Positive signs in the South Florida real estate market
I wanted to share some positive news with you for our real estate market in South Florida. Unfortunately the media doesn’t always paint an accurate picture, as they often speak of the market on a national level and real estate is local and each market is different. I’ve included a link here for you to view specific numbers from 2002 until present, this information comes from actual sales data in our MLS system and is provided by Richard Barket, CEO of the Realtor Association of Greater Fort Lauderdale. Broward MLS Statistics
Key indicators for what is happening in the market include; average DOM(days on market), closed and pending sales, median sales price and inventory levels. For single family homes sales have been trending up, days on market have decreased and the median sales price although it has taken a little dip has been remaining fairly steady since the beginning of the year. Pending sales are currently up 19% from 2007 and inventory levels hasve remained relatively the same since the fall of last year. For condos sales have also been trending up since the beginning of the year, days on market have decreased and the median sales price has remained steady since the beginning of the year. Pending sales for condos are up 13% over 2007.
It is predicted for sales to continue to increase in the second half of 2008. Although there will certainly in some cases be more price adjustments, all of the key indicators point to an improving market. For those of you sitting on the sidelines and waiting for the bottom to hit, from what I can see we are there as you can see from the actual “real” data provided in that link above.
Jon
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