Almost finished with our 2009 year-end look at the US Housing Market by region blog post series. Here’s the 2009 year-end Median Ask Price and Active Inventory trends for the major Florida markets – Miami, Orlando, Jacksonville and Orlando, with some quick analysis based of what we’re seeing in each city. I’ve also provide a snapshot of the Condo market trends for each city.
We’ll be releasing the January 2010 Real-Time Real Estate Report this week. Register now to receive this release and download December’s edition while it’s still available. (Yep, it’s free.)
- After strong negative slides from 2007-2008, Miami, Orlando and Tampa showed signs on life in the Spring. However, all three markets gave back their gains as the year progressed. The first few weeks of 2010 will be pivotal to see if these 2009 gains resulted from government and mortgage rate incentives or the start of a real recovery.
- Jacksonville’s slide continued throughout 2009 with a slowdown in the negative direction but not a directional trend change.
- Active inventory fell the greatest in Miami, as resale homes moved from active listings (and presumed short sales in many cases) to expired and foreclosured.
- Orlando and Tampa inventory started to level off in late 2009. Early 2010 indications are that Orlando’s inventory count is starting to rise.
The Condo market trends are moving strongly negative with no respite visible in 2009. Miami’s condo prices and inventory are moving sharply negative moving into 2010: