Sales down after Hurricane Irma

By
Real Estate Agent with Beachfront Realty 3220434

 

No big surprise here. When a hurricane comes to town real estate activity basically comes to a halt. Hurricane Irma came to Florida on September 11th. For 3 days before a storm no home owner policies are written, during the storm and its aftermath all is pretty much on lock down until the power gets back up in the best case scenario. Here are the details:

 

 

 

Miami-Dade County


Residential sales decreased more than 30 percent to 1,488 closings from 2,130 the previous year. Single-family home sales fell a whopping 35.8 percent year-over-year, to 684 from 1,066; while condo sales dropped 24.4 percent to 804 from 1,064, according to the Miami Association of Realtors. Residential sales volume in the county hit $631.1 million last month.

Single-family home prices continued rising, up 6.5 percent in September to $335,000 from $314,500 last year, marking the 70th consecutive month of increasing prices. Condo prices rose 7.1 percent last month to $234,500 from $219,000 in September 2016.

The inventory of single-family homes fell 4.8 percent to 6,060, but condo inventory increased 5.2 percent to 14,834 listings.

Of course this should have a positive affect on Octobers numbers as we get back into action!

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It's a Fabulous day in Florida and now is a great time to buy or sell.....

Don't make a MOVE without Marco!

Over 25 years serving the South Florida area

 

 

 

 

 

 

 

 

 

 

 

 

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Rainmaker
3,886,179
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I'm expecting some declines as well, Marco.  Haven't had a chance to analyze the data yet.

Oct 22, 2017 05:17 AM #1
Rainmaker
2,339,855
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Marco. All the storm did was delay satisfaction for demand. You will be back stronger than ever. Enjoy your day! 

Oct 22, 2017 05:38 AM #2
Rainmaker
1,053,265
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I am not surprised at a downturn, but the market will bounce back soon! 

Oct 22, 2017 05:38 AM #3
Rainmaker
2,066,118
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Good morning, Marco... I'm not surprised that sales are down. But I'm sure that as in the past, they will bounce back.

Oct 22, 2017 05:47 AM #4
Rainmaker
3,905,981
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Marco Giancola time takes care of everything.... people will forget and there will be a "mad rush" to close...

Oct 22, 2017 05:50 AM #5
Rainmaker
2,701,790
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Marco. I amnot surprised either but I suspect things will improve as you suggest. Have a great day.

Oct 22, 2017 05:51 AM #6
Rainmaker
1,008,020
Donald Urschalitz
One World Realty Inc. - Jupiter, FL
P.A. Realtor ABR RSPS North Palm Beach County

Well now that we are past that it looks as if the season will be strong.

Oct 22, 2017 06:35 AM #7
Rainmaker
2,507,852
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Right.  No surprise.  Same thing happened here w/ Sandy.  We were kind of at a stand still for 2 weeks - lack of power, roads undriveable, schools closed.  It was weird.  then, recovery started at around 2 weeks.  Homes that were under contract had be reinspected/reappraised and of course many had tons of damage.  Things will get back to normal, but it takes time for sure and many are focused on just fixing things.

Oct 22, 2017 07:02 AM #8
Rainmaker
935,222
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

I imagine when things get going again, it is going to be crazy busy.  

Oct 22, 2017 07:37 AM #9
Rainmaker
1,014,124
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Marco

I wonder what sales will do after the fires here. For the last few days, activity seems just slightly less than before the 10 days of hell. I know many wineries are begging for customers and there is only, very pricey insurance company writing new policies. My insurance broker thinks it ease later thjis week but it will be on a case by case basis for some time. cheers cvc

Oct 22, 2017 08:06 AM #10
Rainmaker
808,275
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

These numbers cut fairly deep Marco, although, I usually see the yearly totals play catch up when all is said and done. The theory has been consistent for the most part with "natural" disasters.

Oct 22, 2017 08:09 AM #11
Rainmaker
1,346,770
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Marco - like Wayne said this is just a temporary delay.

Oct 22, 2017 10:43 AM #12
Ambassador
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Anna Banana Kruchten,CRS,CRB,GRI
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

Hi Marco - soon you will be busier than ever with all the winter snowbirds making their way down to your area soon.

Oct 22, 2017 10:51 AM #13
Ambassador
1,202,523
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Wee noticed that in Jupiter houses and condos were sitting longer as well as rental being down, despite little damage.

Oct 22, 2017 11:16 AM #14
Rainmaker
1,393,237
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

Marco Giancola I understand your pain, but also, I believe many buyers are fatigued from the added cost of ownership. From special assessments to higher flood insurance premiums; something has to give.

Oct 22, 2017 11:21 AM #15
Ambassador
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Marco- look at that view!  Snowbirds are returning and sales will begin to come in!  

Oct 22, 2017 06:42 PM #16
Rainmaker
2,212,481
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Marco.

 I understand why the inventory, sales are down.  Hopefully, it won't last for long. 

Oct 23, 2017 02:30 AM #17
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Marco Giancola

Realtor (305)608-1922, Miami Beach Florida
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