December 2006 Market Condtions Report
Premier Team’s Market Conditions Report Summary – Dec 06
(from our study of the Gulf Coast Regional Multiple Listing Service)
Statistics for Single Family Homes:
Total Single Family Home Listings: 4098 - Up 52% over last year. Down 3.2% from last month!
Total Solds: 176 - Down 30% year to year
Median Sales Price: $275,000 – Down 13.8% from last year and down 21.4% from 2005 high
Absorption Rate: 11.0 months. This is how long it would take to sell all of today's listings at the rate homes are selling and if no other homes were listed.Average
Days on Market: 85 - Up 70% over last year
Statistics for Condos:
Total Condo Listings: 1944 – Up 111% over last year.
Total Solds: 51 – Down 43% year to year
Median Sales Price: $240,000 . Up significantly.
Absorption Rate: 14.1 months
Average Days on Market: 93 – Up 158%
Summary: Our Market is STABILIZING!
The signs of market stabilization are finally here. What has been evident for the rest of the state has finally arrived in the Manatee – Sarasota market. For the FIRST time since May 2005 total inventory has shown a decrease. Total listings are down 3.2% from last month and up only 52% over last year.
We also saw a $5,000 increase in December’s median price over November. This is the first month over month increase in 5 months. We are at the bottom of the cycle and should start seeing signs of improvement by mid-year.
The condo market probably has another 6 months of decline before it stabilizes. The absorption rate (supply and demand) has risen to it’s zenith of 14.1 months. Inventory rose slightly.
Prices may remain flat for the next 24 months, but 2009 should bring price gains as population growth continues. Hank Fishkind, of Fishkind and Associates confirms that our market is stabilizing. Orlando will be the strongest, and Miami – Ft. Myers will be the weakest in 2007.
We have seen a definite increase in sales activity for our team. Our November-December sale numbers were our best in 5 years! Personally, we are experiencing an increase in business.
Our Reccomendation: Buyers who have been waiting for the bottom of the market need to act now!
(from our study of the Gulf Coast Regional Multiple Listing Service)
Statistics for Single Family Homes:
Total Single Family Home Listings: 4098 - Up 52% over last year. Down 3.2% from last month!
Total Solds: 176 - Down 30% year to year
Median Sales Price: $275,000 – Down 13.8% from last year and down 21.4% from 2005 high
Absorption Rate: 11.0 months. This is how long it would take to sell all of today's listings at the rate homes are selling and if no other homes were listed.Average
Days on Market: 85 - Up 70% over last year
Statistics for Condos:
Total Condo Listings: 1944 – Up 111% over last year.
Total Solds: 51 – Down 43% year to year
Median Sales Price: $240,000 . Up significantly.
Absorption Rate: 14.1 months
Average Days on Market: 93 – Up 158%
Summary: Our Market is STABILIZING!
The signs of market stabilization are finally here. What has been evident for the rest of the state has finally arrived in the Manatee – Sarasota market. For the FIRST time since May 2005 total inventory has shown a decrease. Total listings are down 3.2% from last month and up only 52% over last year.
We also saw a $5,000 increase in December’s median price over November. This is the first month over month increase in 5 months. We are at the bottom of the cycle and should start seeing signs of improvement by mid-year.
The condo market probably has another 6 months of decline before it stabilizes. The absorption rate (supply and demand) has risen to it’s zenith of 14.1 months. Inventory rose slightly.
Prices may remain flat for the next 24 months, but 2009 should bring price gains as population growth continues. Hank Fishkind, of Fishkind and Associates confirms that our market is stabilizing. Orlando will be the strongest, and Miami – Ft. Myers will be the weakest in 2007.
We have seen a definite increase in sales activity for our team. Our November-December sale numbers were our best in 5 years! Personally, we are experiencing an increase in business.
Our Reccomendation: Buyers who have been waiting for the bottom of the market need to act now!
Labels: Market Conditions
posted by Dan Forbes at
4:31 PM
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