With the latest reports from the various realtor organizations around the state, we now have record inventory. Here now the numbers for the major markets, with months supply of inventory:
Tallahassee - 9 months
Jacksonville - 10 months
Orlando - 10 months
Palm Beach/Boca - 11 months
Tampa/St. Pete/Clearwater - 15 months
Miami-Dade - 18 months
Sarasota/Bradenton - 23 months
(Months supply is calculated by dividing current supply by the latest (Sept 2006) sales. It represents how many months it would take to sell all the current inventory. Statistically, an average home would take half this time to sell.)
So, my fellow citizens, with these figures in mind:
- Do you see a continuing increase or decrease for 2007?
- Is this record inventory due to spec-u-vestors bailing out, or simply too high of prices?
- Do the sellers get fed up and take their homes off the market (hoping for a return in demand)?
- If it does get worse, how much worse? When do we hit bottom?