Market Updates

Prices On The Rise In Florida

By | September 26, 2011

The following is quoted from the Florida Association of Realtors’ website.  You can see the original article here.

ORLANDO, Fla. – Sept. 26, 2011 – Prices are rising in Florida.

Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Florida cities make up nine of the top 10 places for highest year-over-year list price spikes.

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.

1. Miami
Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla. rural service area

Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.

Average list price: $267,066
Year-over-year increase: 16.37%

5. Macon, Ga.
Average list price: $193,520
Year-over-year increase: 15.98%

6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.

Average list price: $713,087
Year-over-year increase: 15.13%

8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%

11. Orlando, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%

12. Portland-Vancouver, Ore.-Wash.
Average list price: $314,537
Year-over-year increase: 10.52%

13. Boise City, Idaho
Average list price: $212,588
Year-over-year increase: 10.43%

14. Springfield, Illinois
Average list price: $174,537
Year-over-year increase: 9.12%

15. Shreveport-Bossier City, La.
Average list price: $211,414
Year-over-year increase: 8.34%

Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News

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The Buying Power Of Cash (or, How To Pay For Something When You’re Flat Broke)

By | September 23, 2011

How To Pay CashThe beauty of being a cash buyer is that you’re considered the crème de la crème of the buying world.  Buyers want to be you; sellers want to know you; brokers want to break their backs for you.  But if you’re not a cash buyer?

What if you are one and didn’t know it?

Lots of our really savvy buyers take advantage of today’s record-low interest rates to do cash-out refinances on their properties in other states.  By tapping their home’s worth, they’re able to make cash offers for properties and pay much less for condos and foreclosures than they would if they secured a mortgage. (Check out our sidebar to see up-to-date interest rate information.)

Many lenders are requiring large downpayments for second, vacation, and investment homes. This is particularly true of condos, which have higher foreclosure rates and look riskier to banks.

In the real estate world, untapped equity = cash. And that’s your real estate tip for the day!

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Sarasota Real Estate Market Remains Stable

By | September 22, 2011

The Sarasota Association of Realtors reports that “a steady drop in property inventory for sale, combined with a stable sales demand in the Sarasota real estate market, is pointing toward normal, healthy property appreciation in the coming months.”

 

To view the full report with market statistics click here.

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Market Survey Shows Falling Mortgage Rates

By | September 15, 2011

For the second time in as many weeks, the rate on the 30-year fixed rate mortgage, the most common type of mortgage in the United States, has hit record lows according to Freddie Mac’s Primary Mortgage Market Survey.

The average contract rate on a 30-year FRM fell to 4.09%, down from 4.12% the week prior. The average rate on a 15-year fixed rate mortgage fell from 3.33% to 3.30%, while 5/1 ARMs rose slightly, from 2.96% to 2.99%. One-year ARMs dropped from 2.84% to 2.81%.

Mortgage rates have been falling as a result of rallies in the treasury and mortgage-backed securities market. These rallies were spurred by poor economic data in the United States and the possibility of an economic conflagration in Europe prompted by a possible Greek default. The possibility (or maybe even inevitability) of a Greek default would damage the major Euro-banks, which have huge exposure to Greece.

If you’ve been thinking about purchasing a new home or refinancing your current mortgage, now could be the time to do so. Fairway Funding Group has some of the lowest rates in the mortgage industry, consistently beating the national average. To find out more about our products and low rates, call us today at 941-993-8086.

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Pelican Cove Market Snapshot

By | August 31, 2011

Sarasota is fortunate to have many unique communities and neighborhoods that appeal to many different people. It is one of the things that makes Sarasota so desirable for so many.  One of the true hidden gems is a condo community called Pelican Cove.  The Cleary Group has been selling real estate in Pelican Cove for over 15 years and have helped both Buyers and Sellers achieve their real estate goals there.  We were approached by the Sarasota Herald Tribune to do an interview about the community, which we were very excited to do.  Below is the link for the article, it will give readers a detailed look into this truly outstanding community.

 http://www.heraldtribune.com/article/20110827/ARTICLE/110829654

 

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Sarasota Real Estate Inventory Continues to Decline

