The Ups and Downs of Florida's Housing Numbers

Are we beginning to see some light at the end of the Florida Housing Tunnel? According to the Florida Association of Realtors recent MSA (Metropolitan Statistical Areas) reports some areas although still showing declining values are reporting increases in sales. Most notably in South Florida the Ft. Pierce - Pt. St. Lucie MSA which includes St. Lucie and Martin Counties show a monthly increase in sales of existing single family homes through second quarters of 2008 of 34% as compared to sales volume in the same period of 2007. Another MSA that may be on the mend is the Ft. Myers- Cape Coral area reporting an increase is sales of existing single family homes in the second quarter of 2008 of 38% over the same period a year ago. The West Palm - Boca Raton MSAs sales of existing homes is off by only -3% compared to the same period a year ago and may be beginning stabilize into the next half of 2008.

These same areas show similar trends in sales activity for condos with Ft. Pierce - Pt.St. Lucie unchanged, Ft-Myer - Cape Coral an increase of 15% and West Palm - Boca Raton up 6% over a year earlier. Although inventory remains high and prices are still declining some buyers may sense that prices in these areas are now at an affordable level. The MSA numbers include sales of foreclosed homes and of course any short sales that may have been closed as well. Foreclosure sales may account for a good portion of the increases and that may be a positive sign in itself.

Eliminating any of the inventory regardless of how modest the upward trend in sales may be or how it affects prices may be the light that helps lead Florida into a more stable housing market.
Contact me directly for more on the most recent Southeast Florida homes and condo prices, sales and foreclosure activity.

George Sinacori 561-306-6736 or rebuygeorge@yahoo.com