Interest Rate Roundup

Thursday, September 13, 2007

What August home sales figures might show in South FL

By now, you know the drill: Each month before the "official" Florida Association of Realtors' figures on existing home sales are released, a local real estate brokerage here in South Florida, Illustrated Properties, posts some monthly numbers. The important data shows trends in for-sale inventory, sales, and prices. In August, according to IPRE ...

*Sales dropped 32.6% from a year earlier -- to 583 units in August of this year from 865 in August 2006.

* For-sale inventory rose 5.3% YOY to 24,423 units from 23,192. At the current sales pace, that's good for about 42 months worth of inventory.

* The median home price dropped 6.7% YOY to $280,000 from $300,000. That tied April for the lowest median price this year.

It looks like we got more of the same in August -- bad news. Inventories remain very high, with three and a half years' worth of supply on the market. Sales are down by about a third and prices are off in the high single-digits. The "average days on market" measure also climbed to a fresh high of 146 (vs. 107 a year ago). On the upside, we haven't had any hurricanes yet to muddy the waters! But seriously, if you're selling in this market, don't waste anybody's time. Price your property right if you want it to move. You've got plenty of competition.


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