WASHINGTON – Sept. 28, 2011 – The value of home sales in Florida has gone up. For proof, look no further than doc stamp taxes, which are paid on all home sales. According to U.S. Census Bureau reports, doc stamp revenue rose 9.8% in the second quarter of 2011 compared to the same quarter in 2010.
Other state taxes also rose, the U.S. Census Bureau reported Tuesday as part of a national study that showed continued revenue gains nationwide.
Florida sales tax collections climbed 5.4 percent; Florida corporate income tax collections rose 5.4 percent year to year for the quarter ending June 30.
Nationally, corporate income tax collections shot up 20.4 percent while sales tax increases increased by 4.7 percent. Income tax collections were 16.3 percent higher in the quarter compared to 2010.
Stagnant property values continued to take a toll, however. Nationally, local governments collected $85.9 billion of total property tax revenue, a decrease of 1.0 percent from the same quarter in 2010.
www.ScottSorensonRealEstate.Com
Thursday, September 29, 2011
Wednesday, September 21, 2011
Fla.’s home, condo sales and median prices higher in August
ORLANDO, Fla. – Sept. 21, 2011 – Sales activity and median prices for Florida’s existing home and existing condo markets rose in August, according to the latest housing data released by Florida Realtors®. Existing home sales increased 15 percent last month with a total of 16,206 homes sold statewide compared to 14,131 homes sold in August 2010, according to Florida Realtors. The statewide median sales price for existing homes last month was $137,500, up 2 percent from the year-ago figure of $134,900. August’s statewide existing home median price was also slightly higher than it was in July.
“Over the past few months, it appears that home prices have been stabilizing in many local markets across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is another positive sign that the housing recovery is gaining strength.”
According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in August 2011 was $168,400, down 5.4 percent from a year ago, according to NAR. In California, the August statewide median resales price was $297,060; in Maryland, it was $241,564.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in August; 15 MSAs also had higher existing condo sales.
In Florida’s year-to-year comparison for condos, 7,098 units sold statewide last month compared to 6,041 units in August 2010 for an increase of 17 percent. The statewide existing condo median sales price last month was $91,100; in August 2010 it was $81,500 for a 12 percent increase. According to NAR, the national median existing condo sales price was $167,500 in August 2011.
NAR’s latest industry outlook notes that despite high affordability conditions, sales activity is underperforming, partially as a result of overly restrictive lending standards.
“Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” said NAR Chief Economist Lawrence Yun. “Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.27 percent in August, down from the 4.43 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
“Over the past few months, it appears that home prices have been stabilizing in many local markets across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is another positive sign that the housing recovery is gaining strength.”
According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in August 2011 was $168,400, down 5.4 percent from a year ago, according to NAR. In California, the August statewide median resales price was $297,060; in Maryland, it was $241,564.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in August; 15 MSAs also had higher existing condo sales.
In Florida’s year-to-year comparison for condos, 7,098 units sold statewide last month compared to 6,041 units in August 2010 for an increase of 17 percent. The statewide existing condo median sales price last month was $91,100; in August 2010 it was $81,500 for a 12 percent increase. According to NAR, the national median existing condo sales price was $167,500 in August 2011.
NAR’s latest industry outlook notes that despite high affordability conditions, sales activity is underperforming, partially as a result of overly restrictive lending standards.
“Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” said NAR Chief Economist Lawrence Yun. “Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.27 percent in August, down from the 4.43 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Monday, September 19, 2011
Fewer real estate agents expect price drops
EMERYVILLE, Calif. – Sept. 19, 2011 – Most real estate professionals and homeowners expect home values to decrease or stay the same through the end of the year, according to HomeGain’s third quarter survey. While the outlook remains dour, however, a higher percentage of real estate agents seem to think their market area has hit bottom and is rebounding.
In Florida, one in five (22 percent) real estate professionals surveyed expect prices to rise over the next six months, as did 22 percent of homeowners. That’s second only to Arizona, where 33 percent of agents anticipate a price increase and 29 percent of homeowners.
Nationally, 11 percent of real estate professionals expect home values to increase in the next six months, down one percent from last quarter; 12 percent of homeowners expect home values to increase, down 3 percent from last quarter.
According to the survey, 47 percent of agents and brokers and 45 percent of homeowners think that home values will decrease over the next six months. However, agents’ attitudes have become slightly less pessimistic since the second quarter (50 percent expected price declines) even though homeowners have become more pessimistic (30 percent expected price declines).
An almost equal number of agents and homeowners expect selling prices to remain roughly the same for the next six months, with 42 percent of agents expecting the status quo to continue compared to 43 percent of homeowners.
