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Category Archives: Real Estate Market

Florida’s housing market on upswing in March 2013

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In March, Florida’s housing market reported increased closed sales, more pending sales, higher median prices and a reduced inventory of homes for sale, according to the latest housing data released by Florida Realtors®.

“Florida’s housing market continues to demonstrate its recovery – March marks the 15th consecutive month that the statewide median sales prices for both single-family homes and for townhouse-condo properties rose year-over-year, according to Florida Realtors’ data,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “The median price is up more than 15 percent for both single-family homes and for townhouse-condos.

“Meanwhile, buyer demand is increasing, but supply continues to be constrained in many areas. In March, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 57 days for single-family homes and 61 days for townhouses and condos. That means 50 percent of homes on the market in Florida sell in two months or less.”

Statewide closed sales of existing single-family homes totaled 19,631 in March, up 9 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 23.4 percent over the previous March. The statewide median sales price for single-family existing homes last month was $160,000, up 15.2 percent from the previous year.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in February 2013 was $173,800, up 11.3 percent from the previous year. In California, the statewide median sales price for single-family existing homes in February was $333,880; in Massachusetts, it was $278,000; in Maryland, it was $224,048; and in New York, it was $220,000.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 9,957 units sold statewide last month, up 1.1 percent compared to March 2012. Meanwhile, pending sales for townhouse-condos last month increased 10.6 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $120,000, up 15.9 percent over the previous year. NAR reported that the national median existing condo price in February 2013 was $172,500.

The inventory for single-family homes stood at a 5.3-months’ supply in March; inventory for townhouse-condos was at a 5.8-months’ supply, according to Florida Realtors.

“We continue to be encouraged by the depth and breadth of the housing recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “State numbers are up in virtually all important categories and down where they should be down. Even with the difficulty of access to financing for households, we still see the growth in the market continuing for at least the next 18 months.

“Inventory remains an issue, but this is fast becoming a sellers’ market and as sellers realize this, we expect inventories to rise as we approach the last quarter of 2103. Over the long term, we need to correct the imbalance between investors and owner-occupier households that has developed because of financing issues if the market is to prosper for a long time.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.57 percent in March 2013, down from the 3.95 percent average during the same month a year earlier.

To see the full statewide housing activity report, go to Florida Realtors website and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the March reports. Or go to Florida Realtors Media Center and download the March 2013 data report PDFs under Market Data.

© 2013 Florida Realtors®

New Housing Fears: Home Prices Are Rising Too Fast

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By: Diana Olick | CNBC Real Estate Reporter
CNBC.com | Tuesday, 22 Jan 2013 | 11:33 AM ET

“For Sale” signs may seem like an eyesore to neighbors on any given local street, but the lack of them is a much bigger problem.

Just 1.82 million homes were listed for sale in December, according to the National Association of Realtors. That is a 22 percent drop from a year ago and the lowest supply since May of 2005, when words like “boom” and “bubble” followed the word “housing.” At the current sales pace it would take just 4.4 months to sell those homes.

“The greatest concern in the market is the inventory situation,” said Lawrence Yun, chief economist for the NAR. “Even if we see an increase in the Spring and Summer, if home sales hold at the [current] level or even a 5 to 6-month supply, price increases are guaranteed. We don’t want to see rapid appreciation in prices faster than income.”

The reasons for the low supply are varied, and the low numbers are in fact feeding on themselves. If potential buyers can’t find something to their liking, they will probably not list their homes for sale.

There are also still 10.7 million borrowers who owe more on their mortgages than their homes are worth, according to the latest report from CoreLogic. An additional 2.3 million have less than five percent equity in their homes, referred to as near-negative equity. Most of these homeowners are stuck in place, unable to sell unless they can afford to pay in to their mortgages. As for new supply, even though builders are increasing starts, they are still not even at half the pace they were at the height of the housing boom.

As a result, home prices are now rising more and faster than most analysts predicted due to this short supply, up 7.4 percent year-over-year in November, according to CoreLogic. They are especially surging in some of the hardest hit markets from the housing crash, where large-scale investors are swarming with cash in hand. In Phoenix, home values jumped nearly 32 percent from a year ago in November and are now at the highest level since October of 2008 according to DataQuick. While still 39 percent off their boom-high in June of 2006, they are now up 41.5 percent from the bottom, and there is not much on the market.

Healthy housing market gains are historically driven by increasing employment and income, not by lack of supply; the latter leads to price bubbles. First-time home buyers, who generally account for 40 percent of the home-buying market or higher are still under-represented at just 30 percent, according to the Realtors. This is due to tighter credit conditions in the mortgage market and now decreasing affordability.

December’s disappointing drop in home sales, month-to-month is a clear warning for the housing recovery going forward. Rising home prices are not the sole measure of a healthy market. Supply and demand need to fall closer in line, and a robust economic recovery should be driving both home sales and prices.

