Spring has given way to Summer.
Just like how the seeds that we planted in our gardens have
blossomed into flowers, the Metro-Toledo
real estate market is blossoming. Single family and Condo/Villa properties are
showing a lower number of days on the market and an increased number being
sold.
The Toledo
Board of Realtors statistics show that closed sales for May 2012 were up
20% from May 2011. Additionally, our
internal data shows that 2012 closed units for our agency, RE/MAX Preferred through June 27th when compared to the same period in 2011 are
up 15.9%.
We are seeing additional activity nationally and also in our
local market for new homes and new construction contracts. The pent-up demand
for new homes is beginning to show according to the Toledo HBA Executive Director, Bill
Brennan, who stated that there has been a steady increase in permits issued in
recent months.
What we are really experiencing is the front end of a
recovery process. Interest
rates remain historically low and buying
power is as high as it’s been ever in many markets. Certainly, we are
early in the process and the economy as a whole including the jobs market need
to show growth to maintain the momentum.
To quote the National Association
of Realtors, “Housing Matters” and housing may just help fuel the economic
recovery.
