I was fortunate today to hear John Tucillo, Chief Economist for Florida Realtors, speak at our luncheon today.
It's amazing how much the news sources can skew data and statistics.
For example, Mr. Tucillo shared the following little nuggets with the audience:
- August 2010 - August 2011: home sales (units) increased 10% statewide in Florida, and 13% in Northeast Florida
- January 2011 - August 2011: home sales (units) increased 33% statewide in Florida and 53% in Northeast Florida
The real focus should be on the increasing units sold, because that is a better indicator, more reliable indicator of market stability than prices are. There will continue to be downward pressure on prices as along as there are distressed (short sales and foreclosures) in the marketplace.
Still, those are some positive indicators up above, and certainly much more positive than what the news tends to report, at least in my area.
The three signs of recovery, he further pointed out are:
- New listings decreasing year over year.
- Absorption rate increasing year over year (not days on market, which can be misleading)
- The ratio of sales price to list price increasing year over year.
We have the opportunity to be the messenger of the good news in the marketplace, and if we don't tell our own story, and back it up with factual information, then we are not doing our jobs.
(Disclaimer: these are my notes from the meeting, these items were not on power point slides)
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