02 November 2012

South Florida Housing Market in September

Happy Friday – and don't forget US Daylight Savings Time ends this weekend, so set your clocks back one hour Sunday morning at 02:00 am (or Saturday before you go to sleep).

Rewind to September, when home sellers must have been smelling something in the air. Asking prices across all three counties increased – and promptly widened the gap between what sellers expect and what buyers are willing to fork over. Though Broward County was the most modest, it still showed a gap score of 154*.

And buyers were not impressed.

Despite moderate increases in selling prices year-over-year (three to seven percent), on a monthly basis selling prices dropped a bit, and so did the number of houses that actually changed hands.

The same goes for the asking prices of those homes which sold. Consequently, inventory – in the graph below the blue curve – is up again.

Shows again: realistic sellers in difficult markets can make things happen; unrealistic ones sit around or pay, as a client of mine called it last week, the "stupidity tax".

Chart and graph for single family home sales in Southeast Florida for the month of September:

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

If you were in the market in September – as a buyer, seller or professional – what was your experience?

(*100 being complete pricing agreement between sellers and buyers).

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