Real Estate in Florida recovery continues positive momentum
According to the report made by Florida realtors, the state’s real estate market continues its popularity in so many ways. There is an increase in the median prices, possible decrease in inventory and waiting sales were recorded last June. Even though there are some buyers who have some problems with regards in securing their money. Economists believed that this recovery is somewhat a positive way to make it better. These are signs that reflect the economic recovery and the demand for employment in the state. In contrast the fixed-rate mortgages remains at ease and still continue to gain interest from new buyers and investors.
It shows in the latest housing data by Florida Realtors, there is an increased pending sales, an increased in closed sales and rapid growth in median prices and a depletion in inventory of home that are for sale for in Florida’s housing market by the month of June.
It is stated by Florida Realtors President Summer Greene, and also a regional manager of Better Homes and Gardens Real Estate Florida in Fort Lauderdale that Florida’s housing tries to recover its positive momentum. In addition to his statement, Signs usually points to solid gains shows a positive outcome for the state’s economy. During the month of June, a report says that there are pending sales reaching 31 percent for the existing single-family homes and also 23 percent for town house-condo units when compared last year. There is a trend that shoes most of the buyers wants to purchase their dream home in Florida however there are problems with regards to their financing options and credit standards.
Contracts that are being signed but is unfinished or not yet closed are referred as pending sales; usually closed sales starts at 30 to 90 days after the sales contracts are written.
The single-family homes national median sales price over all total is 18,800 in the month of June, there is a 5.3 percent difference compared to last year said by Florida Realtors industry Data and Analysis department and vendor partner 10K Research and Marketing. The price for single-family existing homes last month reached $151,000 and continues to increase by 8.2 percent from June 2011 statewide.
(NAR) National Association of realtors states the national median sales for single-family homes last May 2012 was $182, 900 and continues to reach up to 7.7 percent from last year. While in California it was $312, 110 statewide median sales price for single-family. Also in Maryland it was believed that the price is reached up to $259, 207; However in New York it was reported up to $208, 000.
Median is called the midpoint; wherein there is a 50/50 distribution of sales; half the homes were sold in higher prices while the other half are less. Distressed properties were affected by the sales foreclosures because in general that can sell at a discounted price compares to traditional homes.
A total of 9, 202 are sold last month, up to 1.5 percent from those sold in Jujne 2011 statewide in Florida’s annual comparison for sales of tonwhomes/comdos. Last year the state wide median for townhome-condo properties was $110,000 to 15.8 percent. It was also reported by NAR that national median existing condo price last May 2012 was $180,000.
Reported by Florida Realtors, last month’s result of inventory at six-month’s supply for single-family homes and town-home condo reached 5.9-month’s supply.
It is said by Dr. John Tuccillo, Florida Realtors Chief Economists that the trend they have established still continues since last year. By the month of June there will be an improvement in every housing market. Closed sales, pending sales, median prices, average prices and ratio sales are up. However the lsiting are down so as the days on market and what is important are the inventories. He says that they have reached a six months’ supply of inventory for single-family homes and 5.9 months’ supply for townhouse-condos.
In addition to this he also stated that there will be an improvement towards employment in the state, and hopefully this will continue in the future.
According to Freddie Marc, interest rates for fixed rate mortgage in 30 year averaged 3.68 percent in June 2012, and lower than 4.51 percent average in the same month a year earlier.
Full statewide housing activity report can be seen on this link: http://media.floridarealtors.org/ and look under Latest Releases, or download the June 2012 data report PDF under Market Data at: http://media.floridarealtors.org/market-data
A data released by Florida Realtors 2012 marks a partnership between Florida Realtors Industry Data and Analysis department and new vendor partner 10K Research and Marketing. Datas from housing sales from state’s local realtor organizations are being collected and organized with its goal in providing one of a kind, localized market reports to local frealtor boards and other associations within Florida Realtors. It can give the ability to serve as the definitive voice of real estate by groups and their Realtor members. Florida realtors also provide comprehensive statewide housing market statistics- however some new data metropolitan statistical areas (MSAs) are not included.
The Florida Realtors or also known as the Florida Association of Realtors is the voice for real estate Florida. They give programs, continuing education, services, research and also act as legislatives to its members that have a number of 115,000 in 63 boards/assocations. Their website is link: http://media.floridarealtors.org.