This is great...the hits just keep on comin'!
Dr. Hank Fishkind, well known economist in Florida of Fishkind and Addociates, Inc., in a report commissioned by Attorneys' Title Insurance Fund, Inc., titled FLORIDA REAL ESTATE MARKET REACHED BOTTOM IN 2007; MARKET EXPECTED TO RECOVER FROM "INDIGESTION, said that the markets slowed in Spring of 2007 before the subprime lending debacle, and then were hit hard in August when the crisis hit. Since then, the market has flattend out and is expected to begin [emphasis mine] to recover over the next several years.
The report analysed data for more than 30 counties and provides ecomic outlook also. "Florida is one of the leading states for job creation and outperformed the rest of the country despite the housing market meltdown," stated Fishkind. "The state's population growth also slowed, but is still nearly greater than all of the other Southeastern states put together. Florida has a very large and powerful economy that has gone through a cyclical downshift, but it is still outperforming compared to the rest of the nation."
Strongest residential area - Orlando. Excess supply of inventory - Fort Myers/Cape Coral. Major condo bust cycle - Miami-Dade.
I've looked at the sales volume data for the Naples-Bonita SPrings-Estero area and my conclusions are:
The inventory level will remain high through 2008
Sales volume will increase
Prices will generally remain flat
We are "in season" now in southwest Florida and there is no question that the activity has picked up. In the first seven days of 2008 126 properties went under contract. This is a monthly rate of more than 500. This number is some 20% above the average sales (closing) rate. per month, for all 2007.
Here we go!
