Having been the General Manager for Downing-Frye Realty, Inc. for the last twenty years, I have seen a lot of real estate markets. The 2019 real estate story is still playing out. Let me explain.
Most of the large brokers in the area will tell you that the year started off a bit slow and then accelerated when we got into March and April. Why did the market accelerate? I think what happened was largely tied to inventory. We had a lot of inventory at the start of our winter season. Because of this amount of inventory, buyers did not feel the sense of urgency to buy. Many felt that they could look around over the course of their winter vacation and then make their purchase decisions right before they went back home. This is kind of the way it used to be in the “old days“.
In years where inventory is low, buyers feel a sense of urgency to make a quick decision with respect to purchasing a property. The reason for this is that if they don’t put a contract in on the property that they like, there is an excellent chance that someone else will quickly purchase the same property. In other words, if they like the property, there is a good chance that someone else will like the property as well.
I believe that many of us started the year slow and largely made up for it in March and April. We are probably close to where we were in 2018 after the first four months of the year.
I believe that the summer season will largely determine what kind of year we will have for real estate sales in 2019. The summer season has emerged into a very strong season for sales. During the summer months, we have a lot of families that visit Florida (once the kids are out of school). You also have a lot of international visitors.
If you are a buyer this summer, you still have a nice selection on inventory to choose from. If you are a seller and have been thinking about listing your property for sale, don’t delay your decision! I expect a lot of sales contracts this summer. Last summer, Downing-Frye agents participated in 735 pending sales. This summer, I believe that we will top what we did last summer.
Summer is a great time to visit the Naples, Bonita Springs and Marco Island areas. It is easier to get into the restaurants. The water is calmer. The fishing is great and there are a lot of local activities. The hotel rates are also very favorable. Golfers will have their run of a wide multitude of challenging courses with favorable tee times.
Bring on the summer! Downing-Frye agents are ready to show you paradise.
Mike Hughes, Vice President
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