07 December 2012

South Florida Housing Market in October

Sorry for being a bit later than usual with the October data; I had to revise the numbers not once but twice.

As you see below, like in previous months the economic oddity of low inventory paired with flat prices continued in October. 

Palm Beach asking prices for single family homes went through the roof, but caused nothing but frustrations – like in previous months, buyers were not impressed and sat on their hands.  

The PB county gap between sellers' expectations and buyers' willingness reached an astonishing 208%, the second highest score since 2008. In Jan-Mar '12 it was even higher at 213% and then it didn't work either. As a result, absolute selling prices and SP per square feet dropped.

Broward county sellers were much more modest – the gap is at 155%, practically the same as in September, and promptly selling prices saw a slight increase. In the meantime, Miami-Dade county wobbled along, sort of a mix between Broward and Palm Beach. 

The table and the chart for single family home sales in Southeast Florida for the month of September:

South Florida housing market data by real estate broker Tobias Kaiser

South Florida housing market data by real estate broker Tobias Kaiser

South Florida home sales October 2011-2012, Source: SEF-MLS, ©tckaiser/modernsouthflorida.com

Slowly I am running out of ways to describe a flat market. And as the Holiday season is here, if past years are an indicator November and December are going to be even flatter (and more difficult to describe?).

Leaves me only to wish you a nice weekend enjoy the Holiday Season, hopefully not in a mall.

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