SW Florida real estate market numbers released today by the Florida Association of Realtors show a continuing decline in the real estate market, which comes as no surprise as we posted our Ellis Team CMI Index numbers back on October 16 that suggested this would be the case.
Single family home sales fell to 327 in September, down from 520 in August, and 693 last September. Single family home prices fell to $231,600 this September, and was down 7.7 percent from August’s $250,800 and down 11% from last September’s $261,400.
Single family home sales were the good news. Condo sales fared worse, also predictable due to the CMI Index numbers released a few weeks ago. Condo sales were 102 this September 2007, up from 96 in August, but down from 168 last year. Prices for condos were up to $224,000, up from $218,800 in August, and down from $231,600. The bad news for condos isn’t the prices or sales levels, it is the sales levels as compared to the level of inventory on the market.
Even with the poor numbers, they can partially be explained by seasonality, and partially by overall weakness. See SW Florida single family home sales graph 2005-2007. To view sales prices , see SW Florida single family home price graph 2005-2007.
The Outlook going forward actually is brighter than the numbers indicate. For the first time in a long while buyers are getting excited again, and are venturing out looking at homes. For some, it is simply becuase home prices are back in their affordability range. For others, it’s the sense that now may be the time to buy as prices have come down so much, and they’re feeling confident again going forward.