Ron Shuffield, President of EWM Realtors, came to the Weston Town Center Office to share the market trends of the Weston area. “If you know these numbers, you know your market.”
Weston, Florida is leading South Florida out of the housing crunch. Seeing our city go from twelve months of supply of inventory one year ago to currently seven months of supply is absolutely amazing! In June of 2008, there were 715 single family homes on the market. As of June 2009, there are only 374. This is a decrease in inventory of 48%.
Although inventory has decreased, sales volume has decreased 8% from last year. However, in June of 2008, the median priced home was $396,000. In June of 2009, the median priced home rose to $480,000. This is an increase of 21%.
In June of 2008 the average sold price was $451,000; the average sold price was $480,000 in June 2009 – an increase of 6.4%.
Houses sold in June of 2008 were within 92% of the last listed price; houses sold in June of 2009 were within 90% of the last listed price as well.
Obviously, the square footage rose from $177.60 per square foot in June of 2008 to $183.30 in June of 2009.
The sweet news – inventory has decreased and sales prices have increased! This is a cause of celebration! “Let them eat cake!” — (Marie Antoinette)