Categories
analytics general info

South Florida Builders Upbeat About New Home Market

I have reposted an article below about the positive response builders are having to current high demand which is the highest in over 6 years with 5 straight months of positive growth…but just like buyers in some some South Florida markets finding a lack of  available inventory, builders are finding a lack of  building lots inventory to build on.

Steve Roberge

 

 

By Paul Owers, Sun Sentinel Blog

Builder confidence continues to grow, rising to its highest level in more than six years.

The National Association of Home Builders/Wells Fargo Housing Market Index hit 40 in September, the best reading since June 2006. It was a fifth consecutive monthly gain.

South Florida builders have been saying for months that business is picking up. GL Homes, Standard Pacific and Toll Brothers, among other companies, have announced new projects or started construction in Broward and Palm Beach counties.

Builders are bullish on sales, future prospects and consumer foot traffic, NAHB Chief Economist David Crowe said in a statement.

But Crowe added that lack of building lots in certain markets is a concern, as is the rising cost of building materials. “Given the fragile nature of the housing and economic recovery, these are significant red flags,” he said.

Categories
analytics general info

Ft Lauderdale Update – April 2012

The post below is from Steve Roberge my South Florida contributor, talking about market conditions in Ft Lauderdale. Steve is with Coldwell Banker in Ft Lauderdale. He was with my old office in Boston before moving to Florida, and has owned property in Boston and in Provincetown…in other words he knows of what he speaks.  Enjoy.  Steve is a regular contributor to the blog. [email protected], 954home.com.

In Greater Fort Lauderdale / Broward County, the first quarter median sales price for single-family homes climbed 16% to $180,000 over the same period in 2011, according to data from Broward Council of the Miami Association of Realtors. This data supports recent analyst reports stating the Miami-Fort Lauderdale housing market has already begun to rebound. As was reported last month, Zillow predicts the Miami-Ft Lauderdale real estate market will be the second highest for home value increase in 2012.

 

Following is a market snapshot for the Greater Fort Lauderdale / Broward County housing market, comparing April 2011 with April 2012:

  • The number of homes listed for sale decreased 30% (14,046 vs. 9,745).
  • The price of homes sold increased over 20% ($173,000 vs. $208,000).
  • The number of homes sold decreased 11% (2,604 vs. 2,309), which is consistent with the reduced number of homes listed for sale.
  • The number of homes pending sale (under contract) increased 16% (3,077 vs. 3,646).
  • The average amount of days a home was listed for sale is down 9.6% (94 days vs. 85 days), which means the time to sell a home is improving.

What a difference a year makes. Inventory is down 30%. The price of homes sold increased by 20%. The number of homes sold decreased slightly in line with the decrease in inventory. The pending sales number increased by 16%, and average days on market decreased by close top 10%.

Realtor sentiment “on the street” mirrors the reporting from The Miami Association of Realtors, Zillow and others… that the Miami-Ft Lauderdale market is truly rebounding.

I will keep you posted with regular analysis of the Ft Lauderdale real estate market.

Steve Roberge FloridaMoves.com | 954Home.com

Cell:   954.495.7037 | Efax:  954.208.0510

 

Categories
analytics trends

Ft. Lauderdale Ranks #5 on Realtor.coms Top 10 Early Turnaround Report.

The post below is by Steve Roberge, my South Florida contributor writing about market conditions in Ft. Lauderdale. Interesting information, and counter to what you may think. Steve is a top producing agent with Coldwell Banker in Ft Lauderdale. He was with my office in Boston before moving to Florida and has been very active in real estate in Boston, Ft Lauderdale and Provincetown. Enjoy.  Steve will be a regular contributor to the blog. Steve can be reached at Steve.R[email protected].

In addition to Fort Lauderdale, six other Florida markets (Miami, Orlando, Fort Myers/Cape Coral, Sarasota and Lakeland/Winter Haven) dominate the Top 10 list, based on 3rd quarter 2011 data. All of these markets have experienced significant reduction in inventory, median price appreciation and the length of time a property sits on market for sale. Also, Florida has a lower unemployment rate and the warm climate makes it an ideal location for vacation/second home. With a decline in the US dollar, Florida has seen a steady flow of foreign buyers taking advantage of both their currency purchase power and the depressed real estate market, scooping up properties at much lower prices.

The Fort Lauderdale Real Estate market inventory has reduced by as much as 38% and real estate prices are trending upward after falling as much as 50% since 2005. 

In summary, the real estate market seems to be in a recovery mode.  Buyers who are on the fence about buying or convinced prices will continue to fall, may want to reconsider.  Interest rates are at historic lows and now be the perfect time to jump in. Besides… the weather is great!!