—By CNBC’s Diana Olick; Follow her on Twitter @Diana_Olick or on Facebook at facebook.com/DianaOlickCNBC
Questions? Comments? RealtyCheck@cnbc.com
© 2013 CNBC.com

Click on link to watch video New Housing Fears: Home Prices Are Rising Too Fast

Pinellas County Real Estate Statistics for July 2012

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Click Here for MLS Date July 2012 Pinellas County Residential Real Estate Report

Residential sales were up just over 17%. Median sales prices were up 4.5% from $114,000 to $120,000 from July 2011 to July 2012. Listings continued to slide by almost 30% for the same time period.

Single family sales were up almost 19% from 759 to 900 over the last 12 months. This puts further pressure on the months-supply of inventory, dropping it 42%, from 6 months to 3.5 months. The median sale price increased by almost $15,000, from $122,000 to $137,600 over the last 12 months.

Condo sales were up almost 16% with the median sales price increasing by about 2.5% from July 2011 to July 2012. Condo listings fell by 25% pushing down the month’s supply of inventory to 6 months.

In the distressed market short sales made up 19% of total sales for July and foreclosures accounted for 14%. This was a significant shift from last year when the two were neck and neck. The median sales price of short sales over the last 12 months has dropped by almost $32,000 from $122,000 to $90,000. The median price of foreclosed properties and non distressed properties had a negligible drop over the last 12 months.

One bright spot has been the days on market for both short sales and foreclosures haves dropped by almost three weeks over the last four months. Hopefully this trend continues and indicates that banks are processing their inventory more efficiently. Unfortunately, the days on market for non-distressed properties has increased by two weeks over the same time period. This is most likely due to increased problems with appraisals, mortgage financing, and insurance.

Click Here for MLS Date July 2012 Pinellas County Residential Real Estate Report

What Turns Renters Into Home Owners?

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It’s not what you know about home ownership that makes you want to own a home, but rather how you value it. Or so says a new study from Fannie Mae that concludes having a personal experience like being unable to pay a mortgage, thinking home values will fall in the future, or being underwater on a home loan don’t play a big part in renters wanting to be home owners.

The key drivers pushing renters toward home ownership are attitudes and beliefs. Those who believe “owning makes more sense financially over the long term” do indeed go on to buy homes.

Things that are much less important factors for renters:

· The perceived ease of getting a mortgage

· Knowing someone who defaulted on a mortgage

· The belief that home values will rise or fall

· The desire to have a good place to raise and educate children

· Safety

· More space and control over your living environment

The study suggests Americans’ desire to own homes is strong, even when the housing market undergoes dramatic challenges.

“Our study shows that the negative housing events of the past few years have not discouraged
people from wanting to own a home,” the study authors wrote. “Exposure to mortgage default, perceived home value appreciation/depreciation, and self-reported underwater status are not significant factors in the models predicting individuals’ intentions to own a home for their next move.”

Source: Fannie Mae

Fla.’s housing market continues positive track in July 2012

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ending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in July, according to the latest housing data released by Florida Realtors®.

“Florida’s real estate recovery is on solid ground,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Since May 2011, pending sales have increased every month for both existing single-family homes and for townhome-condo properties. In July, pending sales were up more than 42 percent for existing single-family homes and 26 percent for townhouse-condo units, compared to a year ago. Home prices are on the rise in many markets, while the inventory of homes for sale is down. Florida’s housing market is growing stronger and stronger.”

Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written.

Statewide closed sales of existing single-family homes totaled 17,420 in July, up 9.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The statewide median sales price for single-family existing homes last month was $148,000, up 7.8 percent from July 2011.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in June 2012 was $190,100, up 8 percent from the previous year. In California, the statewide median sales price for single-family existing homes in June was $320,540; in Massachusetts, it was $325,000; in Maryland, it was $268,910; and in New York, it was $220,000.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s year-to-year comparison for sales of townhomes/condos, a total of 7,779 units sold statewide last month, up 2.8 percent from those sold in July 2011. The statewide median for townhome-condo properties was $102,000, up 10.9 percent over the previous year. NAR reported the national median existing condo price in June 2012 was $183,200.

Last month, the inventory for single-family homes stood at a 5.3-months’ supply; inventory for townhome-condo properties was at a 5.4-months’ supply, according to Florida Realtors. Industry analysts note that 5.5-months’ supply symbolizes a market balanced between buyers and sellers.

“We really need to recognize that over the past year, we have seen a market reversal, from a clear buyers’ market to a neutral market to one that is verging on a sellers’ market,” said Florida Realtors Chief Economist Dr. John Tuccillo. “This is a precursor to price growth. Our MLS (Multiple Listing Service) numbers confirm this in that both median and average prices have been trending up. Florida Realtors’ soon-to-be-launched price index, based on all sales, is showing the same sort of behavior in that price drops ended in 2009 and are now showing signs of moving up.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.55 percent in July 2012 – significantly lower than the 4.55 percent average during the same month a year earlier, according to Freddie Mac.

