Nothing to complain about in 2013 – the market was solid and there are no signs of faltering in 2014.
So, how did we end and where are we going?
Total volume for 2013 was approx. $753M. Down from 2012’s $830M, but remember that December of 2012 was a monster month because of the inevitable rise in the capital gains tax in 2013. Take that factor out and we would be very close to 2013’s number. 2011 was approx. $532M; 2010 – $695M; 2009 – $435M, which was the worse year in over the last decade.
What’s in store for 2014? With the Dow at 16,500+, my prediction is we will have another $750M+ year. The inventory is lacking right now, but sellers that have been patiently waiting for the market to improve will come out of the woodwork this spring.
I’m young, at least in my eyes, but I think I have some wisdom. So, one piece of advice for Seller and one piece of advice for Buyer as we gallup into the New Year. Seller, do not think we are in the heydays of Fall ’06. The market is better, but still price according to comps. Price too high and there can be unwanted results. Please reference our web-site, new.jpfco.com, and see that properties sold within 30 days of being listed sold for 95.3% of ask; one to six months, 90% of original ask; over 6 months, 77% of original ask.
new.jpfco.com
Buyer, do not think this is a free for all where what you bid is what will get accepted. The market has strengthened. The good news is that I still need my binos to see the top of the market.
Bottom line, let’s keep cool heads and do some deals!!!
JPFCO wishes health and happiness – Happy New Year!!!