How Florida Measures Up On Real Estate Recovery Scale

"What's badly needed now is a more positive attitude among both Realtors and their customers at the local level because that's where the recovery will begin in earnest," said Michael Bearden, president and CEO of HouseHunt, Inc. HouseHunt is a consumer-oriented internet based firm that provides information to home buyers and sellers in 47 states through about 2,000 member agents. It's website is Househunt.com.

Many real estate gurus believe that what is needed to spur a real estate recovery is re-establishment of consumer confidence. In recent months, that confidence level has dropped by 20 points, so Bearden's comments are especially well targeted.

HouseHunt and the National Association of Realtors (NAR) recently completed a quarterly survey of their members aimed at gauging consumer attitude toward the real estate market and a return to a more balanced marketplace between buyers and sellers.

Here's what their membership had to say -- and note the differences between the national averages and Florida. There are seven (7) categories which HouseHunt believes will trigger a recovery and members were asked about each ...

1. Average Buyer-Seller Ratio: 59% of member agents in the U.S. reported more sellers than buyers. 71% of Florida agents reported more sellers than buyers.

2. Average Time On Market: 61% of members said it now takes an average of 90 days or more to sell a home. 95% of Florida agents said it takes an average of 90 days.

3. Average Sale vs. Asking Price: 54% of members said that sellers are getting 95% or more of their asking price. In Florida, only 19% of agents said sellers are getting 95% of their asking price.

4. Average Annual Price Appreciation: 51% of members reported negative price appreciation during the past twelve months. In Florida, 85% of agents reported negative appreciation.

5. Multiple Offers: Nationally, members reported that 23% of their sellers received multiple offers from buyers. In Florida, only 10% received multiple offers.

6. Buyer Activity: Repeat and move-up buyers represented 61% of sales activity nationally. There was no direct data regarding Florida for this category.

7. Unsold Inventory: 63% of members reported that inventories of unsold properties were up over a year ago. There was no direct data regarding Florida for this category.

If indeed these are the keys to projecting a real estate recovery, Florida doesn't look too good. Florida has a history of lagging in recoveries, and that may continue to be the case when the rest of the nation begins to pull out of this real estate funk. We'll just have to wait and see.

For more information on real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.

-30-