Inventory is up 0.56% this month over last month. It is now up 19.24% since this time last year. Median Listing Price is down to $315,000, a 1.53% decrease since last month and a 11.14% since last year.
What's interesting in this month's trends is it appears that the increases in inventory seem to be slowing. At the same time, the price drops seem to be accelerating. It is too early to tell if these are real trends or simply one-month anomalies. It will be interesting to see if these two new trends will continue next month.
The following graphs show the trends since April 2006 when HousingTracker.net (my source) started tracking the data:
Stumble It!
7 comments:
This is what should be happening, however I don't think asking prices are half way to where they should be yet.
I do not see very much in the way of listing prices dropping in Lighthouse Point area, maybe it's just me. Does anyone else see considerable drops in pricing?
I see price drops everywhere, including Lighthouse Point. Just look at the F@cked Buyers post. Most of them are significantly below their original listing prices and certainly below their purchase price.
Heck, it seems like every other day, the F@cked Buyer is another Lighthouse Point house on sale for 20% or more below its purchase price.
BTW, why is there such a focus on Lighthouse Point here? It's a nice area and all, but it's just one area.
Gator Ted - The F@cked buyer listings are from readers of the blog.
140sqft is particularly interested in that area, so that's why you will see lots of them.
I specifically scour the "west" Broward areas, Tamarac, Sunrise, Plantation, Davie, Cooper City so when I find those listings that's what gets posted (if they're good listings anyway)! :p
It's reader supplied information.
If you have an area you are watching, then post up the info. The blog owner just might "showcase" your listing next ;)
I've been following the Palm Beach County MLS myself for a couple of years now.
The number of active residential listings peaked around 32,000 in April of this year, then declined to around 30,000 and stayed there all summer.
Recently, however, it's been climbing slowly upward again to an all-time high. It's getting up near 33,000 listings now.
So, inventory in Palm Beach County is slowly rising.
And yes, prices are definitely down. In certain subdivisions, I'm already seeing 40% off 2005's peak prices.
Well I have been on the lookout, cooper city is where i want to live however no great deals. I see stuff with no yard or very trashed but not alot. A friend of mines wife works at a law firm that handels foreclosures, she said they are backed up and hiring new employees to help with the workload daily. I think its going to be another 6 mounths untill we see some better deals.
STEVE S
Gator ted, I am interested in the LHP area to purchase a dry lot home. I am living out of the area now and plan on moving soon. It's a little more difficult for me to obtain local info about LHP so any info about the area is always appreciated.
price crash,
I suggest you hook up with a realtor and have them set you up with automatic email notification whenever any new listing or price changes occur in the market you specify.
I just got an email notification this AM about one of the f@cked buyers homes I posted. It was reduced another $50k. Only on the market about a month now. About $500k below it's purchase price in 2006.
When they first set you up it sends you a list of ALL homes meeting your criteria. The initial list for LHP waterfronts was 174.
You can view one by one, and print a flyer on the ones you like. I then look it up on bcps and make a note on the flyer as to when it was sold and for how much.
Then you get a trickle of email updates daily as the market changes.
Makes it very simple to track it.
Zip realty also has the added feature of displaying the price reduction history on the listing page.
There are some relative bargains out there on waterfronts, but it is taking longer for them to drop than I hoped for. As someone else said, give it another six months, and see how it looks. This time of year Florida sellers start licking their chops at the prospect of some snowbird sucker snapping up the bait. Come April, reality will REALLY start setting in.
I expect to rent until at least 2009 at the present rate of decline.
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