| Construction and Real Estate Sections |
|
|
|
|
| |
 Data |
| Florida's Existing Condominium Market |
Enlarge |
| Source: Florida Association of Realtors |
|
| Data |
| Multifamily Permit Growth |
Enlarge |
| Source: U.S. Census Bureau |
|
Data and Analysis
Construction and Real Estate
Multifamily Residential
April 2008
According to figures from the National Association of Realtors, March sales of existing condos in the South Census region remained weak. Sales in March decreased 25.0 percent compared with a year earlier while the year-over-year decline in the median home price was not as deep, down 4.9 percent.
Data from the Florida Realtors Association show that existing condominium sales softened during March on a year-over-year basis. Statewide, sales declined 18.1 percent compared with a year earlier following a 30.2 percent decline in February. Weakness in the median home price held steady, down 20.2 percent from a year earlier during March.
SmartNumbers data indicate that existing condominium sales in Atlanta also remained weak during February, down 33.6 percent on a year-over-year basis following a 34.2 percent decline in January. The median home price declined sharply during January compared with a year earlier, down 11.8 percent. New condominium sales and home prices continued to soften during January on a year-over-year basis.
According to data from the Greater Nashville Association of Realtors, new and existing condominium sales remained weak during March, down 21.3 percent on a year-over-year basis but recovering somewhat from the January decline of 24.9 percent.
U.S. Census Bureau figures indicate that District multifamily permits remained weak during February. Weakness was centered in Florida, Georgia, and Tennessee while permit growth picked up in Louisiana and Mississippi.
During the first quarter, District commercial contractors reported that condominium development was generally lower compared with a year earlier while reports on apartment development were mixed. Several contacts noted increased interest in apartment development while others indicated that obtaining financing was difficult.
Archive | March 2008
|
