Interest Rate Roundup

Monday, February 26, 2007

My latest local housing market update

I've been posting regularly about conditions in my real estate market (northern Palm Beach County, FL). Now, I have the latest stats on inventory, sales, and pricing for January, courtesy of a brokerage firm called Illustrated Properties. Some details:

* Sales continue to fall -- Based on the figures reported, sales were down 38.6% YOY in January.

* Inventory is rising again -- I've been saying for months that the "March of the Re-listers" would get underway soon. That's evident in the latest inventory stats. For-sale inventory is closing in on the 23,000 mark again, up more than 47% year-over-year and just shy of the high to date set in September, per this graph. If you divide the inventory count (22,888) by the January sales tally (519), you get a whopping 44 months worth of supply at the current sales pace.

(Side note: In my zip code alone, now turns up 678 listings that meet the selling criteria spelled out in my last post. That's up from 666 a week ago and a brand new cycle high.

* Pricing firmed, but -- The median price of sold homes climbed to $300,000 in January. That was the highest since August. It also ties the year-ago level. However, "days on market" jumped to a cycle high of 140 (vs. 99 a year ago). And given the current supply/demand imbalance, I'd expect any pricing gains to prove fleeting.


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