South Florida Single-family Housing Gains Sharply in First Quarter

Posted in South Florida Condo Market, South Florida Market | Posted on 05-03-2013 | Written by Metrostudy News

(Miami, FL– May 3, 2013) The new South Florida boom in home construction is gaining momentum. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

Builders started construction on 1,585 single family homes in the six-county area during the first three months of the year. This is the highest pace since mid-2007, and it was 61.2% higher than 1Q12’s pace. Annual single-family housing starts rose sharply year-over-year, with the 1Q 2013 level of 5,721 being 46% higher than the 1Q 2012 level.

Consumer demand is strong; all of the homes are getting moved into as soon as they are completed.  Quarterly move-in pace is up 18.8% vs. this time last year. End-users absorbed 1,296 new homes during 1Q13, and 4,863 during the last four quarters. The number of finished vacant housing units barely budged, up from 939 to 942 during 1Q13, and the months-of-supply figure fell from 2.4 to 2.3.  “The days of excess inventories are long gone.  Inventory levels are back in an equilibrium range overall, and are actually on the low side in many submarkets,” said Brad Hunter, regional director of Metrostudy’s Chief Economist.  This, he says, means that housing starts will increase sharply throughout the rest of the year.

Highlights by County:

Miami-Dade: Demand is up sharply throughout the Miami market, Metrostudy’s research shows.  “Miami-Dade County leads the rest of the South Florida counties now, after a 111.1% increase in construction in the last twelve months,” said Hunter.  Miami-Dade County builders started 1,984 single-family homes in the first quarter of 2013, up from 940 four quarters ago.

Those homes are all becoming occupied as soon as they are completed.  Annual move-ins in Miami-Dade rose 62% year over-year, although the first quarter’s move-ins were down 30.2% vs. the fourth quarter’s strong 562 move-ins pace. As of the end of 1Q13, there were 306 finished vacant units in Miami-Dade County, which translates to 2.4 MOS. There were only 4,321 vacant developed lots remaining in Miami-Dade at the end of 1Q13, representing 26.1 MOS. There were only another 5,563 future lots identified (platted or otherwise known to be in the pipeline).

Broward: Broward County has not grown as quickly as Miami-Dade because of land scarcity.  Its quarterly housing starts have been fairly steady over the last 5 quarters, uponly 5.6% in 1Q13 vs. 1Q12. The current annual starts figure is 1,029, and the current annual move-ins figure is 1,056. As of the end of 1Q13, Broward had only 1.4 MOS of finished vacant units, down from 1.7 a quarter ago and 2.5 a year ago. There were only 2,010 vacant developed lots in Broward as of the end of 1Q13, representing 23.4 MOS. “Activity in Broward will soon shift from South Broward to North Broward, where more large new projects are starting.” said Hunter.

Palm Beach: Palm Beach County’s quarterly starts are up 37% vs. four quarters earlier.  “The pace of single-family home construction has not been this high since 2007,” said Hunter. There are currently only 225 finished vacant units, constituting 1.7 months of supply, at the current rate of move-ins. In Palm Beach County, there are only 3,551 vacant, developed lots, only 21.8 months worth of supply at the current pace of construction.

Martin: Metrostudy finds that Martin County’s annual construction pace is back to the late 2007 level, with 294 annual starts, up 77.1% over a year earlier. Martin County’s annual move-ins pace was 239 as of the end of 1Q13, up 39% vs. a year ago. There are now 76 units of finished, vacant inventory, which translates to 3.8 MOS.  This is up from 3.7 MOS last quarter and 3.0 MOS two quarters ago. Martin County has 2,095 vacant developed lots.

St. Lucie: Annual housing starts in St. Lucie County rose 27.3% year-over-year, to 154, but annual move-ins fell 23.1% to 150. There were 126 finished vacant single-family homes as of the end of 1Q13, down from 156 a year earlier.  At the current annual move-ins pace, this makes 10.1 MOS.  If we consider only detached homes, there was still 6.5 MOS. St. Lucie County had 7,150 vacant developed lots as of the end 1Q13. “St. Lucie County is still struggling, but the long-term future for this area is very bright,” said Hunter.

