Buyers and real estate agents were scrambling in April to get homes under contract before the tax credit expired on April 30th, resulting in a big boost for sales. Overall unit sales are up 43.4% from last April – single family homes are up 30%, and condos are up a whopping 67%. Finally some good news for the Florida condo market!
Inventory is down 16% overall from this time last year. The absorption rate (# Listings / # Sold Monthly) is still falling for both single family homes and condos, with the supply of single family homes at 4.5 months and supply of condos at 6.6 months.
Prices are down slightly, by 3.24%.
Percentage of sales by price-range:
| Single family homes: | |
| Under $100,000 | 32% |
| $100K – $299,999 | 50% |
| $300,000 – $500,000 | 10.9% |
| Over $500,000 | 6.3% |
| Over $1,000,000 | .9% |
| Condos: | |
| Under $100,000 | 40% |
| $100K – $299,999 | 42% |
| $300,000 – $500,000 | 10.5% |
| Over $500,000 | 6.8% |
| Over $1,000,000 | 1.2% |
All signs continue to point to a much improved real estate market, with prices stabilizing and inventory dropping. Hopefully we’ll see these trends continue as the effect of the tax credits wear off.
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