According to agents and brokers, 75 percent of homeowners believe their homes are worth more than the agent’s recommended listing price. In contrast, 68 percent of homebuyers believe homes are overpriced.
The five states with a rising outlook about home prices – Arizona, Florida, Texas, California and Ohio – were generally hit hard by the real estate crisis and now may be bouncing back. The five top states where agents expect prices to decline include New Jersey (77 percent of agents expect a six-month price drop), Pennsylvania (75 percent), North Carolina (68 percent), Georgia (62 percent) and Virginia (58 percent).
ScottSorensonRealEstate.Com Over 500 real estate agents and brokers and over 2,200 homeowners were surveyed.
In Florida, one in five (22 percent) real estate professionals surveyed expect prices to rise over the next six months, as did 22 percent of homeowners. That’s second only to Arizona, where 33 percent of agents anticipate a price increase and 29 percent of homeowners.
Nationally, 11 percent of real estate professionals expect home values to increase in the next six months, down one percent from last quarter; 12 percent of homeowners expect home values to increase, down 3 percent from last quarter.
According to the survey, 47 percent of agents and brokers and 45 percent of homeowners think that home values will decrease over the next six months. However, agents’ attitudes have become slightly less pessimistic since the second quarter (50 percent expected price declines) even though homeowners have become more pessimistic (30 percent expected price declines).
An almost equal number of agents and homeowners expect selling prices to remain roughly the same for the next six months, with 42 percent of agents expecting the status quo to continue compared to 43 percent of homeowners.
According to agents and brokers, 75 percent of homeowners believe their homes are worth more than the agent’s recommended listing price. In contrast, 68 percent of homebuyers believe homes are overpriced.
The five states with a rising outlook about home prices – Arizona, Florida, Texas, California and Ohio – were generally hit hard by the real estate crisis and now may be bouncing back. The five top states where agents expect prices to decline include New Jersey (77 percent of agents expect a six-month price drop), Pennsylvania (75 percent), North Carolina (68 percent), Georgia (62 percent) and Virginia (58 percent).
ScottSorensonRealEstate.Com Over 500 real estate agents and brokers and over 2,200 homeowners were surveyed.
Saturday, September 17, 2011
Florida bouncing back, and recession not likely, report says
MIAMI – Sept. 16, 2011 – Florida’s improving economy should avoid recession, even as the recovery fights significant headwinds from a devastated real estate industry. www.ScottSorensonRealEstate.Com
That’s the conclusion from the latest outlook for the Sunshine State by Wells Fargo, which sees South Florida and Tampa leading the rebound in hiring this year. Both markets have seen modest job growth in recent months, and payrolls are up about 1 percent in both regions during the last three months.
“Florida is slowly battling back from its worst recession in modern times,’’ the report reads. Wells Fargo expects economic growth to hit 2.2 percent next year in Florida, despite growing anxiety that the nation is heading for a second recession.
The Wells Fargo report credits a strong rebound in foreign tourism for Florida’s improving fortunes, with South Florida and Orlando enjoying outsized boosts from their popularity with travelers from Europe and Latin America.
Still, South Florida gets special mention in the report as a particularly troubled region. “South Florida’s recovery from the Great Recession has been painfully slow,” the report reads. Among the biggest problems Wells Fargo cites: nearly 40 percent of the region’s mortgages are either in foreclosure or at least 90 days overdue, compared to the national average of 11 percent.
That’s the conclusion from the latest outlook for the Sunshine State by Wells Fargo, which sees South Florida and Tampa leading the rebound in hiring this year. Both markets have seen modest job growth in recent months, and payrolls are up about 1 percent in both regions during the last three months.
“Florida is slowly battling back from its worst recession in modern times,’’ the report reads. Wells Fargo expects economic growth to hit 2.2 percent next year in Florida, despite growing anxiety that the nation is heading for a second recession.
The Wells Fargo report credits a strong rebound in foreign tourism for Florida’s improving fortunes, with South Florida and Orlando enjoying outsized boosts from their popularity with travelers from Europe and Latin America.
Still, South Florida gets special mention in the report as a particularly troubled region. “South Florida’s recovery from the Great Recession has been painfully slow,” the report reads. Among the biggest problems Wells Fargo cites: nearly 40 percent of the region’s mortgages are either in foreclosure or at least 90 days overdue, compared to the national average of 11 percent.
Saturday, August 20, 2011
Average Floridian getting younger
WASHINGTON – Aug. 18, 2011 – The U.S. Census Bureau released new information from the 2010 Census, and it shows that the majority of Florida growth came from working-age adults, 18 to 64 years old, who settled in counties on the edge of major cities.
Two decades ago, Florida had the highest median age in the U.S.; 10 years ago, the state ranked No. 2. Based on the just-released numbers, it’s now No. 5.
