A company called Altos Research has issued a new report that will add some real time perspective to market conditions. Since most of the reports take months to generate, Altos intends to lower the playing field by providing quicker market statistics. Their inaugural report looks at 20 major metro markets which allows them to publish key statistics about pricing, supply, demand and trends, while drawing conclusions about what's happening in local markets.
The Real IQ figures by Altos consulting for December indicate that the National Picture is still not looking too great. I have singled out the data for the Florida market and compared Miami with Tampa and you can see that Tampa is still showing signs of distress but did better than Miami with number of days on market averaging 109 days over the last 3 months.
While listing inventories fell some what in Tampa and around the U.S Miami fluctuated upwards slightly.
Where Tampa and Miami fared close was in the Percentage of Inventory with Price Reductions as they were both in the middle of the pack.
Tampa and Miami were close in the Median Home Price and the data shows that the Florida Market still dropped more than the National Average.
A few of the key Florida statistics indicate:
While the statistics don’t look that good, we have seen some movement here in the Greater Tampa Bay Area for December.
It is still too early to determine if any of the Government sponsored Mortgage initiatives will help or hinder the market though.
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