Pinellas County Real Estate Statistics for March 2012

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Click Here for a PDF report showing all charts and stats

For the month of March the single family market continues to be the strength of the market. While single family sales are down 3.1% from March 2011 to March 2012, sales are up almost 32% year to date, and the median sales price is up nearly $12,000 year to date. There was 21% increase in year over year sales in the condo market and as well as a 54% increase in month over month sales. However, even with a decrease in condo sales and in listings, there has still been a year over year decrease of 11% and a month over month decrease of 6.5% in the median sales price of condo’s in Pinellas County.

In the distressed market there have been ten straight months where short sales have continued to outpace foreclosure sales as banks are speeding up there short sale approval process. Of the 481 distressed property sales last month 58% were short sales and 42% were bank-owned sales. To give some perspective on how much the numbers have improved in March 2011 foreclosure accounted for 70% of the distressed market and short sales accounted for 30%.

Financing continues to be a problem as cash buyers have accounted for 60% to 65% of the market over the last year. Financing will be a key factor over the next year as the real estate market continues its recovery. Sellers will need to feel confident they can get financing to buy a new house before they will put their current house on the market.

According to David Bennett, President and CEO of the Pinellas Realtor Organization, “The pendulum is just starting to swing back towards a seller’s market. With the number of listings so low sales prices have been starting to increase, hopefully fewer homeowners are underwater and more of them will be able to sell.

Click Here for a PDF report showing all charts and stats

Pinellas County real estate monthly indicators

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Click to view the Pinellas County real estate Monthly Indicators

The media sometimes obsesses over the negatives, but last year brought several important improvements in key metrics that should not be brushed aside, such as an improved inventory picture. Foreclosures also dominate news stories, and for good reason. People should occupy homes, not banks. Which means qualified buyers need reliable access to mortgage capital, and distressed properties may need further attention in 2012 to expedite transfer of ownership and tax-base recapture. As we delve into a new year, we’re seeing mostly positive signs. Let’s examine some of them.

New Listings were down 18.3 percent for detached homes and 29.9 percent for attached properties. Pending Sales increased 2.9 percent for single-family homes but decreased 11.3 percent for townhouse-condo properties.The Median Sales Price was up 9.8 percent to $118,000 for detached homes and 14.5 percent to $85,000 for attached properties. Months Supply of Inventory decreased 39.7 percent for single-family units and 36.7 percent for townhouse-condo units.

U.S. economic data has been encouraging. The unemployment rate flirted with a 3-year low and an initial reading on the fourth quarter of 2011 GDP was in-line with expectations. Mortgage rates posted yet another fresh new record low. At the risk of sounding redundant (at the risk of sounding redundant), the missing puzzle piece is still jobs. Improvements in the labor market will spur housing demand through new household formations, improve family financials and galvanize consumer confidence.

Click to view the Pinellas County real estate Monthly Indicators

Pinellas County Real Estate Statistics for August 2011

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The housing market in Pinellas County for August has been relatively calm. It appears that the real estate market is looking for news of a recovery or a double recession. Listings across the board continue to fall, and prices are rising, albeit slowly. Distressed property (bank owned and short sales) listings have been steadily declining since January this year. Comparing to August 2010, they are down 43%.

Residential properties in the areas of $30k- $40k, $100k to $140k and $200k to $250k continue to be the strongest market price segments in the county. Sales on homes valued over $500k are continuing to struggle, with buyers looking for bargains rather than to move up.

Overall, residential market sales increased from 971 to 1203, or 23.9%, from August 2010 to August 2011. Median sales price for the same time period dropped 15.4% from $135,000 to $117,000, but is up $3,000 month over month. Active listings continued to slide by 22% from August 2010 to August 2011, for six straight months of listing decreases.

Condo sales from August 2010 to August 2011 are up nearly 26%. The median sales price for condo’s continues to remain relatively stagnate month over month. For August it is $94,200, a decrease of 18.1% from August 2010. Condo listings decreased from 5,546 to 4,222, or -23.9% for the same time period.
Single family listings are down from 6,670 to 4,270, or 37%. The median sales price is down from $135,000 to $126,080 from year over year. Single family sales climbed for a 22% increase for the same time period.

In the distressed market, pending sales of bank-owned properties and short sales ticked up about 7.3%. Median price and sales of distressed properties increased slightly.
With the decreasing number of listings, the absorption rate is steadily rising this year. For August 2011 the single family rate was 17.5%, the highest it’s been since December 2005.

Click Here for August 2011 Pinellas County Residential Real Estate Report

MLS sales date for Pinellas County June 2011

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The June 2011 housing stats are now available in Pinellas County by clicking the link below.

Some good trends are starting to form in Pinellas, the number of single family homes available fell to 4655 in June, the number of sales were up slightly from 754 in May to 786, which is slightly lower than the numbers in 2010, sales in June 2010 were 802 units. The median home sales price was up from May 2010 now at $132,100 but it’s still lower than 2010 pricing by -$8.8%.

For full details click on the link below.

June MLS stats 2011 Click to view PFD

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