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Blog posts tagged in home sales

Posted by on in Flagler County Real Estate
A lot of the United States is holding its breath hoping that the recovery of the economy will continue. Since housing is an important vital indicator, a lot of eyes are turned towards the housing market. This focus on housing is not just because home prices help drive key economic indicators but also that home sales help drive many sectors of the economy in general. Construction, lending, home services like pest control, and all of the industries related to home improvement depend on a healthy housing market. Homeowners do not spend money on their homes if the values are declining.

So, for those who have eagerly awaited news of how the real estate market is doing, the news is wonderful. September was the 20th consecutive month for year-over-year increases in both sales volume and prices! The median price of $185,000 was 12.2% above the price in September 2012. According to the RE/MAX Housing Report, inventory continues to decline at a slower rate. Is that good? Yes, that indicates the market is coming closer to the 6-month supply that indicates a balanced market.

housingMany other indicators suggest that the recovery is moving along well. In a recessionary economy, the population pulls back from luxury purchases and makes do with just necessities. The National Marine Manufacturers Association reports that boat sales are up 10% over last year. Just like with real estate, that means the myriad industries based on boating will also do well. Marinas, repair and service companies, upgrade parts, and storage facilities will all be more successful, will add jobs, will be stronger.

In our own market area of Flagler County, we are seeing similar increases to the national trends. Home sales are up over last year, home prices are increasing at a reasonable rate, home service industries are bouncing back. We think it's a wonderful sign! How do you feel about the way things are going? Are you as optimistic as we are?!
Tagged in: home sales real estate
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As interest rates slowly rise, builders and developers are reporting that new home sales fell by more than expected in the 2nd quarter of 2013. Mortgage lenders have been writing loans, buyers have been shopping, but the slight rise in interest rates has been enough to keep people out of the new home market. That's one side of the story,

The other side is existing home sales. Existing homes are still selling and inventory is still very low. Some of those sales can be accounted for by investors who continue to purchase either for income property or with a plan to flip as the market prices go up. Some sales are accounted for by the in-migration of people from northern states and Canada to Florida's sunny shores. Buyers from other areas often prefer established neighborhoods with mature landscaping and a proven economic trend over a development that is not built out yet.  Established schools and other support services can make a difference to a family moving in to the area with school-aged children.

I have also spoken to real estate appraisers who say that no matter what the appeal of a home where you pick the colors, the finishes, the landscaping, a model home does not have the appeal of a well-maintained home that is being lived in.  That existing house has a homey-feel to it and many sellers are adept at staging and showing their homes off to potential buyers.

There are plenty of diverse reasons but however you look at it, existing home sales are strong and show no sign of slumping; new home sales are struggling. We cannot be sure that interest rates that continue to rise would not have an affect on existing inventory but for now we are cautiously optimistic.  We see strong sales trends here in Flagler County home sales and we are delighted to be a part of this trend. If you have thought of listing your home, contact us! We're ready to sell it!

white_deer_lane

 
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Posted by on in Flagler County

Median Price for non-distressed Single Family Residential (SFR) had a 13% decrease from May 2012 to June 2012, which was a similar trend for the same period last year. However it was only a 6% drop from June 2011.  Price point for SFR sales is $200,000 and below with 155 of the 179 sales making up this market.  This in part makes up the large number of cash sales, nearly 50% of all single family residential sales are cash.  However, not all cash sales are under the $200,000 price, an Island Estate home sold for $1.195 million was a cash transaction.  See image below.



Distressed property sales are still a big part of our market making up 53% of single family residential sales.  Bank owned properties had 34% of the 179 SFR with 60 units sold, sales and short sales had 34 units or 17% of sales.  Most banked owned properties saw multiple contracts with the final sales price at or above the list price. The Sold to List Price ratio was 100% as an average and 155% for the high.  Short sales are still a slow process and some banks are holding firm to their pricing and fewer sales are going through with the first or second buyer.

Distressed property will be with for the foreseeable future. Read more from CoreLogic;  Foreclosures Remain High but Improving Yearly: CoreLogic

One big factor for the foreclosure decline is due in part to; First Mortgage Delinquencies on Decline.  Our county clerk recorded 114 Lis Pendes (LP) filed for June.  The Lis Pendes (LP) is the first step in the foreclosure process in Florida, which is a judicial foreclosure state.  This year we had an average monthly filing of 127 LP’s, which on par with 2007 (127) and below 2008 (232), 2009 (223), 2010 (147) in 2011 (81) there was the moratorium which saw fewer filings.

Residential inventory continues to decline, we have just over 6 month’s supply on the market.  May 2012 inventory was 1227 and June 2012 inventory was 1206 whereas June 2011 we had 1700.  Even with the drop in inventory we are not seeing the median prices increase as some national reports indicate.  Low Inventory Boosting Prices, Says HousingPulse.  Our local pricing is still being held down by distressed properties and by the rapid raise we experienced in our prices during 2005 through 2007 when we were seeing increases of over 25% a month in some quarters.  Looking at my 2005 sales records – only 1 single family residential sold for under $100,000, excluding manufacture homes which had an average sales price of $95,200. In 2006 there were 4 SFR, 2007 there were 5SFR.  Now our median price for all SFR is averaging around $118,000 for the year.

Condo inventory continues to decline as well, however it still has over a 15 month supply on the market.  Cash accounted for 81% of condo sales. Slow sales can be attributed to lack of financing options and financial instability in some of the associations.  If you are thinking about buying a condo ensure you vet the associations financials closely.

Snap shot for June Year over Year

Listings 2012 2011 %   Difference
Residential 1206 1700 -30%
Condos 422 607 -31%
Sales 2012 2011 %   Difference
Residential 179 183 -3%
Condos 27 32 -16%
Medium   Price 2012 2011 %   Difference
Residential $112,500 $119,000 -6%
Days on Market 104 188 -45%
Condos $90,000 $150,000 -40%
Days on Market 130 173 -35%


For answers to your real estate questions contact me at 386-246-8585 or via email This email address is being protected from spambots. You need JavaScript enabled to view it.

Visit our office web site at www.RMFlagstaff.com for all your real estate needs.

The below Table shows a month-to-month and year-over-year comparison of single family home sales for years 2010, 2011 and 2012.

Median prices are with distressed properties removed. 

  2012   2011 2010  
  Total   Sales/ Non-Distressed Median   Price Total   Sales/ Non-Distressed Median   Price Total   Sales/ Non-Distressed Median   Price  
January

119/50


$145,500


80/37


$155,000


84/40


$160,000

 
February

143/72


$146,250


94/37


$122,250


68/32


$189,750

 
March

183/92


$126,500


119/48


$161,500


135/76


$150,000

 
April

178/79


$162,900


153/56


$147,500


156/74


$161,250

 
May

208/113


$155,000


153/70


$154,750


120/50


$155,000

 
June

179/84


$135,000


183/82


$147,750


145/75


$165,000

 
July    

167/86

$143,750

101/45


$178,280

 
August    

131/72


$149,500


120/51


$185,000

 
September    

141/59


$128,000


124/56


$167,750

 
October    

127/61


$146,000


122/57


$145,000

 
November    

129/61


$140,000


94/48


$145,000

 
December    

141/59


$160,000


96/42


$166,250

 
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