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Florida’s existing home, condo sales up in May 2009

ORLANDO, Fla. – June 23, 2009 – Florida’s existing home sales rose in May – the ninth month in a row that sales activity increased in the year-to-year comparison, according to the latest housin May existing-home sales continue rising trend, says NAR
g data released by the Florida Association of Realtors® (FAR). Statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month’s figure.

Existing home sales rose 16 percent last month with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR. Statewide existing home sales in May increased 6.2 percent over April’s statewide activity. Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales last month rose 3.8 percent over the total units sold in April.

“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida. What is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned. Until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in May and 13 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 11 consecutive months.

Florida’s median sales price for existing homes last month was $144,400; a year ago, it was $203,800 for a 29 percent decrease. However, the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to lower the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in April 2009 was $169,800, down 14.9 percent from a year earlier, according to NAR. In California, the statewide median resales price was $256,700 in April; in Massachusetts, it was $275,000; in Maryland, it was $255,587; and in New York, it was $185,000.

According to NAR’s latest housing industry outlook, buyers are responding to favorable market conditions. “The $8,000 first-time buyer tax credit is beginning to impact the market,” said NAR Chief Economist Lawrence Yun. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers.” Many homebuyers are taking advantage of the bargain prices offered on foreclosed listings in states like Florida, California and Nevada, Yun noted, which should “set the stage for healthy market conditions going forward.”

In Florida’s year-to-year comparison for condos, 4,839 units sold statewide compared to 3,998 units in May 2008 for a 21 percent increase. The statewide existing condo median sales price last month was $113,400; in May 2008 it was $181,700 for a 38 percent decrease. May’s statewide existing condo median price was the same as January’s statewide median, and was higher than the median reported in February, March or April. The national median existing condo price was $173,900 in April 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.86 percent last month, down significantly from the average rate of 6.04 percent in May 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Melbourne-Titusville-Palm Bay MSA reported a total of 584 homes sold in May compared to 491 homes a year ago for a 19 percent increase. The existing home median sales price was $123,700; a year ago, it was $163,100 for a 24 percent decrease. In the year-to-year comparison for the existing condo market, 123 units sold in the MSA last month, up 6 percent compared to 116 condos sold the previous May. The market’s existing condo median price last month was $134,400; a year earlier, it was $144,300 for a 7 percent decrease.

© 2009 FLORIDA ASSOCIATION OF REALTORS

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2 Bed, 2 Bath
909 Square Feet
$299,900 

This Internationally-Recognized Vintage Ralph Twichell Home Voted, “BEST SMALL HOUSE IN AMERICA, 1998″ by Metropolitan Home Magazine * Built by Ralph Twitchell, Founding Father of Sarasota School of Architecture * This Home Has Been Awarded Many Accolades Including: Featured on Home & Garden Network (HGTV) “A Place to Call Home”,  Featured in London Magazine, Selected as One of 12 Homes to be Featured in Andrew Weaving’s “Sarasota Modern” (A Coffee Table Hardbound), Featured in Sarasota Magazine, Featured in “Downtown” (A Sarasota Magazine), Selected as One of 70 “Homes of Distinction” in Sarasota * This Home Has Been on National Tour Symposiums & Local Tours Regularly * Built in 1959, Nearly All Original & Restored, Last Twichell Design Left Standing in the World * Impeccably Kept! * Located on Tahiti Lagoon, Tropical, Peaceful, Wildlife Abounds * Stainless Steel, Updated Appliances, & Countertops * Artistic Mosaic Kitchen Backsplash Flown in From Manhattan, NY * Immaculate Terrazzo Floors Throughout * Wired for Home Theatre System * Large Screened Lanai with “Zen-Like” Water Feature * Working Vintage Fireplace * Skylights in Every Room * Wrap Around Decking * Zera-Scaped Yard * New Industrial Roof Only 2 Years Old * Totally Furnished * Surrounded by Million Dollar Homes on the Bay * 3 Miles to Beach * Walking Distance to Downtown, Theatres, Restaurants, & Van Wezel *  Home Celebrating its 50th Birthday & Able to Registered in “Historic Registry” * This Internationally-Renowned Home is a MUST SEE!

