MetroStudy Report - Miami, FL– January 24, 2012 - The South Florida market showed an increased home demand during 4Q11. 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 experienced a great deal of pre-construction sales during 3Q11, and during 4Q11 those homes became occupied in large numbers,” said Brad Hunter, director of Metrostudy’s South Florida division. The number of user move-ins jumped from 767 in 3Q11 to 1,230 in 4Q11. Total housing inventory and finished vacant inventory both fell marketwide.

Employment data is a leading indicator of demand for new homes. The pace of new job gains has reached more than 30,000 new jobs annually.

Highlights by county:
Miami-Dade: Single-family housing starts in active subdivisions fell from 271 in the third quarter to 121 in the fourth quarter. There were 238 move-ins in 3Q11, which increased to 247 move-ins in 4Q11. “Total inventory levels have dropped for the last two quarters,” said Hunter. Finished vacant new home supply fell to 362 by year-end, compared with 642 a year earlier.

Broward: The inventory of under-construction units is now at its highest level since 3Q08. Housing starts in all of Broward County rose from 232 in the third quarter to 324 in the fourth quarter, which is the most since 2Q07.

Palm Beach: “In the fourth quarter, starts shot up from 318 in 3Q11 to 406 in the fourth quarter, which reflects the busiest construction pace since 2008,” said Hunter. Total new home inventory in Palm Beach was at 1,037 units at the end of the year.

Martin: Martin County subdivision builders started 45 homes in the fourth quarter, up from 24 a year ago. There were 48 move-ins during the fourth quarter, higher than the 29 of the previous quarter. Total housing was at 148 at year-end.

St. Lucie: Subdivisions in St. Lucie County had 28 starts during this quarter. Progress is being made—in 3Q10, only nine homes were started. Total new home inventory and move-ins were down in 4Q11.

Indian River: Single-family starts fell from 68 during the third quarter, to 40 during the fourth quarter. The total number of move-ins fell, and there was also a decline in inventory since last year.

For information contact:
Brad Hunter @ 561.228.8001 x501
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