Tuesday 27 December 2011

11 Months of Price Growth – Is the Worst Behind ?

Florida Realtors released the November 2011 median condo sales prices today showing consistent and solid growth on the year to date major Florida markets.
In Tampa where most of out business is concentrated the November median price was $ 82,300, up from $ 66,100 in January 2011 for a gain of 24.51%
Onlando also showed string growthin recent months finishing at $ 59,700, up 19% from the $ 50,000 recorded in January.
Ft. Lauderdale backed off slightly in November to $ 75,700, still up 9.8% since January’s $ 68,900.
Miami has been less stable but is up 37% from January to November, $ 91,200 to $ 125,000.
Boca Raton however is up only 4% to $ 79,100 from 76,100 in January.
Commentary
With 11 months of solid growth, the worst seems to be behind the major urban centres (Miami, Tampa & Orlando).  The more vacation oriented areas and south Florida while still up on the year are giving up earlier gains.
In Tampa there was a shortage of available investment grade product in the summer and fall of 2011. We have just started to see some attractive listings and foreclosed product come back.
2012 is supposed to be the start of the comeback according to the Chase Report and a number of other forecasts. For condos according to the statistics it might have already started.

No comments:

Post a Comment