November home sales up 29 percent

For the past two years, the real estate market slumped. Foreclosures increased, banks halted lending and, on a massive scale, people started losing their jobs.

Local Realtors found it hard to sell properties, and potential buyers found it even harder to find lenders.

But existing home sales in Highlands County and the state are up, and Realtors say that foreclosed homes, short sales and the extended first time home buyer tax credit program are behind the boost in sales.

"We've seen more activity in closings and inquiries on listings," Gary Delatorre, Coldwell Banker Highlands Properties broker and owner, said.

Countywide, there were 90 homes sold in November compared to 70 last year. With a week shy of completing a full year, the total number of homes sold between Jan. 1 to Dec. 22 was 1,109- that beats last year's total of 935 homes sold.

This week, Florida Realtors reported home sales in Florida increased 61 percent in November compared to the year before.

In Highlands County, Steve Fruit, RE/MAX Realty Plus II broker associate, estimates that November sales have increased about 29 percent compared to last year.

Although the increase is not as much as the state's, it is more than expected for this time of year in Highlands County.

According to Fruit's analysis of sales, the county's real estate peak is typically between February and April. This year's sales peak was different- May through July had the highest numbers of units sold, averaging about 113.

"A lot of it has to do with prices going down to more normal levels," Fruit said.

While the state and the county's existing home sales have increased in November, new home sales in the nation have decreased 11 percent, according to the Associated Press.

Local sales numbers reflect more buyers looking for deals in short sales and foreclosed homes.

"We are seeing more first time home buyers and people who were waiting for the right time to buy," Fruit said.

Realtors are optimistic that the combination of first time home buyers credit of up to $8,000, lower property values and lower interest rates are incentives for buyers to buy in this market.

"It's good for the people out there who are looking," Delatorre said.