The recent Census information has valuable data for real estate agents considering a farm area or choosing a message for advertising. It includes statistics about Florida’s residents sorted by area, age, sex, household type, family type, housing units, and race and origin groups.
The Census Bureau has already released some of the information. The latest data, however, adds more information and allows much of it to be manipulated to create a more robust analysis.
New topics include:
• single year of age by sex
• more detail on children, including adopted, stepchildren and grandchildren
• race and Hispanic origin of householder
• more detail on household relationships
• group quarters population by sex, age and group quarters type
• housing tenure (rented or owned) by age, household type, race and Hispanic origin of householder
• mortgage status of owned housing units
Accessing the information
Summary tables can be found on the Census Bureau’s American FactFinder website. A good place to start is the quick tables, noted as “QT” in the search results list, which show a summary of a topic for one geographic area at a time. The geographic comparison tables (noted as “GCT”) are a good place to start for a first look at a topic across geographies, such as all places within Florida.
A summary file version of the information is also available for users who want to download the set of detailed tables for all of the geographies within a state and run their own analysis and rankings.
Two decades ago, Florida had the highest median age in the U.S.; 10 years ago, the state ranked No. 2. Based on the just-released numbers, it’s now No. 5.
The recent Census information has valuable data for real estate agents considering a farm area or choosing a message for advertising. It includes statistics about Florida’s residents sorted by area, age, sex, household type, family type, housing units, and race and origin groups.
The Census Bureau has already released some of the information. The latest data, however, adds more information and allows much of it to be manipulated to create a more robust analysis.
New topics include:
• single year of age by sex
• more detail on children, including adopted, stepchildren and grandchildren
• race and Hispanic origin of householder
• more detail on household relationships
• group quarters population by sex, age and group quarters type
• housing tenure (rented or owned) by age, household type, race and Hispanic origin of householder
• mortgage status of owned housing units
Accessing the information
Summary tables can be found on the Census Bureau’s American FactFinder website. A good place to start is the quick tables, noted as “QT” in the search results list, which show a summary of a topic for one geographic area at a time. The geographic comparison tables (noted as “GCT”) are a good place to start for a first look at a topic across geographies, such as all places within Florida.
A summary file version of the information is also available for users who want to download the set of detailed tables for all of the geographies within a state and run their own analysis and rankings.
Florida’s existing home, condo sales up in July
ORLANDO, Fla. – Aug. 18, 2011 – Florida’s existing home and existing condo sales rose in July, according to the latest housing data released by Florida Realtors®. Existing home sales increased 12 percent last month with a total of 15,517 homes sold statewide compared to 13,874 homes sold in July 2010, according to Florida Realtors. Statewide sales of existing condos last month also rose 12 percent compared to the year-ago sales figure.
“Realtors in markets across the state are reporting increased activity from potential homebuyers who are ready to advantage of historically low mortgage rates and current availability of affordable housing options,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in July; 13 MSAs had higher existing condo sales.
The statewide median sales price for existing homes last month was $136,500; a year ago, it was $137,700 for only a 1 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in June 2011 was $184,600, up 0.6 percent from a year ago, according to NAR. In Massachusetts, the statewide median resales price was $325,850 in June; in California, it was $295,300; in Maryland, it was $247,100; and in New York, it was $221,595 Read More of Store
“Realtors in markets across the state are reporting increased activity from potential homebuyers who are ready to advantage of historically low mortgage rates and current availability of affordable housing options,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in July; 13 MSAs had higher existing condo sales.
The statewide median sales price for existing homes last month was $136,500; a year ago, it was $137,700 for only a 1 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in June 2011 was $184,600, up 0.6 percent from a year ago, according to NAR. In Massachusetts, the statewide median resales price was $325,850 in June; in California, it was $295,300; in Maryland, it was $247,100; and in New York, it was $221,595 Read More of Store
Friday, August 12, 2011
NAPLES REAL ESTATE SHOWS STABILITY IN AN UNCERTAIN ECONOMY
Report Shows Inventory Decreased 19 Percent
NAPLES, Fla.-August 12, 2011- Key indicators such as pending sales, inventory and the median closed price show signs of real estate stability during challenging economic times, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
Overall pending sales increased two percent with 776 contracts in July 2011 compared to 760 contracts in July 2010. The median closed price for properties over $300,000 increased two percent to $550,000 for the 12 months ending July 2011 compared to $540,000 for the 12 months ending July 2010.
“The fact that we are not seeing volatility in the residential real estate market is positive. Home prices and sales are level but seem to be trending upward, inventory is declining, the average days on the market are declining, all indicators of the stabilization process,” said Tom Bringardner, President/CEO of Premier Commercial, Inc.
