Recently there was a story in the Miami Herald on the "shadow market" of properties not yet on the multiple listing system and how they can drive price down further. From my perspective, marketing times, excluding condos, in south Florida are notably reduced from 2008.
Comparing 09/08 to 09/09 in Miami-Dade, listings are down from 16,802 to 9,046. Sales increased from 572 to 765 per mo. Dividing listings by sales indicates absorption is substantially down. It appears that absorption is down from 2.45 years in 2008 to 1 year in 2009. See the chart from EWM.com below. We are on our way to stabilized prices and eventually increases in market values.
The Case Shiller index came out this week and there have been three consecutive increases in home prices. See http://tinyurl.com/yjvddnx
Millage Rates and 2008 Tax Assessments
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