Northerners looking to escape the cold and snow will travel to Florida between November and April. Many will already have 2nd homes here while others may be on their way to visit family or to simply take a vacation. It is during this time that our market generally will see an uptick in sales. Our market is currently considered to be stable, although we are still struggling to some extent with a lack of inventory in single family homes. This continues to push median sales prices higher. Distressed listings as a percentage of total listings are slowly decreasing, this also indicates that most of the bargains are starting to disappear, and is part of what is forcing prices higher.
Single family homes sales from November 2011 to November 2012 increased 34.6% and the total average sales price increased 10.06%. However, single family active listings are down 30.75%. The lack of inventory is pushing the average sales price higher, but Realtors® are struggling to find properties.
Condo sales are up 37.79% from November 2011 to November 2012. There was a big drop in sales for both condo and single family homes between August and September of this year. Condo sales have gradually increased from September to October and November. Single family homes had gradual increases in September and October with a slight drop in sales for November. The condo and single family home market also saw three months of steadily increasing listings from August to October with a drop in listings for November.
The strongest supply of inventory is in condos. Currently, we have a 7.3 month supply of condo inventory. Residential properties are at a 4.6 month supply and single family homes are the weakest link with a 3.2 month supply of inventory.
The housing sector is still recovering as is our economy. It is important that we all stand up to Congress on issues that may adversely affect real estate. The current call to action from the Realtor® Action Party is “Do No Harm to Housing.”