Indian River: There were 302 single-family starts during the year that ended with the first quarter of 2013, up 45.9% from a year earlier.  The 117 starts during 1Q13 were almost double those during the previous quarter. Absorption has been fairly stable, with 270 annual move-ins as of the end of 1Q13, vs.  272 annual move-ins a year ago. The finished vacant MOS figure fell to 3.3 in 1Q13, from 3.8 in 4Q12, and 5.5 a year ago.

For information contact:
brad hunter @ 561.573.8351
email bhunter@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. www.metrostudy.com.

About Hanley Wood

Hanley Wood, LLC is the premier media, event, information and strategic marketing services company serving the residential, commercial design and construction industries. Through its operating platforms, the company produces award-winning digital and print publications, Newsletters, websites, marquee trade shows and events, Market Intelligence data and strategic marketing solutions. The company also is North America’s leading publisher of home plans.

South Florida’s new home construction continues to gather momentum

Posted in South Florida Condo Market, South Florida Market | Posted on 02-07-2013 | Written by Metrostudy News

(Miami, FL– February 7, 2013) Housing production was up strongly in 2012, with all of the boost coming in the first three quarters of the year.   There was a pullback in the final quarter of the year, which is attributed mostly to normal seasonal fluctuations.  This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

South Florida’s quarterly single-family housing starts rose sharply year-over-year, with the 4Q12 level being 30.2% higher than 4Q11. There were 1,355 starts in 4Q12, which was 7.4% lower than the 3Q12 level. The quarterly move-in pace is up 21.6% versus the fourth quarter of last year, consumers absorbed 1,373 new homes during the fourth quarter; 4,651 during the year. “This is especially remarkable during a time when local job growth has been disturbingly slow. Finished, vacant housing supply declined to under 1,000 units (964), which is a low supply for this market. There is a 2.5 month supply of finished vacant inventory, down from 8.1 months of supply back in 2010,” said Brad Hunter, director of Metrostudy’s South Florida market.

Highlights by County:

Miami-Dade: Miami-Dade had another strong quarter for starts (409 in 4Q, up 169% from 4Q 2011). Annual starts were up 85.9% over a year ago. Quarterly absorptions (move-ins) in Miami-Dade rose 58.7% over the third-quarter level, and more than doubled over 4Q 2011, up to 565.

“The strength in Miami-Dade is county-wide. Areas like Doral and Fontainebleau attain both strong absorption and strong pricing, while South Dade struggles with pricing, but still gets absorption,” said Hunter. There were only 4,576 vacant developed lots remaining in Miami-Dade at the end of 2012.

Broward: Broward County’s quarterly housing starts rose by 9.3% during the fourth quarter, to 269. Comparing 4Q12 versus 4Q11, the number is down 23.1%, but that is mostly because of a major surge at the end of 2011, making it a “tough comp.”  “Demand is unquestionably strong in the “A” (and “B”) neighborhoods of Broward County. When one draws a boundary using Metrosearch, say in Parkland or South Broward, one finds a very tight supply of housing and of lots,” said Hunter. The year-end count of developed lots came in at only 2,056, with only another 7,145 future lots in the pipeline. The shortage will be felt in the form of higher home prices in 2013.

Palm Beach: Quarterly housing starts in Palm Beach County are up 20.7% versus four quarters earlier. The finished vacant inventory has fallen by 27.5% over the same timeframe. In Palm Beach County, there are only 3,897 fully developed lots. This is a 25.6 month supply. “The purchase of the Vavrus tract has attracted a lot of attention in light of the depleting lot supply. Parcels such as this, though currently remote, will be needed as lot supplies in other areas of the county run dry,” said Hunter.

Martin: Martin County builders started construction on 264 homes during 2012. That annual figure was 61% higher than the previous year’s. There are only 67 homes in the finished, vacant inventory, compared with more than 400 back in 2006. Martin County has 2,160 vacant developed lots. Martin County will attract the attention of developers and builders this year. This county is much healthier than the rest of the Treasure Coast, because it did not get as overbuilt as counties to the north,” said Hunter.

St. Lucie: “Housing starts in St. Lucie County rise sharply in 2012, but the level of activity is still depressed,” said Hunter.  There were 147 single-family starts in 2012, and that was up 35% from a year earlier. During the fourth quarter, there were 51 starts, up 82.1% from the 28 homes started in the final quarter of 2011. St. Lucie County has 7,187 vacant developed lots. National home building companies are making forays into St. Lucie again.

