Florida’s housing market: Sales, prices up in 3Q

December 9, 2015 By Naomi Verlin

Florida’s housing market: Sales, prices up in 3Q

ORLANDO, Fla. – Nov. 12, 2015 – Florida‘s housing market reported more closed sales, higher median prices, a tighter inventory and fewer days on the market during the third quarter of 2015, according to the latest housing data released by Florida Realtors®.

Closed sales of single-family homes statewide totaled 74,141 in 3Q 2015, up 14.7 percent over the 3Q 2014 figure.

“Over the past three months, distressed property sales continued to decline in Florida, a sign of the state’s strong housing market,” said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. “Realtors across the state are reporting increased demand from buyers, while sellers are receiving more of their original asking price: 94.4 percent for single-family existing homes in the third quarter and 93.2 percent for townhouses and condos.”

“And, it also took less time to make the sale in 3Q 2015 compared to a year ago – a median of 46 days for single-family homes and 53 days for townhouse-condos.”

The statewide median sales price for single-family existing homes in 3Q 2015 was $199,900 up 9.8 percent from the same time a year ago, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties during the quarter was $150,000, up 7.9 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 28,860 during 3Q 2015, up 8.9 percent compared to 3Q 2014. The closed sales data reflected fewer short sales last month: Short sales for condo-townhouse properties declined 41.8 percent while short sales for single-family homes dropped 34.4 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

“It’s been a solid quarter for residential real estate in Florida, which is now exceeding the nation in sales and price growth,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Even the condominium market, which had trailed single-family homes, is moving in a positive direction. We are seeing a sellers’ market developing, but with prices and interest rates rising, the market should become more balanced in 2016.”

Inventory was at a 4.4-months’ supply in the third quarter for single-family homes and at a 5.2-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.95 percent for 3Q 2015, down from the 4.14 percent average recorded during the same quarter a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors’ website under “Research.” Association members (login required) also have access to local data specific to their market.

Top 25 Rent Increases in the US

October 27, 2015 By dchelm

Altisource’s RentRange Identifies 25 Cities With the Largest Rental Rate Increases

Cape Coral is the largest increase in rent in the country, 23% increase since last year. This is a great example of why investing would be better opportunity than renting.

The RentRange data shows that cities in the South and West generally had the greatest increases in home rental rates, while cities in the Midwest and Northeast experienced smaller increases. California and Florida were particularly strong, accounting for seven of the top 10 markets on the list

“We continue to see substantial opportunity in real estate investing, but strengthening real estate markets in many regions require investors to be more informed before buying an investment property and rehabilitating it in order to achieve their desired return,” said Walter Charnoff, Chief Executive Officer of the RentRange business.

SW Florida: The Location & Time for Investing!

June 1, 2013 By Naomi Verlin

Southwest Florida is the best location and time for Investing. Southwest Florida experienced a huge boom, and a consequent bust, over the last decade. As timing is everything, SW Florida is perfectly poised for another run up. With “Cap Rates” at their highest levels in over sixty years, we anticipate significant growth in values in the next five to ten years. Prices have never been and will never be any lower than they are now. This is the time to acquire real estate in SW Florida, and CALCAP can assist and advise on every aspect of the purchase process.

The price increases that lead to the real estate bubble of 2007/2008 was more pronounced in certain areas of the country. One of the most spectacular run ups was in the Cape Coral, Florida area. Discounts of sixty to sixty five percent (as compared to the market highs) are not uncommon, if you are working with the right company. CALCAP brokers have provided more wholesale properties to sophisticated investors in Southwest Florida then any other firm specializing in turn key real estate.