south florida market conditions: South Florida housing inventory continues to remain low - 10/12/11 05:10 PM
The latest regional MLS figures for the South Florida region indicate that the number of active listings continues to drop, albeit less drastically than it did in the 2nd and 3rd quarters of 2011. Pending sales remain steady at about 20,000.
As listings continue to drop to approximately 40,000 in the region and properties under contract remains steady and about half of that amount it is a strong indicator that prices will some day adjust upwards as demand increases.
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south florida market conditions: South Florida Real Estate Inventory continues to drop - 09/13/11 02:23 PM
According to recent MLS statistics the inventory of active and pending homes on the market in South Florida inch closer to one another. There are much less homes on the market compared to 12+ months prior and the amount of properties that go under contract remain steady, if not increasing.
This indicates that a spike in demand would cause prices to rise sooner given the limited amout of supply. However, who is to say how many sellers (and banks for that matter) would come out of the woodwork if they thought they could get a better price for their … (1 comments)
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south florida market conditions: In Florida, sales are up and distressed property inventory goes down - 08/26/11 12:39 PM
Sales have been up in the two counties in every month this year compared to 2010. But what can we expect for the rest of the year?
As data last week from the Florida Realtors showed, home sales in Broward and Palm Beach counties remain strong even as the national numbers are hit and miss.
South Florida foreclosure sales are declining despite larger discounts for distressed properties, according to a second quarter report being released Thursday by real estate research firm RealtyTrac.
Distressed homes, foreclosures and short sales, continue to be popular properties in South Florida. Together they made up … (2 comments)
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south florida market conditions: 46% of South Florida homeowners underwater - 08/19/11 08:29 AM
More South Florida homeowners were underwater in their mortgages during the second quarter of 2011 compared to last year as home values struggled to stay buoyant. Roughly 46% of homeowners with mortgages in Palm Beach, Broward and Miami-Dade counties owe more on their loans than their homes are worth, according to real estate analysis from Zillow.com. Whereas nationwide negative equity was 27 percent in the second quarter, up from 22.5 percent last year.
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south florida market conditions: Florida’s existing home, condo sales up in 2Q 2011 - 08/11/11 10:39 AM
According to the latest housing statistics from Florida Realtors, Florida’s existing home and existing condo sales got an upswing in the 2nd quarter of 2011 compared to the same period a year earlier.
Existing home sales rose 1 percent in 2Q 2011 with a total of 52,421 homes sold statewide; during the same period the year before, a total of 51,973 homes changed hands according to Florida Realtors.
Statewide sales of existing condos in the second quarter rose 14 percent compared to the year-ago sales figure.
Also, there's a way to save some money this weekend because the state … (0 comments)
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south florida market conditions: Florida real estate gets high marks in Fed’s latest review of the U.S. economy - 08/02/11 04:50 PM
Florida emerged as something of a stand-out student in the Federal Reserve’s latest report on real estate in the Southeast. Compared to other areas in the Southeast gains continued to be driven largely by reports from Florida brokers. The outlook among Florida brokers was somewhat positive, but elsewhere sales are expected to remain weak.
The current inventory of South Florida's residential housing active and pending listings is shown below. As you can see the number of listing for sale is dropping significantly, which will have a bearing on future prices.
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south florida market conditions: Home prices lowest since crash in South Florida - 07/01/11 05:06 PM
This week Standard & Poor's released their updated Case-Shiller price index which show that prices have fallen in the tri-county area from March of 2010 to the following year by 6 percent.
More importantly, prices are down by 51 percent compared to December 2006!
This is wonderful news if you are an active buyer, or thinking about buying. However, this is awful news if you bought a home around the end of 2006 and likely anywhere near that time. (If you are that seller, ask me about short sales or hunker down for the long haul)
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south florida market conditions: South Florida Number of Sales Going Up, Prices Flatten Out - 06/28/11 05:32 PM
May was a good month for South Florida Real Estate.
According to the Miami Herald, Miami-Dade County turned over 875 houses and 1420 condos. In Broward County, 1142 houses and 1537 condos sold. Prices have dropped by more than 55% in the past five years, however there was a 9% increase from the previous year. That's pretty good since the national average home price dropped by 4.6%.
Since my office has turned over 120 properties so far this year, we are currently handling about 20 properties a month. At this rate we will surpass our previous year … (0 comments)
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south florida market conditions: South Florida Inventory Drops & Pending Sales Increase - 05/10/11 05:30 PM
Good news continues to befall the South Florida real estate market! While the number of listings available drop, the amount of pending sales go up. If the trend continues the prices of property will naturally appreciate given the laws of supply and demand. (photo coutesy of therealdeal.com)
Our 30 agents seem to be contrantly busy at this time. Everything seems to be on the uptick and while sales tend to fall off right after Easter/Passover, they seem to be remaning steady.