Indian River: The Vero Beach market is slowly coming back. There were 239 single-family starts in 2012, up 13.3% from a year earlier. Quarterly starts rose by 37.2% compared to 4Q11’s level. Indian River County has 4,622 vacant developed lots.

For information contact:
brad hunter @ 561.573.8351
email: bhunter@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide.  In addition to providing information, the company is recognized for its consulting expertise on development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects.  Services are offered through an extensive network of offices strategically located in major metropolitan areas throughout the U.S.

02/07/13: Metrostudy South Florida 4Q12 Executive Client Briefing

Posted in Events, South Florida Condo Market, South Florida Market | Posted on 01-14-2013 | Written by Brad Hunter

“The housing rebound continues, but the devil is in the submarkets”
- Brad

We hope you will be Brad Hunter’s personal guest for his 4Q12 South Florida market breakfast meeting. Clients: there will be no charge and you are encouraged to bring along associates or clients who would benefit from the briefing. Please make your reservations with Barbara, below.

NEW LOGO 2013

RSVP now for the Quarterly Symposium

An in-depth market discussion using Metrostudy’s latest update of data on all for-sale projects in the South Florida market.

presented by:
Bradley F. Hunter
Chief Economist/Director- South Florida Region

Thursday, February 7th, 2013
9:00 AM – 11:30 AM

Palm Beach County Convention Center
650 Okeechobee Boulevard
West Palm Beach, FL 33401
561-366-3000
www.palmbeachfl.com

Complimentary Seated Breakfast

PLEASE RSVP by Friday, February 1st!!


PHONE: 954-749-9532
E-MAIL: bcampbell@metrostudy.com

MARK YOUR CALENDAR NOW!!!

01/17/13: Mortgage Bankers Association meeting

Posted in Events, South Florida Condo Market, South Florida Market | Posted on 01-14-2013 | Written by Brad Hunter

Metrostudy’s Brad Hunter will be speaking at the Mortgage Bankers Association meeting

Date: January 17th, 2013

Location: Don Shula’s on Main Street in Miami Lakes

Time: 11:00 a.m.

01/17/13: Hunter to Discuss South Florida Market at Local Meeting

Posted in Events, South Florida Condo Market, South Florida Market | Posted on 01-14-2013 | Written by Brad Hunter

faba 2

Metrostudy’s Brad Hunter to present at the “2013 Housing/Economic Outlook” at Florida Atlantic Builders’ Association General Membership Meeting…

Date: Thursday, January 17, 2013

What: Cocktails and General Membership Meeting

6:00 – 7:00  pm – 2013 Kick Off Cocktails (cash bar)

7:00 pm – 9:00 pm – Full General Membership Meeting and Economic Forecast 2013.

Where: Sheraton Fort Lauderdale Airport Hotel, @ Griffin Road and I-95.

Price: $75 advance registration price at: http://tinyurl.com/axg9rhu

What you get:

Brad Hunter’s 2013 Housing/Economic Outlook presentation

Kick-Off Cocktail Hour (cash bar)

Three-course sit-down dinner (with entrée choices)

Free Parking!

Registration questions: e-mail to: monicabozza@myfaba.com at FABA

Price at door: $100

Age Targeted Housing Demand in Florida: What the Future Holds

Posted in Central Florida Market, Jacksonville Market, Naples - Ft. Myers Market, Naples Condo Market, National Housing Market, Sarasota - Bradenton Market, Sarasota Condo Market, South Florida Condo Market, South Florida Market, Tampa Market | Posted on 01-02-2013 | Written by Bob Hamilton

Active adult, or “age-targeted” housing has been a major driver in new home development in Florida for decades. Retirees, mostly from the Northeast and Midwest, have historically migrated to the east and west coasts of Florida due to affordable housing, low taxes and favorable climate. Many of these retirees have been attracted to over-55 age restricted communities that have their own dedicated amenities tailored towards older residents.

However, events over the past decade have changed migration patterns into the state.  Escalating home prices and lingering impacts from a number of major hurricanes originally caused migration trends to reverse starting around 2005.  Additionally, the deep national recession further limited migration into the state over the latter half of the decade. A generational shift from the “Greatest” generation to the “Baby “Boomers” has also had a significant impact on migration, not only for Florida, but throughout the country.

To what extent have retiree migration trends changed in Florida over the past decade?

