Despite all of the mixed opinions generated in the National news over the past several years, locally, there has been minimal variation in closed sales, closed sale prices, or the mix of sales over the last 3 years. Lets look at the data
Some observations of the 4 bedroom single family home prices over the indicated over the last 3 years:
+ The average sale price on “Regular Sales” has stayed within 2% of $315,000
+ The average sale price on Bank Owned Property has remained solid at $250,000.
+ Short sales (and regular sales to a lesser degree), saw a bump in price in 2010 due to the $8,000 government tax incentive. But prices on short sales are now nearly in line with prices on foreclosures and about 20% below market value.
Some observations of the 4 bedroom single family home sale, units by type, data above over the indicated time period:
+ The quantity of Regular sales have improved mostly due to more sellers pricing in line with market value. Again, 2009 sales show an increase due to government incentive.
+ “Distressed sales” (short sales and bank owned property) have hovered around 50% of total sales for the past 3 years.
+ Sales have been, and continue to run at about 100 units per quarter in the 2nd quarter of 2009, 2010, and 2011.
SUMMARY: In my opinion, the data for Pembroke Pines indicates that the last 3 years have been the beginning of a tough and sustained local housing recovery. Despite all of the media reports, we are not seeing any major new swings in the actual market data. The net result of low prices and low mortgage rates have prevailed with a continuing turn over of property. The data seems to indicate that the local market has settled at a recovery point. My guess is that these numbers will not change drastically in the foreseeable future (3 to 5 years) while real estate inventories are slowly absorbed.
Remember, housing is local, so while national concerns are definitely important, the local view is what is most important to you in making your real estate decisions. For those that have been sitting on the fence since 2009, the above data supports the fact that, when you are ready, it appears safe to go back into the water. For more information see sellbrowardrealestate.com.
