As the thaw begins up north (hopefully), let’s see if February was brutal here on sales like it was up north in the way of weather.
The answer to that is no. After seeing a dip in sales during the last 3 months of 2013 and an increase in January, February was exactly even with last February when looking at sales. That may not seem like it means much but since last February was the highest for that month since 2006, the fact that sales last month reached that same number is an indication that whatever weakness we saw in the market in the last quarter of 2013 may have been resolved. We’ll know more as we get into the next 3-4 months.
Inventory is still slightly above where it was at the same time last year but still below where it was in any of the years from 2007-2012 so we are still seeing more of a seller’s market. If you’ve been wondering whether or not to sell yet, you should consider doing so soon since we still have constrained inventory and are currently in the strongest sales months of the year.
Information for charts above was taken from PRO/Suncoast MLS from Jan 2007 thru May 2011 & from the MFRMLS for May 2011 thru February 2014. This information may or may not include all listed expired, withdrawn, pending or sold properties of one or more members of the My Florida Regional Multiple Listing Service.
Two other statistics that are interesting and deal with the fact that some people are wondering if the big price increases last year might be the start of a new ‘bubble’ in real estate.
The most recent CoreLogic Home Price Index report shows that in Florida that the 12 month price increase in single family homes from December 2012 to December 2013 was 9.9% when including distressed properties. So overall in Florida we didn’t have a double digit price increase (but about as close as you could get). Each area of Florida will vary somewhat and the Tampa Bay area was more in the 12-13% range and was not in the top 5 cities nationwide for appreciation.
What is interesting is that in Florida overall we are still down over 30% from the peak prices in 2006 and so even with the most recent gains in the last year we are still not even near where we were before that market started its fall in 2006-2007.