Richard Johnson, director of retirement policy research at The Urban Institute, states in a recent article entitled “The Shifting Retiree Migration,” that in 1990, more than one in four retirees age 55 to 65 that relocated across state lines moved to Florida, and that seven of the top 10 cities for migrating retirees were located in Florida. Over the past five years, however, Johnson’s analysis indicates that while Florida is still the most popular destination for relocating retirees, it attracted only one in seven of those age 55 to 65 who crossed state lines between 2005 and 2010. Only three metros in the state now rank among the nation’s top 10 magnets for retirees, with retiree demand shifting to cities such as Phoenix, Atlanta, Las Vegas, and Dallas, as well as other fast-growing metros in the Sunbelt. Even northern cities like New York, Washington DC, and Chicago have retained a greater share of their retirees driven by recent economic conditions or changing generational preferences.

Has this recent loss in retiree market share impacted new single family age targeted housing demand? An analysis of Metrostudy’s annual closings data within age targeted communities seems to corroborate these findings in some Florida markets. Closings for new age targeted product within the Sarasota-Bradenton market accounted for over 36% of all single family closings in 2000. By  3Q 2012, only 10.7% of all annual closings were within retiree communities. Demand for age targeted communities in the Naples-Ft. Myers market, which once had a nearly 34% market share, currently only accounts for 3.2% of all single family closings. Statewide (all Metrostudy markets combined), age targeted market share has declined slightly since 2000, from 17.7% market share in 2000 to 15.2% annually in 3Q 2012.

Not all markets, however, have experienced a decline. Age targeted demand in Metrostudy’s Central Florida market has increased over the past two years and now accounts for over 29% of all annual closings, up from 18% in 2000. Single family age targeted demand has also increased in the Jacksonville market, with 4.3% market share in 3Q 2012, up from .3% in 2000.

Ratio of Annual Single Family Closings within Active Adult Communities vs. All Communities by Florida Market

bob chart

Given these recent trends, what lies ahead for new, single family, age targeted development in Florida? Projections produced by the Florida Office of Economic and Demographic Research show a 29% increase in population for those residents aged 55 and up by 2020. This is well above the 11% increase projected for all age groups, and indicates that older buyers will remain a significant market segment within the state over the coming years.

Retiring Baby Boomers are generally more active than their predecessor, and tend to desire an area that appeals to their varied lifestyle. Traditional retiree markets are therefore not expected to be a major destination for this segment, with these buyers instead gravitating towards new emerging markets in central Florida and Jacksonville. This trend has so far been corroborated by each these market’s age-targeted closings activity over the past decade. Price will also be a major factor, with markets having a low land basis likely outperforming those with higher land costs.

Despite these generational changes, there will be a place for age-targeted development in Florida over the coming years, especially as builders market communities that appeal specifically to the Boomer lifestyle. Sales activity at most active age-targeted communities has improved throughout the state over the past year, and there remains enough lot supply to account for near-term demand in most markets, with approximately 18,792 vacant developed lots and 90,220 future lots designated for age targeted development. This improvement in demand, combined with expected over-55 population growth, should allow for stable age-targeted market share over time, even with changing buyer preferences.

South Florida’s new home construction continues to gather momentum

Posted in Economy, South Florida Condo Market, South Florida Market | Posted on 10-22-2012 | Written by Metrostudy News

(Miami, FL–October 22, 2012) New home construction continues to recover in South Florida as builders hustle to acquire more lots to meet rising demand. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

South Florida’s quarterly single-family housing starts rose 9.4% in the third quarter, and are up 41.2% from four quarters ago. “The recent improvement is dramatic, but the level of construction is still one-third of ‘normal’,” said Brad Hunter, director of Metrostudy’s South Florida market. Hunter’s forecast is for continued robust increases in housing starts over the next several years. Starts remained higher than move-ins during the quarter, but move-ins have accelerated such that the finished-vacant supply fell from 2.9 to 2.8. Finished-vacant inventory rose slightly during the quarter in Miami-Dade, Broward, and Palm Beach counties, as homes ordered six months back were delivered to home buyers.

Highlights by County:

Miami-Dade: Miami‐Dade is still hot, with yet another increase in starts (+6.9% q‐q), bringing the four-quarter gain to 53.6%. Absorptions (move‐ins) in Miami‐Dade went up 41.7% quarter on quarter, and are up 35.7% versus a year ago. There were 4,535 vacant developed lots in Miami-Dade at the end of the third quarter. “This inventory rose slightly as Aventura Isles started development in northern Miami‐Dade,” said Hunter.

