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Great Florida Home Sales News

I just got Florida's January home sales numbers & the statistics are very good:

January, 2009 had 8,450 closed transactions across Florida vs. 6,810 in January 2008 - This is a 24% increase in home sales over last year's numbers.

The downside is that the median sales price was down to $139,500 from $206,900, a 33% decline. This is primarily based on the huge amount of foreclosures & short sales as well as sellers having to slash their prices to sell their homes. The decline has to be expected due to the unreasonable levels prices got to during the 04, 05, 06 craziness.

It is painful for homeowners to see values continuing to drop, but it is a very good thing that sales are up so much - Buyers are out there cleaning up the excess inventory. As soon as the oversupply of homes is removed from the market home prices will stabilize - Good ol' supply & demand economics.

It's great to see some good news out there!!

Posted by Dan Magstadt on 02/25/2009 04:25 PM

Comments (4)

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4 Comments on Great Florida Home Sales News

FEB

Glad to hear those numbers--maybe there will be hope for us here in Southern California.

Hello Dan,

Good to hear that. Sometimes all it takes is a small nudge to begin a domino effect. Hopefully this is a sign of things to come.

All The Best,

Adell

It is for the best. Prices come down to the point where buyers think they are priced right. It has taken a while in our market for sellers to reduce prices.

Things are not nearly as serious as your area. But it is also are turning around here.

Our western North Carolina Mountains market is very dependent on the sales in Florida. We cruise AR looking for signs that the FL market is turning. I love to hear good news. Prices will start to go up soon if inventory keeps getting closed, right?

I am a Capitalist, Free Enterprise believer - check out my AR blogs for my thoughts on that.

FEB

Sandra - I think So Cal is probably a little behind us, but you'll get there!!

Adell - You're right...I hope the dominoes start crashing down!!

Lynda - Yes, it's taken the reduction in prices to get the market moving again...eventually prices will start to move upward again, but that's a little ways off - The current inventory will have to move out of the system first.

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