Search results matching tags 'Announcements', 'Home Buyers', 'Buyer Information', 'Community Information', 'Industry', and 'Florida'

Number of Under Contract Homes Reach New High

782357 — Mon, 16 Apr 2012 22:41:00 GMT

Residential real estate may still be soft in some places nationally, but not in Sarasota and Manatee counties. The number of completed home sales fell a bit in February, according to new figures from local Realtor associations, but the number of homes under contract — the best indicator of current home-sales activity — rose to nearly a 12-month high.

The new numbers are a good sign for the Gulf Coast economy, where for decades the state of the real estate market has often determined the economic health of the region. It is a marked change from even the end of last year. In January buyers seemed to come to life and in February, agents say, the activity at times seemed frenetic.

So-called "pending sales" — sales expected to close in 30 to 90 days — hit 1,130 last month in the territory covered by the Sarasota Association of Realtors.

In Manatee County, the 794 homes and condominiums under contract represented a 48 percent increase from a year ago.

The interest from buyers also appears to be having an impact on pricing.

The median sales price of $167,500 reported by the Sarasota association was up 3.4 percent from January and 22 percent from a year ago. Manatee's median of $175,000 was up 9 percent from January and 13 percent from a year ago.

Statewide and nationally, there was a similar pattern to the one being seen in Southwest Florida, though less pronounced.

In Florida, sales declined 4.8 percent during February but the number of pending sales rose 36 percent for homes and nearly 20 percent for condominiums and townhomes.

The statewide median was $134,000, up 7.2 percent from a year ago. For condos, the price was $95,000, up nearly 16 percent from February 2011.

Nationally, sales also dipped but the overall sales pace for the winter was the best in five years.

The National Association of Realtors said that home sales fell 0.9 percent last month to a seasonally adjusted annual rate of 4.59 million. That is down from a revised 4.63 million sold in January — the highest level since May 2010.

The last three months have been the best for winter sales in five years. A mild winter and a stronger job market have helped boost sales ahead of the all-important spring buying season.

In Southwest Florida, the pricing gains appear to be impacting even distressed properties, which for years now have been weighing down the values of properties of all kinds.

Let me know how I can help you realize your real estate goals,

Dennis

Luxury Homes Market Rebounding

782357 — Mon, 16 Apr 2012 22:28:00 GMT

The market for million-dollar-plus homes and condominiums is returning after being largely dormant in Southwest Florida for nearly five years.

Real estate agents say the market's upper-end segment has nearly rebounded, based on sales and pending sales. Many compare the current streak of sales — and the number of homes on the market — to the boom times of 2005.

The renewed interest in seven-figure homes is spurring multiple offers, a trend not seen since 2007.

Sales of home for $1 million or more were up 48 percent from last year for Sarasota, Manatee and Charlotte counties.

Those high-end sales come as many facets of the local real estate market — most notably upper-strata mansions of 10,000 square feet or more — have begun to percolate again.

Fueled by Wall Street gains, rising consumer confidence, beefed up demand for high-end homes amid shrinking inventory, and seller flexibility on price, buyers appear poised to make deals that were rare three years ago.

Inventory

Another clear sign of the change is the inventory of million-dollar homes on the market. Currently there is a 20-month supply of $1 million and up properties; while that sounds like a lot, that figure is identical to August 2004, when Southwest Florida residential real estate began to rise on a wave of low interest rates, easy loans and rampant speculation.

Real estate in all price ranges is a 7-month supply. That is a level that traditionally represents a balanced market for both buyers and sellers.

These stats are encouraging and once again show that the real estate market in our area is moving in the right direction.

If you would like to know the market stats for your neighborhood, don't hesitate to contact me!

National Housing Report - Good News!

782357 — Thu, 29 Mar 2012 21:20:00 GMT

The RE/MAX National Housing report just came out! Prices have begun to inch up slightly, sales are up over 8% and inventory is shrinking. Our real estate market is on the mend.

You will see in this report that nationwide we are a 6.6 month supply of homes for sale. Six months is considered a "normal" market.

Read the full report here.

Let me know how I can help you realize your real estate goals.

Dennis