Local Real Estate Markets Can Be Scary
Local Real Estate Markets Can Be Scary
Happy Halloween!
Besides ghosts and goblins, we find that there are other scary things going on out there…. like real estate! One thing that is very important when talking about real estate is remembering that "Real Estate is ALWAYS Local."
On that note, I am going to talk about what is going on in South Florida. On my website I post lots of great MLS statistics, articles and links. (MLS statistics are fropm the Realtor Association of Greater Ft Lauderdale.)
Let's look at September to see what is going on locally in T. Lauderdale and south Florida for real estate:
- Inventory is shrinking. From month to month it has gone down 9%. Yet from this time last year it is 18% lower.
- Pending Inventory dropped a little from August to September BUT is up 116% from last year!
- Single Family: 40% more sales are closing compared to last year and that's probably due to the 22% average sale price drop. The good news is that from month to month, the average sales price isn't falling as drastically as it has been the past few years.
- Condos/Townhouses: Also have dropped 28% from last year, but are closing 69% more because of it.
- On the monthly analysis we see that while REO's are a large share of the market, they seem to be decreasing.
- The best thing we see is that we are at about 8 months supply of inventory - the south Florida / Ft. Lauderdale market is improving. A "balanced market" is at 6 months inventory. That is when it is an equal playing field for both sellers and buyers.
While we are still working to dig ourselves out of the housing hole we have fallen into, we are seeing a lot of positive indicators that we are improving. This also contributes to the idea that now is a great time to buy, when prices are low, mortgage rates are low and housing affordability is at record highs.
Lilli Rachel Stevens is a Realtor with Island and Resort Realty she can be reached at 954-347-7402 or visit South Florida Women Homeowners profile at the Independant Woman Homeowers site