a little high for our sales but is low enough to keep inventory moving in all price ranges.
Our prospective buyers are getting their homes sold in other markets which directly affected our market for the last 3 years.
Condos are selling but still very limited based on financing options.
Land and lots are starting to move, however most are bank foreclosures dramatically reduced in price.
Commercial property is at a standstill. To much inventory and limited capital willing to risk it on the future. Minimal construction of new commercial properties. The tornado has forced some new construction.
It appears we have turned the corner for long term improvement in our market. We are all thankful for that.
Rob
