Another Positive Report on the Housing Market

The New York Times reported this week that evidence is showing a recovery in the housing market. This is due to reports that prices are going up…and so are sales. Builders are constructing again. Homes are also being sold for asking price and sometimes above asking. Although the article says this is a positive movement, it says it will be slow. Many Americans are still in default of their loans, and owe more than their home is worth, making it impossible to sell. But the positive, upward trend is evident in the data:

· S.&P./Case-Shiller index reported earlier this week that sales prices for existing homes rose in April for the first time this year.

· National Association of Realtors said Wednesday that pending home sales climbed to the highest level since the end of a federal tax credit for first-time buyers in September 2010.

· The influx of investors is a major reason that the market is looking stronger.

· “Shadow inventory” is not distributed uniformly, according to a new analysis by Goldman Sachs.

· Inventory has been falling for more than a year, according to the National Association of Realtors.

Read the full article at:

http://www.nytimes.com/2012/06/28/business/economy/new-indications-housing-recovery-is-under-way.html?_r=1&nl=todaysheadlines&emc=edit_th_20120628.

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SOUTHCOM Change of Command Presided over by Defense Secretary Panetta and Veteran's Day Ceremony at Jungle Island

General Douglas Fraser, U.S. Southern Command, giving the keynote address at the Jungle Island Veteran's Day event. U.S. Secretary of Defense Leon Panetta, Chairman of the Joint Chiefs of Staff Army General Martin Dempsey, incoming SOUTHCOM Commander Gen. John Kelly and outgoing SOUTHCOM Commander Gen. Douglas Fraser at Change of Command Ceremony on November 19, 2012 . General Douglas Fraser of the Southern Command is retiring after nearly 40 years of service to the United States Air Force. At a Veteran's Day celebration held at Jungle Island in Miami, the General was recognized along with other veterans for their outstanding dedication to protecting our country. Last week, Gen. Fraser was also honored by United States Secretary of Defense Leon E. Panetta, who commended his accomplishments in leading SOUTHCOM. Secretary Panetta described the Genera...

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The Market in Coral Gables on the move... +As of August 2019 there were 383 single family homes on the market for sale. The average LIST price was $3,173,000 The average SOLD price was $1,208,000 The MEDIAN sold price was $901,000 +There are 122 homes out of 383 homes that are priced under $1,000,000, or 32% of the total +There are 261 homes priced over $1,000,000 in the Gables which is 68% of the Total. + Over the past year there were 446 homes sold in the Gables ( 241 were under $1.0M or 54%) and ( 205 were priced over $1,000,000 or 46%) +The average time a listing is on the market is 63 days. + The average price per square foot is up this year about 3.6%, May-July 2018 to May-July 2019. I think this is due to the sale of many homes that are updated and ready to go. They have been setting records.

As of the end of August 2022, in Coral Gables, the inventory of single-family homes has risen by 11% over the same time last year ( Aug 2021). However, the number of homes sold and the number of homes pended, have decreased by 26% and 24%, respectively. Why is this happening? For a long time now, we have been forecasting that the price/sqft has been on the rise, but prices have now overshadowed the norm and there is too much inventory that is simply overpriced.. In conclusion, prices need to come down in order to move that inventory. Since the Spring of 2022, when our Coral Gables inventory was at 48 homes, we have now more than tripled that number. However, our sales have been on the decline, month over month. More than about 63% of our present active inventory has been on the market for over four months. That is a very strong indication that these properties are overpriced and should be reduced at a faster rate. There are still many buyers out in the market looki...

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