By | August 16, 2011

The Sarasota Association of Realtors just released the sales statistics for the month of July. The number of units sold was slightly lower than previous months which is typical for this time of year in our area. The other item of note is the inventory of available of properties continues to decline and is now at the lowest level it’s been in the last decade. To view the complete press release with all the statistical charts click on the link below:

http://www.sarasotarealtors.com/files/monthlystatistics/SARStatsJuly201111081585211.pdf

 

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RE/MAX Ranks Highest in Customer Satisfaction among Both Home Buyers and Home Sellers

By | August 4, 2011

WESTLAKE VILLAGE, Calif.: 27 July 2011 — Although conditions in the real estate market point to the continued existence of a buyers’ market, home buyers indicate they are less satisfied with real estate company services, compared with 2010, while home-seller satisfaction has improved during the same time period, according to the J.D. Power and Associates 2011 Home Buyer/Seller StudySM released today.

The study, now in its fourth year, measures customer satisfaction of home buyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors of the home-buying experience: agent/salesperson; office; and variety of additional services. Four factors are examined for the home-selling experience: agent/salesperson; marketing; office; and variety of additional services.

Click here to view the full press release: http://www.jdpower.com/news/pressrelease.aspx?ID=2011117

 

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Sarasota Real Estate Sales for June

By | July 12, 2011

The Sarasota Association of Realtors report the real estate market continues healthy sales in June 2011!

Members of the Sarasota Association of Realtors® continued to sell properties at a brisk pace in June 2011 with 728 total transactions recorded last month. This marks the fourth month in the last 12 with sales exceeding the 700 level – all occurring in 2011. In addition, the median sales price for single family homes hit the highest level since last June, and the total inventory of available properties dropped to the lowest level in more than a decade, which could spur stronger competition for homes and condos.

“It is encouraging to see how the Sarasota market has continued this strong momentum in the face of continuing weakness in the national and state economies,” said SAR President Michael Bruno. “The inventory of available properties, which is lower than it has been since the 1990s, is a very important statistic. Historically, prices rise as competition for homes increases, and we’re seeing that occurring in our market. The percentage of distressed property sales is stabilizing, so prices should naturally continue to rise.”

To view the complete report with statistical information visit: http://www.sarasotarealtors.com/files/monthlystatistics/SRMAGJune2011Stats110712105200.pdf

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Housing Shortage on the Horizon?

By | May 23, 2011

Mike Castleman, founder and CEO of Metrostudy, which tracks real-time data of the country’s inventory of new homes, says a housing shortage is looming that will soon will create a huge surge in demand for new homes. As such, now is the time to buy, he says.

In the 41 cities Metrostudy covers, 78,000 houses are either vacant and for sale, or under construction that is less than a quarter of the new homes that fell in that category during the housing boom in 2006 and way below the level of a decade ago.

“If we had anything like normal levels of buying, those houses would sell in 2½ months,” says Castleman. “We’d see an incredible shortage. And that’s where we’re heading.”

The historic drop in new construction mixed with the decline in housing prices is laying the foundation for a dramatic recovery in residential real estate, Castleman told CNN. Castleman expects home owners soon will start returning, which will drive up prices in many markets later this year.

While demand remains low for new construction, he expects that to change. He foresees the recovery following a similar path as previous ones: A severe housing shortage will drive a big increase in demand.

“We’ll get a big surge in demand and the drywall companies will take a long time to ramp up, and it will take years to get new lots approved,” he predicts. “Buyers will show up looking for a house in a subdivision, and all the houses will be sold. The builders will tell them it will take six months to deliver a house.” But they’ll want the house so bad that they’ll “bid the prices up.”

Source: “Real Estate: It’s Time to Buy Again,” CNN (March 28, 2011)

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Real Estate Market Statistics for April

By | May 17, 2011

The Sarasota Board of Realtors reports that a total of 759 property sales were closed in the Sarasota real estate market in April 2011, continuing a strong spring surge that reached the 800 level in March. The recent sales rush has taken the market to the highest levels since the fall of 2005 when sales started to decline. Prices also maintained their highest levels of the year in April 2011 for both single family homes and condos, and the available property inventory dropped to 5,258, a big drop from last month’s level of 5,501, and less than a third of the available properties on the market during the 2004-2006 real estate boom.

Click here to view the complete report and statistical charts:

http://www.sarasotarealtors.com/files/monthlystatistics/SRJune2011stats110517124808.pdf

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