_Quiet December wasn't so quiet after all, it turns out.
Real Estate newsletters bombard you with news about skyrocketing condo sales in Miami (who's buying?) but the market for houses was also rather lively for this time of the year. Too bad that my tools don't allow a seller origin analysis.
All the activity didn't translate into price changes though: listing as well as selling prices didn't move m-o-m, while y-o-y there was a 10 percent dent to be observed.
In the same time though, inventory dropped a hefty 24% (I added y-o-y changes behind the m-o-m changes to mix things up a bit for you). Again, supply and demand rules seem not to be applicable right now:
_Table: single family home data per month’s end for Palm Beach, Broward and Miami-Dade (Florida) counties. Changes are month-over-month / year-over-year.
Chart: Single family home data Jan 2011 to Dec 2011. Red: median list price, green: median selling price, blue: inventory in months. – Data compiled from SEF-MLS
Overshadowed by the Thanksgiving holiday, _November sales of single family homes tend to begin quiet and then come to a slow crawl.
The last part of that statement will be seen in December, but overall there certainly wasn't much movement. However, inventory keeps falling, with stable prices, which in itself is astonishing.
At least so far.
_Table: single family home data per month’s end for Palm Beach, Broward and Miami-Dade (Florida) counties. Changes are month-over-month.
Chart: Single family home data Dec 2010 to Nov 2011. Red: median list price, green: median selling price, blue: inventory in months. – Data compiled from SEF-MLS
At some point, if you read this column regularly, you must think I'm a grumpy old fart, uncontent and miserable.
And here grumpy goes again: What is it with the press?
Specifically, the housing numbers the press celebrated last and this week.
Perhaps you think I live on another planet, or had too much beer at the Wiesn (aka Oktoberfest–and no, I didn't make it this year.) Perhaps the housing data and headlines released for August have a self-serving purpose. But they are definitely nothing to be jubilant about, though that's what some media are–again–screaming into our ears.
THE SINGLE FAMILY HOME MARKET
Despite a tiny bit of action in Palm Beach County, overall nothing really improved last month:
Table: all regional single family homes for sale/sold; data per last month’s end. Changes are month-over-month. – Chart: SFH data August 2010 to August 2011. Red: median list price, green: median selling price, blue: inventory in months. – Data source: SEF-MLS
THE MODERN HOME MARKET
As explained last month, I do not publish modern market data here anymore. Emphasis on here.
I still compile market and sales statistics for modern architecture, including asking and selling prices, prices per square foot, time on market and price differentials.
The complete data will continue to be available to my brokerage and consulting clients–just not publicly on this site.
If you have an interest or need for modern market statistics, I welcome you to contact me anytime.
And as always: thanks for reading this column!
Tobias Kaiser is an independent real estate consultant and licensed Realtor in Florida since 1990. He specializes in modern architecture and net leased investments.