A National report released yesterday stated:
“Sales of previously owned homes in the United States plummeted 27.2 percent in July compared to the previous month…the latest sales numbers are 25.5 percent below July 2009, and are at their lowest level since May of 1995.”
And I repeat, Real Estate is local. Real Estate is local. Real Estate is local.
The Report that was released is a National Report that isn’t dissected into local Reports that are specific to States, Counties, Cities, and Neighborhoods. Market conditions vary significantly in various areas. Additionally, a 1-month decrease in sales is far from indicative of the overall market.
Our local area is not currently experiencing a level of sales equal to the number of sales in May of 1995 and is not experiencing a 27.2% decrease in home purchases.
What we are experiencing LOCALLY is an increase in sales in the Luxury Market and the non-Luxury Market.
Below are 2 Tables that include data** about our local Market and the 5-year Real Broward Estate Report that I posted details stats and reasons that show why our local area IS NOT significantly impacted by the end of the First Time Home Buyer’s Tax Credit. Most Media Reports are painted with a very broad Brush and you must determine if what you hear/heard applies to you and your area or not.
| Single Family Homes Sold | Condos Sold* | |
| June 2009 | 1,287 | 1,324 |
| June 2010 | 1,381 | 1,627 |
| July 2009 | 1,375 | 1,285 |
| July 2010 | 1,110 | 1,300 |
| January – July 2009 | 7,395 | 7,599 |
| January – July 2010 | 8,020 | 10,645 |
| Year | Single Family Homes Sold | Condos* Sold |
| 2006 | 12,589 | 13,843 |
| 2007 | 8,926 | 9,268 |
| 2008 | 9,088 | 8,811 |
| 2009 | 13,644 | 14,617 |
| 1/1/2010 – 6/30/2010 | 6,899 | 9,327 |
NOTES:
- *-When I refer to “Condos”, that includes Condos, Townhouses, Co-ops, and Villas.
- This Market report is not indicative of the entire Real Estate Market since I only report on Single Family Homes and Condos. Other property types that are sold include Commercial Property, Land, Docks, and Multi-Family Property such as Duplexes.
- **- The Data reported above is limited to sales conducted through Real Estate Brokers, which comprise the majority of Real Estate Sales, however, there are also sales of Developer owned Properties that are not listed in the MLS (one example of a Developer owned property in Broward County that has had significant sales in 2010 is Sapphire Condo which has sold over 40 Units in 2010).
Related information: