In looking at economic conditions and market data, one of the sources we use is the Standard and Poors Case Shiller “Home Price Values” for Miami-Dade.
This month I have also selected The City of Coral Gables to analyze for short sales, the absorption of condos, and single family homes. I will continue to track this in the coming months to draw conclusions on the direction of the real estate market. For Coral Gables, I am using two sources, which are:
The Case Shiller Index (scroll down to "Research") shows housing markets in South Florida have declined approximately 2.37% per month for the twelve monts prior to August 2008. Previously, the decline was approximately 1.6% per month (for most of 2007).
The MLS shows the following number of "active" for "short sale" listings in *Coral Gables:
Absorption is analyzed by using the EWM Facts and Trends site. I average the past two reporting periods, rather than take the last reporting period (the index lags by a few months). In August and September 2008, the average was 32 sales of single-family homes with 591 listings. The supply is 1.54 years. This is total absorption time rather than the six months to one year, which was a normal marketing time prior to the real estate boom.
For condominiums there are an average of approximately 13 sales per month, with a supply of 409 units over the same reporting period. The supply is 2.62 years. The number of condominium listings fell from 479 in June, to 401 in September, or about 16%. This is a good sign and as construction has slowed or stopped, the overall supply will continue to drop.
*Email Britt J. Rosen for a list of the "short sales."