Contact Justin Shirley for more Showings & Information on this home, or Any Homes in Sarasota, Florida.

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First-time buyers – A hot market segment

Historically low interest rates. Attractive home prices. Impressive inventory. And now an $8,000 tax credit for first-time buyers that can be used as a downpayment on a home.

What’s not to love about this unique scenario for first-time homebuyers in Florida? It’s no wonder this demographic is growing monthly.

Let’s look closer at why the first-time buyer market is so strong:

1. $8,000 tax credit. It’s hard to say “No” to free money, and that’s basically what the federal government is offering with very few strings attached.  Better yet, the money can be used as a downpayment, thanks to FAR’s efforts to pass legislation in Tallahassee in April. 

2. Other government incentives. The 2009 American Recovery and Reinvestment Act opens doors to affordable homeownership to people who had not been able to qualify for loans or hand over large downpayments.    

3. Interest rates. Hovering around 5 percent, this means monthly payments are less than even last year for the same home.

4. A buyer’s market inventory. Nothing needs to be explained here. Everyone wants options and choices when making the most expensive purchase of a lifetime.

5. Price. Florida’s median sales price for existing homes in March 2009 was $141,300; a year ago, it was $201,700. Do the math.

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Florida’s existing home, condo sales rise in 1Q 2009

ORLANDO, Fla. – May 12, 2009 – Sales of existing single-family homes in Florida rose 25 percent in first quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 31,412 existing homes sold statewide in 1Q 2009; during the same period the year before, a total of 25,071 existing homes sold. It marks the third consecutive quarter that Florida has reported higher existing home sales; sales levels in the third and fourth quarters of 2008 were higher than the corresponding three-month period of the previous year, according to FAR.

Sales of existing condominiums statewide in the first quarter rose 19 percent compared to the same time the previous year. This marks the second three-month period for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 1Q 2009 also increased over 4Q 2008’s sales figure in both the existing home and existing condo markets, FAR records show. For 1Q 2009, statewide sales of existing homes rose 4.14 percent over the 4Q 2008 figure; existing condo sales statewide in 1Q 2009 increased 21.1 percent over the 4Q 2008 level.

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Mortgage rates dip – close to record low

Mortgage Rate Trend Index

Steady as she goes, say mortgage rate experts polled by Bankrate.com this week. Fifty percent expect little change over the next 30 to 45 days. Of the rest, 31 percent predict further declines. Only 19 percent foresee an increase.

WASHINGTON – April 24, 2009 – Rates on 30-year mortgages fell slightly from last week but remained just ahead of record lows posted this month, Freddie Mac said Thursday.

Average rates on 30-year fixed mortgages dipped to 4.8 percent from 4.82 percent last week, Freddie Mac said. Last year at this time, the average rate on a 30-year mortgage was 6.03 percent, and it has been below 5 percent for six straight weeks.

The all-time low of 4.78 percent was recorded on the week of April 2. Freddie Mac’s survey dates back to 1971.

Low mortgage rates have led to more refinancing activity since rates first fell dramatically in the winter. Rates slid again after the Federal Reserve said last month it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on 30-year home loans.

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(Home Sales are Rising as Prices Have Reached Lows.. First-Time Buyers, Investors of Rental Property, & Second Home Buyers Are Jumping In..)

Florida’s existing home, condo sales rise in March 2009

ORLANDO, Fla. – April 23, 2009 – Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). March’s statewide sales also increased over the previous month’s sales level in both the existing home and existing condo markets.

Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than February’s statewide sales.

Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.

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Federal Reserve’s No. 2 sees gradual recovery in 2009

LOS ANGELES (AP) – April 21, 2009 – Federal Reserve Vice Chairman Donald L. Kohn said steadier consumer spending and home sales, together with favorable earnings results from some banks, may indicate that the U.S. economy is poised to stage a gradual recovery later this year.

The Fed’s No. 2 official, delivering the annual Hutchinson lecture at the University of Delaware Monday evening, noted that consumer spending continues to suffer the effects of the poor job market and the sizable losses of equity and housing wealth over the past two years.

But he said consumption appears to have steadied in comparison to the sharp drops seen in the second half of 2008, and declines in sales and construction of single-family homes have abated – possibly because of low mortgage interest rates.