Broward: Quarterly single-family housing starts in Broward County fell 2% during 3Q12, to 244, but were 5.2% higher than the year-ago pace. Quarterly move-ins fell 21.5% to 248, but this is 68.7% higher than the quarterly pace one year ago. “Move-ins have exceeded starts for the last two quarters,” said Hunter. Finished vacant inventory rose by 10 homes, to 167, but the months of supply (MOS) figure remained at 1.7, due to the increased annual move-ins pace. Broward County had only 2,071 vacant developed lots as of the end of the third quarter, which represents a 22.7 MOS at the current annual starts pace.

Palm Beach: Palm Beach starts rose 15.5% on the quarter, to 508. That is up 60.8% versus one year earlier, and the highest level since early 2007. The pace of move-ins rose during 3Q12, to 368, from 338 in 2Q12 and from 251 in the 3Q11. The number of finished vacant homes rose from 259 to 263, but the MOS fell from 2.2 to 2.0. There were 4,291 vacant developed lots in Palm Beach County at the end of 3Q12, representing 29.6 MOS.

Martin: “Martin County is much healthier than the rest of the Treasure Coast. Martin County has long had a slow-growth political environment, so it did not get as overbuilt as counties to the north,” said Hunter. Move-ins fell slightly during 3Q12, from 56 to 53, but they are up 82.8% versus one year ago. Finished, vacant inventory fell 19.7% during3 Q12, while under-construction inventory rose by 72.6%. There are now only 53 finished, vacant homes in Martin County, down from 66 at the end of 2Q12. This works out to 3.0 MOS. There were 2,219 vacant developed lots in Martin County as of the end 3Q12, and 12,096 future lots.

St. Lucie: There were 43 starts during 3Q12 in St. Lucie County, versus 23 during the 2Q12, and 32 a year ago. Absorption (move‐ins) fell to 25 homes in 3Q12, from 34 in 2Q12, and 32 a year ago. Finished, vacant inventory fell again, to 134 from 142 in 2Q12 and down from 181 one year ago. The current MOS level is 9.3, versus 9.5 at the end of 2Q12. There are 7,238 vacant, developed lots in St. Lucie County.

Indian River: There were 49 starts in Indian River during 3Q12, down from 62 during the 2Q12 and down from 68 a year ago. Move-ins fell slightly, from 59 in 2Q12 to 57 in 3Q12 and 63 a year ago. There are 4,702 vacant developed lots in Indian River County.

Metrostudy’s latest report focuses on lot shortages in the core counties of the South Florida market. “We counted 10,897 vacant, developed lots in the core ‘Tri-County’ area (Miami-Dade, Broward, and Palm Beach), which points to a shortage of lots in the locations where people want to buy new homes,” said Hunter.

For information contact:
brad hunter @ 561.573.8351
email bhunter@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing information, the company is recognized for its consulting expertise on development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices strategically located in major metropolitan areas throughout the U.S.

South Florida market sees a rise in home starts in 1Q12

Posted in South Florida Condo Market, South Florida Market | Posted on 05-04-2012 | Written by Metrostudy News

(Miami, FL– May 4, 2012) The South Florida market showed an increased home demand during 1Q12. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

“The pace of move-ins has surpassed the pace of starts for each of the past two quarters, and the supply of finished inventory dropped sharply each quarter,” said Brad Hunter, director of Metrostudy’s South Florida division. The reality of higher demand for homes was confirmed, as the prior surge of inventory was fully absorbed.

As consumer confidence, jobs and incomes improve, we are seeing continued increased in homebuilding activity.

Highlights by county:
Miami-Dade: Single-family housing starts in active subdivisions rose from a low reading of 146 in the fourth quarter of last year to 245 in the first quarter of 2012. Under absorption was essentially unchanged from last quarter, but down from a year earlier. “Total inventory levels have dropped for the last two quarters,” said Hunter. Finished vacant new home supply fell, while under-construction inventory rose.

Broward: The number on housing community in all of South Florida is Monterra in Broward. This community did more than 400 starts last year, helping to boost the county’s totals. Single-family housing starts in Broward County eased in the first quarter to 257, but remain 67% higher than the year-ago pace. The pace of new home completions fell sharply in the first quarter, leaving a swollen inventory of homes still under construction. “The large number of imminent completions will probably lead to a surge of move-ins in the 2nd quarter,” says Hunter.

