August 25, 2006

Florida now in total housing meltdown mode: Home inventories through the roof, sales freefall 33%, prices crashing

It's funny reading this reality versus what that tool mortgage broker wrote the other day about how Jacksonville is going to be fine and dandy. Not.

Important point too that all these crazy listing numbers we're now seeing do not include the FSBO listings. Someone do the research and let us know what those numbers look like.

As the number of home sales and the prices of existing homes in Sarasota-Bradenton continue on a downward spiral, real estate agents are taking a realistic look at the changing market. Sales in the area slumped 49 percent compared to last July as listings remain high.

There are more than 6,500 properties for sale in Manatee County alone, according to the Multiple Listing Service. The glut is forcing agents to take new approaches to the clients that are looking.

"That's a city in itself and that doesn't include the 'for sale by owners,' " said Ken Miller, agent with Re/Max Gulfstream.

Sales continued to tumble throughout Florida in July. Every market in the state showed a decrease in the number of homes sold as compared to last July, with only Naples seeing a bigger drop off in sales than the Sarasota-Bradenton market.

Numbers released by the Florida Association of Realtors on Wednesday showed sales in the local area dropped by 49 percent and prices are now starting to follow suit. Prices fell 11 percent from where they had been in July 2005.

In July of 2005, the median cost of an existing home was $338,100. The median price last month was $302,100. Statewide, home sales fell 33 percent in July, while the median price settled at $250,800.


David in JAX said...

And yet, people don't learn. Here is an article from Jacksonville's other newspaper. This person is buying homes at 50% off listing. But, she is buying a ton of them as investments.

I think people are finally seeing the market going down, but they are still thinking it's going to pick right back up.

David said...

But Suzanne researched it!

Anonymous said...

continued decline through end of year YOY decreases in value dead cat bounce in Spring 2007 false sense of relief and well being then off a cliff again in Summer

dive dive dive

Bunghole bound by Fall 2007

Deals (REAL deals - not this 5% - 10% off horseshit) galore in the Winter of next year and going forward into 2008. We're talking repeats of Otto Young buying big pieces of Chicagoland after the Great Fire deals where buyers are completely demoralized and squealing for relief. We're talking rip their heads off and shit down their necks type deals. We're talking "I get to have sex with your daughter and wife at the closing" deals. Oh the carnage, oh the humanity!

East of LA said...

The bottom has fallen out!!!

Anonymous said...

This is just the start of the Meltdown in Florida..My proposed tax Bills are 42 percent higher then last year. I hope nobody has a heart condition when they open these BS taxes..This is insane..The taxing authority added the final Nail in South Floridas Real Estate Coffin..

Anonymous said...

Anonymous said...My proposed tax Bills are 42 percent higher then last year. <

By law, taxes can only increase 3% per year in Florida on your primary residence. If your tax bill went up '42%', you're talking about investment properties.

Anonymous said...

Most of the condos bought in Florida the past few years are flips. The taxes and HOA fees will slaughter the RE market

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