Kohn also noted that the plunge in energy prices has helped bolster real incomes and gives consumers much-needed cash to spend elsewhere.

“These developments may be an early indication that conditions are falling into place for real GDP to decline at a slower rate in the second quarter and to stabilize later this year,” Kohn said.

Kohn noted that low confidence about future economic and job prospects is still crimping people’s willingness to spend. Tight credit conditions – especially for commercial construction – also could hinder a recovery, as could weak exports in the face of global economic issues.

“My best guess is that we are in for a relatively gradual recovery,” he added.

Kohn pointed to the Federal Reserve’s role in helping to counter the financial crisis and its economic fallout. The central bank has slashed a key interest rate essentially to zero and launched a series of programs designed to get credit to flow more freely again to American consumers and businesses and thus help revive the U.S. economy.

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(Of Course Sarasota, Florida Real Estate Sales Have Spiked.. Prices are Affordable, & Who Doesn’t Want to Live in Paradise?!)

Pending sales rise to highest level in three years in February 2009Pending sales in the Sarasota real estate market once again rose in February 2009, hitting 782 – the highest level since April 2006, a three year period. According to statistics from the Mid-Florida Regional MLS for members of the Sarasota Association of Realtors®, 611 single family homes and 171 condominiums were reported under contract in  February, almost 100 more than the 683 pending sales reported in January 2009, and 19 percent higher than the 654 pendings reported in February 2008.
 
Pending sales have now exceeded the 500 level for the 14th consecutive month, and the statistic bodes well for the next two or three months, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers. The report continues to reflect a steady, strong pattern, and indicates buyers are more active in the Sarasota market even in the face of difficult economic times. Read the rest of this entry »

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January 2009 pending sales jump almost 18 percent

In the face of national economic doom and gloom, pending sales in the Sarasota real estate market rose to 683 in January 2009 as reported by members of the Sarasota Association of Realtors®, topping the 500 level for the 13th month in a row. Pending sales last month were much higher than the 516 reported in January 2008, which indicates that local real estate has bucked the national downward to some extent.
 
Pending sales reflect contracts executed by buyers and sellers. The recent numbers demonstrate a steady, strong pattern, indicating buyers have become more active in the Sarasota market as the traditional season heats up.

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 After running my search of new listings and closed transactions for the Sarasota market I see a big improvement in sales volume. I have been swamped with buyer traffic myself, and it seems that the market as a whole is experiencing the same trend. The only trend that will keep our property values from appreciating at this point is, the effect of buyers swarming the market and sellers seeing an opportunity to list quickly in hopes of a quick sale. In short, the more statistics that show “buy volume” going up, the more sellers pour into the market and see an opportunity to sale. I feel this will continue for some time until we can get this distressed inventory off the market (Foreclosures, short sales, bank owned REO/Loss Mitigation, etc.). Many sellers have pulled their homes off the market temporarily because of the lost cause due to buyer reluctancy; however, with months like March, sellers are coming back to the market. Here’s a look at the closed transactions in Sarasota County, plus Lakewood Ranch and University Park (Manatee County areas but readily shopped by Sarasota buyers).. Again, my numbers reflect MLS data only and closed transactions only.

Single Family Homes – 233

Condominium – 137

Multi-Family (Duplexes, Triplexes, etc) – 1

Lots & Acreage – 5

As you can see, this number is up quite a bit from Feb. and January. We had great weather and nice flow of seasonal vacationers that turned into buyers. Sarasota is easy to fall in love with once you sink your toes into the sand of Siesta Key and soak in that Florida sun. I attribute this spike to tourism as well the Federal Government cutting rates making mortgage interest less harsh on the weak dollar & our slow economy. However, let’s take a look at how many homes entered the market.. This number reflects new listings posted to MLS during the month of March.

Single-Family Homes – 766 (Not a typo..)

Condominium – 428

Multi-Family – 8

Lots/Acreage – 59

As you can see buying is up, but so is the number of sellers looking to bail out of their financial ties to their properties. Positively, we’re seeing more buyers floating around our open houses. I expect a strong April, as the market will slow down a bit as we enter summer. But, let’s not discount the fact that Europeans and the international market take strong interest in our Florida real estate during the summer months.

 Justin

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