31 August 2012

The South Florida Housing market in July; Happy Labor Day Weekend!

The South Florida market for single family homes in July was lame, for lack of a better word, probably because of the brooding heat: slightly lower asking and selling prices, with a finally stable inventory on a low level. This is still baffling, as low inventory should lead to higher prices, but mostly it just doesn't.

Mostly means exceptions, and in some market segments there are plenty of them: waterfront condos, modern waterfront homes in all price ranges, especially in the luxury segment above $2m, and affordable homes in good location all experience increases, some massively so. This month alone, several buyers I work with missed out because they were not prepared to accept the price increases or believed they had a better understanding of the market than professional market participants do.

Overall however, it is quiet, and August will not be much different I believe. The numbers and the graph for July:

South East Florida housing inventory July 2012, ©tckaiser / modernsouthlforida.com

South East Florida housing inventory July 2011-12, ©tckaiser / modernsouthlforida.com

Until next time, I hope you will enjoy a relaxed Labor Day weekend!

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