Not to sound repetitious, BUT, the stats from first quarter '09 inventory are finally out. After 70% increase of sales in Miami-Dade, 46% in Broward, and another 37% in Palm Beach, our inventory's expected time on the market has gone from an all-time high of 14 months to a seasonally adjusted 9 months. Note: amount of homes in the market divided by amount of homes sold = expected time on market before the inventory sells.
I know that experts will talk about the condo market. But those of us who have been around since the last banking crisis (Savings & Loan) know that that period saw the Brickell corridor become a great rental area until the sales for that market re-emerged.
Yes, I know, I sound like an optimist. But it is not optimism. What I'm preaching is opportunism. There was a serious correction in the market, and prices in our area are still in flux. Homes are being sold at less than replacement value. What does that mean? You can buy a home for less than what it cost to build it, and the land is free. This plus current mortgage rates makes this a great investment opportunity in our beautiful paradise.
But, if you still need more proof, take a look at the little spreadsheet below from NAR which offers national stats and from my marketplace.
Until the next time....
E.V.
http://www.realtor.org/wps/wcm/connect/882586804e108aadb922ffec21680fb0/REL09Q1T.pdf?MOD=AJPERES&CACHEID=882586804e108aadb922ffec21680fb0
No comments:
Post a Comment