Tagged : condos

Found 44 blog entries tagged as "condos".

Oakland Park Real Estate Market update

Single Family Market Update: During the month of July, there were 29 closed sales for single family homes for sale in Oakland Park. The median sales price was $300,000 while the average sales price came in at $338,807. The total dollar sales volume for the month of Juy was $9,825,400. The percentage of sales price as compared to the original list price was 92.6%. The median time to contract (the middle number of days from listing to contract las month was 71.

Pending Sales for single-family homes in July totaled 21. Last month there were 30 new listings added to the total inventory of 94 homes for sale. Months of inventory came in at 3.4 - which is a real estate market tilted towards sellers (six months is

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Fort Lauderdale Real Estate Market Update

Single Family Market Update: For the month of July, there were 143 cosed sales for single-family homes in Fort Lauderdale. The median sales Price was $397,000 while the average sales price was $769,364. Total dollar Sales volume for the month of July was $110,018,985. The percentage of sales price as compared to the original list price was 91.9%. The median time to contract (middle number of days from listing to contract) In July was 97 days. 

Pending sales during the month totaled 131. During the same time, there were 174 new home listings with a total single family inventory of 679. Months of inventory was at 5.7 months (six months is considered a balanced market).

Condo-Townhouse Market Update: In July

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Bullet Points:

  • "Millennials" as defined by the US Census Bureau, are persons 18 - 36 years of age.
  • The median age of all first-time home buyers according to the NAR's latest Profile of Home Buyers & Sellers is 32.
  • Older Millennials (25 - 36) are realizing that owning their own home is well within their reach now!

Start Your Fort lauderdale search here:

 

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Move Up and Upgrade To A New Home

Premium or Luxury homes are typically defined as homes priced in The top twenty-five percent of homes for sale in that area. In the current real estate market, there are plenty of potential "good deals" to be found in the higher end market. This is fantastic news for current homeowners looking to move up to a more comfortable premium home.

During the last couple of years, most of the demand for housing was from first-time home buyers looking to find their starter home while less demand was for higher priced homes.

According to ILHM’s Luxury Report, this imbalance between  buyer demand and premium home inventory has resulted in a Buyer’s Market for luxury homes (homes priced from One Million and more).

“A

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Many questions about the real estate housing market focus on current home prices and where they are trending. To answer these questions, we can turn to the most current Home Price Expectation Survey (HPES).

Quarter 2 - 2019 survey results are as follow:

  • Home values are expted to appreciate by 4.1% in 2019
  • Over the next 5 years, the average annual appreciation rate is expted to be 3.2%
  • By year 2023, the cumulative appreciation will be 16.8%
  • Even the most bearish of pundits predict a cumulative appreciation of over 6.7% by 2023.

What Does This Mean?

A significant amount of family wealth is comprised of home equity. As the home's value increases, the home's equity increases as well.

Using predictions from the HPES Survey,

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The Current real estate market boasts higher home values, low interest rates, and increased buyer demand. All of these conditions point to the robust market predicted to go on for the remainder of the year.

One area that may cause a slow down is a diminishing supply of housing inventory. Demand from buyers typically increases during the summer months, however, the supply of properties is not keeping up with the demand.

Below are a few insights from industry experts:

Chief Economist at National Associations of Realtors (NAR), Lawrence Yun says, "An imbalance persists for mid-to-lower priced properties with strong demand and insufficient supply, which is consistently pushing up home prices."

First American Chief Economist Mark Fleming says,

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Five compelling reasons Selling your home or Condo this summer makes sense.

1. Strong Buyer Demand: The most current Buyer Traffic Index from the National Association of Realtors (NAR) reports that buyer demand continues to be strong across the vast majority of the country. These home buyers are ready, willing, and able to step up and make a purchase. These buyers are in the market right now!

Very often, more than one buyer is competing for the same property. Take full advantage of the home buyer activity presently in the market.

2. Less Competition: Inventory for homes and condos is at or just under the 6-month supply needed for a normal real estate In other words, there are not enough homes and condos for sale to satisfy the demand from

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Pet Friendly HOmes Sought by buyers

One of the many reasons for Owning your own home is the opportunity to bring your four-legged family member along with you. A recent study by NAR (National Association of Realtors) found that a love for our pets, has had a significant impact on the home buying and selling process.

In 2018, more than 72 billion was spent on pets in the United States. William E Brown, NAR's President elaborated on the connection between pet owners and their property search.

Mr. Brown suggested, "It is important to understand the unique needs and wants of animal owners when it comes to home-ownership. Realtors® understand that when someone buys a home, they are buying it with the needs of their whole family in mind; ask pet

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The Impact of A Lack Of Housing Inventory

 As the housing market travels down the road to complete recovery, the housing bust of a decade ago is a faded memory. Home values have increased, home and condo sales are up, and distressed properties (short sales and foreclosures) have dropped to the lowest points in years. Forecasts for the housing market the rest 2018 is a continued strengthening.

However, the shortage of inventory may be a cause for concern. Buyer Demand typically rises during the summer months, however, the supply of properties is not keeping up with the demand.

Industry Expert's Take

NAR's Chief Economist, Lawrence Yun was quoted as saying, "The worsening inventory crunch through the first 3 months of the year inflicted even

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