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Single-family move-ins were up in the fourth quarter in South Florida, according to Metros

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Oscar Pedro Musibay

Reporter - South Florida Business Journal

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User move-ins to single-family residences climbed to 1,230 in South Florida in the last quarter of 2011, from 767 in the prior quarter, according to a new Metrostudy report.

The activity coincided with a drop market-wide in total housing inventory and finished vacant inventory.

“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 data suggests the housing market is on the mend, a trend bolstered by data from McGraw-Hill Construction, which shows residential projects contributed to a 9 percent increase in 2011 construction contracts for future work compared to the prior year.

Highlights of the Metrostudy data by county:

• In Miami-Dade, single-family home starts shrank to 121 for the fourth quarter compared to 271 in the third. Move-ins grew to 247 from 238 in the third quarter. Total inventory - which includes finished vacant, under construction and decorated models - have dropped for the last two quarters. Finished vacant new home supply fell to 362 by year-end, compared with 642 a year earlier.
• In Broward, housing starts rocketed up to 324 in the fourth quarter compared to 232 in the third, which is the most since the second quarter of 2007. The inventory of under-construction units is now at its highest level since the third quarter of 2008.
• Palm Beach also had an increase in housing starts, reaching 406 in the fourth quarter compared to 318 in the third quarter, which is the busiest pace since 2008, Hunter said. Total new home inventory in Palm Beach was at 1,037 units at the end of the year.

The data supports the optimism of real estate experts who spoke at the recent Greater Miami Chamber of Commerce economic summit on Jan. 13.

At the event, Carlos Gonzalez, division president of Lennar Homes Southeast Florida, said that the three consecutive quarters of growth in orders signaled that the market had finally bottomed out. He said the increase was partly due to those who lost their homes through foreclosure in 2007 finally returning to the market.

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