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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.

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analytics

Home Prices Increase in Broward, PB Counties

The repost below is from Steve Roberge, my South Florida contributor writing about market conditions in Ft Lauderdale.  Steve is a top producing agent with Coldwell Banker in Ft. Lauderdale.  Steve will be a regular contributor to my blog. [email protected]

Confirmation of what we are seeing in the Ft Lauderdale market. “After the six years of turmoil that we had, it’s good to see the trends strongly moving in the right direction,” John Tuccillo, chief economist for the Florida Realtors. A repost by Paul Bowers.

By Paul Bowers , Sun Sentinel Blog

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South Florida’s housing recovery continued in August with higher prices and robust sales.

Broward County’s median price for existing homes last month was $214,950, a 13 percent increase from $191,000 a year ago, the Greater Fort Lauderdale Realtors said Wednesday.

There were 1,369 homes changing hands in August, up 15 percent from August 2011.

Palm Beach County’s median was $215,000, a 12 percent increase from a year ago, according to the Realtors Association of the Palm Beaches. The county had 1,247 home sales, up 8 percent.

Many areas across the country are seeing housing conditions improve following years of price declines.

“After the six years of turmoil that we had, it’s good to see the trends strongly moving in the right direction,” John Tuccillo, chief economist for the Florida Realtors, said in a statement.

Sellers now are commanding more money for homes, largely due to a lack of properties for sale.

At the end of August, Broward had 4,784 homes on the market, less than half the number from a year ago. Palm Beach County’s inventory is down 44 percent.

When a home hits the market, buyers usually flood the listing agent with requests for showings.

“I feel like we’re back in 2004 and 2005, where we’re having to race the customer to the house,” said Terry Story, a real estate agent in Broward and Palm Beach counties.

First-time buyer Gabrielle Harbin got married last week, but she had to interrupt wedding preparations and her work schedule to tour a Boca Raton house that just hit the market. The seller accepted her offer, and she hopes to close on the deal by October.

Harbin, 29, said the market is so tight that buyers can’t wait until the weekends to leisurely visit homes and make offers. “It just feels so rushed,” she said. “But that’s just the reality of it all.”

Connie Adcock listed her Davie home for sale or lease after taking a new job in California. She figured the process might take six months, but she had six offers in six days.

Zack Spinks sold his five-bedroom Coral Springs home this summer for $400,000. He had 25 showings in two and a half weeks and ended up with two offers.

“I was getting calls every day and had three or four showings a day,” Spinks said. “I was shocked. I didn’t expect that kind of activity.”

Meanwhile, data released Wednesday show that the South Florida metro area remains a top spot for home flipping.

Palm Beach, Broward and Miami-Dade counties rank fourth nationwide with 5,114 flips during the first half of the year, according to RealtyTrac Inc. That’s up 59 percent from the same period of 2011.

The flippers – investors who buy homes and resell them within six months – earned a profit of $38,943, RealtyTrac said. The average number of days per flip is 105.

During the housing boom, flippers often bought and sold homes within days or weeks, capitalizing on rapid price appreciation. Today’s flippers are renovating the homes and adding value before reselling, RealtyTrac spokesman Daren Blomquist said.

“Ultimately, that’s good for the market,” he said. “They’re fixing these homes up so they’re the best properties for sale in the neighborhood.”

Categories: South Florida home prices (96)

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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 [email protected]il.com.

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!!