Blog Elements – Page 38 – Title Partners of Florida

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Sales of new homes skyrocket to 2007 levels

This summer not only saw record-breaking heat across the nation, it saw new home sales reach levels not seen over the past nine years. Thanks to a surge in demand, […]

September 16, 2016/by Title Partners

The current state of the Florida Real Estate market

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Florida’s real estate market has followed a mixed pattern since the financial collapse nearly a decade ago. While there has been a significant recovery since 2008, data from the summer of 2015 shows continued increases, while some industry insiders have concerns.

September 20, 2015/by Title Partners

Sales of new homes skyrocket to 2007 levels

Uncategorized

This summer not only saw record-breaking heat across the nation, it saw new home sales reach levels not seen over the past nine years. Thanks to a surge in demand, […]

September 16, 2016/by Title Partners

The current state of the Florida Real Estate market

Uncategorized

September 20, 2015/by Title Partners

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Sales of new homes skyrocket to 2007 levels

Uncategorized

This summer not only saw record-breaking heat across the nation, it saw new home sales reach levels not seen over the past nine years. Thanks to a surge in demand, a continuation of the low-interest rate environment, and low existing inventory the housing market climbed.

According to the Commerce Department, sales have been showing an over 30% increase each month this summer when compared to the same months last year.

At the same time, the supply of homes entering the market continues a downward trend. The average has been about 4.5 months at current sales prices. When compared to the average benchmark of 6 months in a balanced market it is evident that demand is high.

Houses priced between $200,000 to $399,999 remain the bulk of total housing sales, while transactions of homes priced below $150,000 or higher than $750,000 increased as well.

Matthew Pointon, a property economist at Capital Economics, said that it would not be surprising to see price hikes if builders do not speed up production if the high demand, low inventory and the persisting high sales of new homes continues.

Most economists agree that with new homes starts slowing the market will remain tight, and sales will naturally slow. With this combination, it will be easy to see the theory of supply and demand in full effect.

September 16, 2016/by Title Partners

The current state of the Florida Real Estate market

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Media Reports on Florida Real Estate

The Miami Herald reported on June 23 that despite price gains, “South Florida real estate may be in for a slowdown” due to a shrinking buyer pool. Then a headline on August 18 in the Washington Post said the state “could be headed for another housing slide.” The article quoted Florida real estate expert Jack McCabe as saying the state will see another “crash in prices in the next few years.” He indicated that a bubble has formed in the Miami, Fort Lauderdale and West Palm Beach markets.

Statewide Trends

While new data will be issued on September 21 at FloridaRealtors.org, the most recent market data from July showed that single family home prices were up 8.1% year-over-year, with a median price of $199,900 versus $185,000 from a year earlier. The number of closed sales in the state for the year so far was at 26,916, which was a 21.8% increase from the previous July. Townhouses and condos were also up 13.9% in sales and 9.1% in price with a median price of $150,000.

Counties with year-over-year double-digit percentage gains in single family home prices were led by Collier (23.1%), followed by Lee (17.2%), Charlotte (16.5%), Marin and St. Lucie (15.6%), Baker, Clay, Duval, Nassau and St. Johns (13%) and Okaloosa (11.4%). Only the combination of Alachua and Gilchrist Counties posted a negative change at -5.2%. Broward, Miami Beach and Palm Beach Counties combined for a 7.3% gain in prices.

Of the closed sales for July 2015, about a third were cash deals, marking a 5.9% increase from the previous July. Inventory of active listings stood at 101,074, which was down 5.3% from a year earlier. New listings were up 5% at 33,706.

2011-2015 Overview

While closed sales stabilized earlier in the decade, a growing trend has been evident since 2013. January and February have been the weakest months for sales this decade, while spring months tend to be the strongest, although June has been the peak month for sales in 2015, followed by a slight pullback in July.

September 20, 2015/by Title Partners

Half Sized Blog Element (Single Author Style)

Half Sized Blog Element (Multi Author Style)

Sales of new homes skyrocket to 2007 levels

The current state of the Florida Real Estate market

Sales of new homes skyrocket to 2007 levels

The current state of the Florida Real Estate market

Full Sized Blog Element (Big Preview Pic)

Sales of new homes skyrocket to 2007 levels

The current state of the Florida Real Estate market

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