Friday, May 15, 2009

Real Estate Statistics and Market Bottom

What I can read from South Florida Real Estate Statistics

Active South Florida MLS listings "FOR SALE"

Condominiums and Single Family Homes.


In the table below, I am comparing active inventories of homes and condos in the most important areas of South Florida.

In several areas, I notice a reduction in the listings of up to 5 and 10%. The tendency is evident in all locations analyzed.

Is this the bottom of the market? A continuous reduction in the listings would eventually mean a stabilization, in the continuous deterioration of prices.

Inventory of homes for sale is an important factor to analyze, and it is also true that practically no new construction has been added to this inventory in the last two or three years, except for some late completion of condominium building.

Affluence of out-of-town buyers and investors has been slowly eroding this inventory and it will continue.

However, foreclosures and short sales could increase in the immediate future, due to the end of some banks "moratorium" on foreclosures.

In all cases, the above comparison is significant. I don't think it is too adventurous to start thinking that we might be very close to the market's bottom.

Of course, I am not a trained economist. I just use the MLS statistical tools and they reflect what I have been feeling for some time now. The best properties are being sold; the most attractive opportunities are being grabbed. Of course, incredible offers and bargains are around every corner, but there are getting scarcer to find and this definitely not going to last forever. This is not a sales pitch, I promise.

Inventory - Units for Sale

As of March 19, 2009

As of May 15, 2009

Aventura Condos

1864

1769

Bal Harbour Condos

270

283

Brickell Area Condos

810

714

Hallandale Beach Condos

1320

1260

Hollywood Condos

1477

1608

Fort Lauderdale Condos

2903

2918

North Bay Village Condos

304

303

Pembroke Pines Condos

1096

971

Sunny Isles Condos

1495

1401

Surfside Condos

189

172

Weston Condos

331

309

West Palm Beach Condos

2732

2510

Aventura Homes

54

47

Coconut Grove Homes

156

156

Coconut Creek Homes

231

172

Coral Gables Homes

607

555

Coral Springs Homes

720

568

Hallandale Beach Homes

124

114

Hollywood Homes

1477

1288

Fort Lauderdale Homes

1902

1733

Miami Beach Homes

492

469

Pembroke Pines Homes

837

654

Surfside Homes

70

73

West Palm Beach Homes

1841

1665

Weston Homes

545

487

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