Palm Beach: Starts fell 15% to 255 in the first quarter of 2012, but were 22% higher than one year earlier. The annual pace of move-ins is at 1,426, which is well above the starts pace, and at the highest pace since the recovery began in 2010. Under-construction inventory is also 21% higher than a year ago.

Martin: Martin County subdivision builders started 39 homes in the first quarter of 2012, down from 47 in the prior quarter and up from 38 a year ago. There were 54 move-ins during the fourth quarter, higher than the 50 that took place in the previous quarter and also higher than the 45 move-ins of four quarters earlier.

St. Lucie: Subdivisions in St. Lucie County had 30 homes during the first quarter of 2012. Progress is being made; in the third quarter of 2010, only nine homes were started. Total new home inventory is now at 239, down from 271 at the end of 2011.

Indian River: Single-family starts rose 29% to 54 in the first quarter, but the level is still very low, and is still lower than one year ago. The pace of move-ins is much stronger than it had been. There were 77 move-ins in the first quarter, compared with 58 last quarter and 56 a year ago.

For information contact:
brad hunter @ 561.228.8001 x501
email bhunter@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

11/03/2011: South Florida 3Q 2011 Housing Market Executive Briefing

Posted in Events, South Florida Condo Market, South Florida Market | Posted on 10-14-2011 | Written by Brad Hunter

Where: Palm Beach County Convention Center
When: 9AM-11AM (full breakfast for all clients)

Brad Hunter will discuss the south Florida new home market, putting into the perspective of the national housing picture.
Clients only (except by special invitation)
Contact Barbara Campbell to RSVP,
bcampbell@metrostudy.com

South Florida market moved sideways during 2Q11

Posted in South Florida Condo Market, South Florida Market | Posted on 08-03-2011 | Written by Metrostudy News

(Miami, FL– August 1, 2011) The South Florida market shows job gains, slightly improved starts, slower move-ins, and improved finished vacant inventories during 2Q11, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

South Florida has experienced year over year job gains each month this year, but with a smaller gain in May than in February, March, or April. “Employment data is a leading indicator of demand for new homes,” said Brad Hunter, director of Metrostudy’s South Florida division.

Single Family starts in South Florida rose to 772 during 2Q11, up from 736 last quarter, and up from the bottom for starts at 346 in 1Q09. 802 homes closed during 2Q11, down from 1,165 last quarter, but annual move-ins remains higher than in 2010. Total inventory fell 22.5% versus one year ago, but down only 1% versus 1Q11. Finished vacant inventory is down 25.5% versus a year ago, but down only 5.8% versus last quarter.

Highlights by county:
Miami-Dade: Starts fell from 175 during 1Q11 to 135 during 2Q11. Move-ins fell from 419 to only 84 during 2Q11. “There have been a couple of quarters in the last two years with move-ins almost as low, but the number is unusually low, and the previous quarter’s number was surprisingly high,” said Hunter.

Broward:
Starts rose from 161 during 1Q11 to 231 during 2Q11, compared to the all-time high during 3Q96 of 2,912. Absorption fell from 274 to 218 but rose year-over-year, up from 168. The months-of-supply of finished vacant inventory is at 7.3, the lowest level in more than two years.

Palm Beach:
Total new home inventory fell to 963 units, compared to 1,111 during 2Q10. Finished vacant inventory stood at 324 units, which is a 3.1 month supply, the lowest level in four years.
Martin: Starts remained about the same as the previous four quarters at 37. 39 homes closed, down from 45 during 1Q11, but up from 26 during 2Q10. Finished vacant inventory fell to 84 units, a 6 month supply and the lowest months of supply number in a year.

St. Lucie: Total new home inventory is now at 293, down from 312 at the end of the first quarter, and down from 490 at the end of 2Q10. Finished vacant housing inventory is down to 191 units, down from 219 at the end of 1Q11 and 361 at the end of 2Q10.

Indian River: Total new home inventory fell to 296, compared to 325 at the end of 1Q11, and compared to 409 at the end of 2Q 2010. Finished vacant units declined to 156, down from 172 1Q11, and down from 254 one year ago.

For information contact:
brad hunter @ 561.228.8001 x501
email bhunter@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.