Matching the greyish economic mood in large parts of the country, October numbers for single family homes are a dull story.
While the number of houses lingering on the market didn’t budge much, the number of closed sales dropped quite a bit month-over-month, 20 percent to be exact. That of course results in rising home inventory (though not in the modernist market!).
Interesting is that despite the lack of movement, neither listing nor selling prices changed – stubborness or lack of maneuvering room, due to having reached the bottom already?
As some media point to increased pending sales, remember my previous warning about that number: it means nothing. I see quite a few transactions going in and out of contract more than once, an abnormaly several years ago. So for now, I will disregard pending sales alltogether.
The numbers for all Single Family Homes in the three counties:
Table: all regional single family homes for sale/sold; data per last month’s end. Changes are month-over-month. – Chart: SFH data October 2010 to October 2011. Red: median list price, green: median selling price, blue: inventory in months. – Data source: SEF-MLS
to all new readers and to all regulars from my ModernSouthFlorida-blog.
I moved the blog over to this site since keeping the two sites – blog and website – under one roof makes much more sense then in two different houses. A bit like two teenagers: easier to keep them in line and on track.
As soon as there is a blog-import feature by this site's host (spring 2011), all previous bog-posts will be moved over here. Until then, you can read them here.
So off we go, with the riveting December market statistics for homes in the Southeast Florida market:
THE OVERALL HOUSE MARKET
Single family home numbers for December are rather tame (or lame), after a little bit of a firework in early and mid-summer last year.
Highest median selling prices in 2010 were recorded in March at $210,233. That is 11 percent above year's close, which itself was nearly the same as the median January selling price.
Median asking prices last year dropped by 15 percent, and the end may not be here yet. Inventory fluctuated between 9 and 14 months, ending in December at 9 months with 26,826 homes for sale, but a strong absorption of 2,977 houses.
THE MODERN HOMES MARKET
An interesting development continues in the market* for modern homes - it moves around like a pesky mosquito:
Questions, comments? I'd love to hear from you!
(*Please remember that these data are for observed sales only, but still, they continue a trend observed for several months now).
Tobias Kaiser is an independent real estate consultant and licensed Realtor in Florida since 1990. He specializes in modern architecture and net leased investments.