Interest Rate Roundup

Friday, April 20, 2007

An early peek at March sales in my area

I've mentioned before that a local real estate brokerage firm here in Palm Beach County, FL provides detailed market statistics for the area -- on sales, inventory, days on market, and more. The information comes out a few days before the official Florida Association of Realtors figures.

So how did things look in March? Not so hot. According to the data just posted ...

* Sales were down 35.8% year-over-year (979 in 2007 vs. 1,526 in 2006)

* Inventory surged 25.3% YOY (24,029 in 2007 vs. 19179 in 2006).

* Median price was down just a smidge -- 1% to $287,000 from $290,000 a year ago. But average days on market surged to 140 from 88 a year earlier.

The inventory is the real killer here. That 24,000+ figure is a fresh cycle high. I blame the re-listers, the folks who couldn't sell last year giving it the old college try again this spring. But with more than two years of housing supply on the market, we're going to have a lot of disappointed sellers come the end of the key spring real estate season.


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