Going back 30 days...there have been 4 reported sales:- Oak Grove, 4/2.5/2, 2428 sq ft, $225,000...Short Sale
- Oak Grove, 739 model, 3/3/2, 2225 sq ft, $255,000
- Marbletree, 5/3/3, pool, 1603, 3397 sq ft, $345,000
- Squirewood, 5/3/3, pool, 1603, 3397 sq ft, $365,000
If you extrapolate the numbers of 4-in-30 days out to an annualized figure, you have 48 home sales projected in a 12 month period...with the current Smith Farm inventory of 19 homes on the market, that gives us about a five month absorbtion rate...which is not high at all.
Six of the 19 are being marketed as short sales...Three are bank owned sales...
Hopefully, the expanded and extended homebuyer tax credit will keep a finger in the dyke long enough to give sellers who are not yet under water who want/need to sell to a chance to get out. But looking forward, as the tax credit expires, and if the Fed follows through on its plans to scale back its purchases of mortgage-backed securities (MBS), which will signal the end of these historically low interest rates, I sincerely believe that we will see a resumption of the decline in home values here in South Florida.
Sellers and those thinking of selling take heed…your window of opportunity is the next 6 months…
Posts
No comments:
Post a Comment