We have sold 3 more properties and closed 2 others in the past 48 hours and for that I … (2 comments)
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south florida market conditions: South Florida Foreclosures on the Market Lowering - 04/11/11 08:41 AM
According to CondoVultures, the number of foreclosures available around this time in 2010 compared to this year is more than 30% lower.
That is positive news for current homeowners because foreclosures bring down property values overall as well as provide tough competition when your home is on the market.
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south florida market conditions: South Florida Real Estate News Update - 04/05/11 05:13 PM
Here are a couple of headlines that I think are worth mentioning:
Drop the 9's!
As 90+% of homebuyers search for real estate properties on the internet you have be aware of how you price your property. Increasingly websites use pre-listed fields often by increments of $25,000. So the homebuyer may be looking for homes from $200,000 to $300,000 and misses your listed at $199,999. It's odd, yet there is truth to it.
Consumers pay credit cards before mortgages
Even though some one in debt may have both expenses due, they tend to pay their credit cards first. Perhaps it … (2 comments)
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south florida market conditions: Vacation Homes Market is Rebounding - 03/31/11 09:25 AM
Good news! I have read two articles today that bought reflect favorably on the recovering 2nd home market. Apparently vacation homeowners and investors are buying proportionally more homes than those of primary homeowners.
I can tell you from personal experience in my real estate office in Pompano Beach that investors and 2nd home buyers were the first segment to halt buying when the market crashed. In fact I saw them stop buying approximately 6 months before the down turn was "official". My market in Palm Aire Country Club was at a near standstill when 2nd homeowners
I guess we can equate … (1 comments)
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south florida market conditions: Palm-Aire & Cypress Bend Closing in the past 7 days - 03/24/11 02:59 PM
For a little market perspective, here are the properties that have sold in and around Palm-Aire in the past 7 days. Wieder Realty really does sell the most property in the Palm-Aire area!
ML# Address Beds/Baths List Price Sale Price
F1119638 1283 SW 46th Ave # 2605 2/2 $41,580 $50,500
CONDO ON FIRST FLOOR. NO KITCHEN. TILE FLOORING IN LIVING AREAS, CARPET IN BEDROOMS. WELL MAINTAINED GATED COMPLEX, LOTS OF AMENITIES. PER ASSOC: ALL AGES OK, PETS OK. COURTESY OF CHARLES RUTENBERG REALTY.
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F1116498 2311 S Cypress Bend Dr # 420A 2/2 $51,000 $51,000
Short sale, spacious … (0 comments)
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south florida market conditions: South Florida's Active Listings vs. Pending Sales - 03/23/11 02:38 PM
Here is a graph that I found online showing the market trends for South Florida Active Listing Inventory and Pending Sales from January 2009 through March 2011.
It shows a gradual trend toward a smaller inventory of homes for sale and pending home sales flat to rising slightly.
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south florida market conditions: South Florida home sales rise in February - 03/21/11 05:37 PM
Good news!
According to today's article in the Sun-Sentinel home sales have increased for the second month in a row.
In Broward Couunty there were 909 sales which is 16% higher than the same month in 2010. Palm Beach saw a 32% rise in sales from a year ago, totalling 738 homes sold.
33% of the sales were cash, however in Palm-Aire we find that 90% of the buyer we are working with pay cash.
More good news... the median price is up by 22% to $167,000 from the same time last year in Broward.
All in all it's a good sign … (0 comments)
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south florida market conditions: Homes Bought in 2005/2006 are Hardest to Sell - 03/19/11 08:50 AM
The Sun-Sentinel came out with an interesting article on Thursday where they are reporting that homes bought in 2005 and 2006 are the hardest to sell. In hindsight we know those were the peak years for real estate values. Also at the time many buyers were buying home with very little money down, so now that prices have fallen they are severely upside down on the mortgage.
Often times an owner who is upside down has to come to closing with money or seek a short sale approval from their bank if they want to sell in this market. Whereas cash buyers from … (2 comments)
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south florida market conditions: Inventory of homes for sale shrinks in South Florida - 08/12/10 03:04 PM
According to an article in the Sun-Sentinel recently, the number of homes for sale in Broward County is down by 35% compared to this time 2 years ago. 31% in Palm Beach County.
This a good indicator that we won't be in a Buyer's market forever, however are also a large amount of foreclosure that have yet to be put on the market. This is known as the "shadow inventory", homes that banks withhold from selling in order to help sustain current home prices in the hopes that prices will continue to recover sooner.
Our offices have seen definite momentum after getting through … (0 comments)
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