Summer is just around the corner and many people begin to make their summer vacation plans. A large majority will head down to the Sunshine state, Florida. Florida was one of the hardest hit states during the housing crisis. Many analysts are watching closely FL, TX, NV and CA for signs up the housing market stabilizing.
So what’s been happening in Florida? We are going to take a look at the last 6 months to see if the sun will come out for the sunshine state. Over the last 6 months, single family home sales have decreased by 30% since July 2009. Sales were relatively stable through December with a large drop during the month of January. On the other hand, condo sales saw an increase through December with another drop in the month of January.
Let’s take a look at the distressed market in Florida for the last 6 months. It’s common to hear of increased sales and wonder if the numbers incorporate distressed sales (foreclosures, bank to bank, etc). Distressed condo sales in Florida have remained relatively stable with distressed single family homes decreasing by 17%. A decrease in distressed sales could be a glimmer of hope suggesting that the foreclosure market could be slowing down in Florida.
Sales price is the last indicator we’ll take a look at for Florida. It’s common factor in the status of a particular market. Over the last 6 months, Florida has seen a 9% decrease in median sales price for single family homes. The decrease in sales could be very indicative of the decrease in sales price.
Condo median sales prices are down 17% while we’ve seen an increase in condo purchases.
As you plan your summer vacation, you may want to take a peek at the housing market while at the beach.
**Data courtesy of FNC’s National Collateral Database. By combining public record data and non-confidential appraisal data, FNC has built the most robust collateral database in the world.
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