More details? You may feel like grabbing your favorite blankie or a spot of Powers to soothe you first.
The current market for all Single Family Homes in the Tri-County area*:
* Inventory for sale: 26,873 units, 14 months’ supply * Median asking price: 316,000 * Median asking price per sf: $159 * Units sold last month: 1,921 * Median selling price: $187,667 * Median selling price per sf: $104
(Jan 2009 – Jan 2010. Red: SFH asking prices in Tricounty area, green: selling prices, blue: inventory in months)
In comparison to last month’s stats: relative inventory in January went up 53%, sold houses are down 35%, sold prices are down 9%. Good for buyers, bad for sellers. But buyers don’t seem to be doing what they normally do, namely buying. Which is bad for the economy. One of many reasons: every house sale triggers approximately $5,000 in additional purchases in home improvement and repairs.
Noticeable: The median asking price with $316,000 is nearly 70% higher than the median selling price of $187,667. Seller-buyer disconnect anyone?
Left: Florida; Right: Southeast Florida with the three counties Palm Beach (top), Broward (middle) and Miami-Dade (bottom).
THE MODERN MARKET
Because Tobias is aware of only four modernist sales in January so far, sales statistics have to be left out for now. They will be added should more data become available.
* Modern houses for sale: 290 * Asking price range: $149,000 - $42,000,000 * Median asking price: $ 1,424,500 * Median asking price per sf: $405 * Known houses sold last month: n/a * Known volume sold last month: n/a * Known median selling price: n/a * Known median selling price per sf: n/a * Median Days on Market: n/a
THE WAITING GAME
I often hear from prospective buyers: “I just read the market will keep falling another [insert wild guess here] percent in 2010, so I think I’ll just hold off.”
Sure, why not.
But wait for what exactly? To make an offer on the last remaining unsold property, a one-room shack with outhouse in the ‘Glades? Speculators, flippers and bottom feeders with a short holding period are probably well-advised to wait. But if you remember that six to eight months inventory constitutes a balanced market, too much waiting may be harmful to your blood pressure. You will buy low – perhaps lower than today, depending largely on where unemployment figures are heading. But you may have to make do with what's left on the table, like it or not.
• Questions about these statistics? • Would you like to be notified of modern homes as soon as they become available? • Do you have a question about modern architecture? • Do you want to share your passion for modern homes, or would like to get specific suggestions on a modern home matching your criteria?
Then please email Tobias, send him an inquiry or call him anytime at 954. 561.0066 x 11.
(*data compiled 16 Feb 2010 from SEF-MLS. Modern-house statistics based on known transactions only, so please use with caution; YMMV.)