“The decrease in the percentage of non-traditional sales, foreclosures and short sales, is contributing to the stabilization and is good news for the real estate industry,” said John Steinwand, President of Naples Realty Services.
In July 2011 the Naples area saw 87 foreclosed sales compared to 250 in July 2009.
According to Kathy Zorn, Broker/Owner of Florida Home Realty, “There were more closed sales recorded in the first seven months of 2011 (8,110) than there are available in our current inventory (7,010) which sends an encouraging message to consumers that our market is stabilizing.”
The July report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
Overall pending sales for the 12 months ending July 2011 increased 3 percent with 10,030 contracts compared to 9,785 contracts for the 12 months ending July 2010.
Single-family home pending sales increased 3 percent in July 2011 with 447 contracts compared to 432 contracts in July 2010.
Condo sales for the 12 months ending July 2011 increased 3 percent with 4,108 sales compared to 3,995 sales for the 12 months ending July 2010.
According to Brenda Fioretti, NABOR President and Managing Broker of Prudential Florida Realty, “Inventory continues to drop at a rate of 19 percent for this period and we currently have less than 9 months of inventory, which is the lowest we have seen since tracking the available inventory in April 2007.”
The available inventory in July 2011 is 7,010 properties compared to 8,731 properties in July 2010.
“Since April 2007, inventory has declined by 5,000 units. Investors continue to purchase properties in the Naples area which is helping in the reduction of available inventory,” said Mike Hughes, Vice-President of Downing-Frye Realty.
“Naples has two of the most desirable natural assets in the world, the warm weather and the beach. The influx of capital and the increased sales activity in the beach area is due to the lifestyle opportunities that buyers see there,” said CoCo Waldenmayer, Managing Broker of Engel and Voelkers.
Pending sales in the Naples Beach area for the 12 months ending July 2011 increased 12 percent with 1,747 contracts compared to 1,553 for the 12 months ending July 2010.
To view the entire report, visit www.NaplesArea.com
Market Statistics
NAPLES, Fla.-August 12, 2011- Key indicators such as pending sales, inventory and the median closed price show signs of real estate stability during challenging economic times, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
Overall pending sales increased two percent with 776 contracts in July 2011 compared to 760 contracts in July 2010. The median closed price for properties over $300,000 increased two percent to $550,000 for the 12 months ending July 2011 compared to $540,000 for the 12 months ending July 2010.
“The fact that we are not seeing volatility in the residential real estate market is positive. Home prices and sales are level but seem to be trending upward, inventory is declining, the average days on the market are declining, all indicators of the stabilization process,” said Tom Bringardner, President/CEO of Premier Commercial, Inc.
“The decrease in the percentage of non-traditional sales, foreclosures and short sales, is contributing to the stabilization and is good news for the real estate industry,” said John Steinwand, President of Naples Realty Services.
In July 2011 the Naples area saw 87 foreclosed sales compared to 250 in July 2009.
According to Kathy Zorn, Broker/Owner of Florida Home Realty, “There were more closed sales recorded in the first seven months of 2011 (8,110) than there are available in our current inventory (7,010) which sends an encouraging message to consumers that our market is stabilizing.”
The July report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
Overall pending sales for the 12 months ending July 2011 increased 3 percent with 10,030 contracts compared to 9,785 contracts for the 12 months ending July 2010.
Single-family home pending sales increased 3 percent in July 2011 with 447 contracts compared to 432 contracts in July 2010.
Condo sales for the 12 months ending July 2011 increased 3 percent with 4,108 sales compared to 3,995 sales for the 12 months ending July 2010.
According to Brenda Fioretti, NABOR President and Managing Broker of Prudential Florida Realty, “Inventory continues to drop at a rate of 19 percent for this period and we currently have less than 9 months of inventory, which is the lowest we have seen since tracking the available inventory in April 2007.”
The available inventory in July 2011 is 7,010 properties compared to 8,731 properties in July 2010.
“Since April 2007, inventory has declined by 5,000 units. Investors continue to purchase properties in the Naples area which is helping in the reduction of available inventory,” said Mike Hughes, Vice-President of Downing-Frye Realty.
“Naples has two of the most desirable natural assets in the world, the warm weather and the beach. The influx of capital and the increased sales activity in the beach area is due to the lifestyle opportunities that buyers see there,” said CoCo Waldenmayer, Managing Broker of Engel and Voelkers.
Pending sales in the Naples Beach area for the 12 months ending July 2011 increased 12 percent with 1,747 contracts compared to 1,553 for the 12 months ending July 2010.
To view the entire report, visit www.NaplesArea.com
Market Statistics
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