What Direction is the Wellington Real Estate Market Heading?
Every week I’m asked about the current real estate market in Wellington Florida and while I have an opinion, it’s just that an opinion. Unfortunately, NOBODY knows exactly what the future holds for the Wellington real estate market, but I can say this, real estate is LOCAL.
Some neighborhoods in Wellington Florida are experiencing a SELLERS MARKET. Yes, you read that correctly, there are more buyers than homes for sale in some Wellington neighborhoods creating a seller’s market.
I often tell clients it feels like 2005, but at 50% of the price because multiple offers and bidding wars happen daily along with above full price cash offers.
The above graph displays Wellington home sales for 2002 to 2011. The dark purple shows the number of homes sold while the light purple shows the median home sales price for that particular year. This graph does NOT include all new construction.
In 2009 & 2010 you will notice an increase in the number of home sales, which was most likely due in part to the First Time Home Buyers Tax Credit. This tax credit might also explain the higher median sales price in 2010.
Will the median sales price for Wellington Florida homes go up in 2012? Only time will tell, but I feel 2012 is already off to a phenomenal start with the large number of cash buyers investing their money back into the Wellington real estate market. In January 2012 56% of Wellington homebuyers paid cash for their home.
Michelle Gibson of the Hansen Real Estate Group Inc is a full-time REALTOR who has been specializing in Wellington Florida real estate since 2001. This veteran of the real estate industry has expertise in technology, marketing, and social media.