ScottSorensonRealEstate.Com
WASHINGTON – July 24, 2013 – Two powerful trade groups on Monday, July 22 said they support action by U.S. Rep. John Campbell, R-Orange County, to reintroduce a bill that would limit the ability of municipalities to use eminent domain to seize underwater mortgages.
The legislation, reintroduced by Campbell last late week, drew the backing of Mortgage Bankers Association and the Securities Industry and Financial Markets Association.
The proposed Defending American Taxpayers from Abusive Government Takings Act is aimed at stopping city and county governments from enacting profit-making schemes that seek to cash in on the plight of underwater homeowners through the arbitrary seizure of private home loans, Campbell said. It would also prevent Fannie Mae and Freddie Mac from buying any home loans seized by eminent domain.
San Bernardino County and two of its cities in January abandoned a plan by Mortgage Resolution Partners to use eminent domain to seize troubled mortgages and write down debt for homeowners.
The decision struck a blow to a concept that, while controversial, drew national attention as a potential solution to the mortgage crisis. Now, local and regional governments elsewhere are considering similar proposals.
Those locales include Richmond in the Bay Area, where home prices have dropped below 58 percent since the housing peak, and North Las Vegas, where up to 5,000 residential mortgage loans face forced seizure by their local government.
Campbell is persisting with plans to get legislation in place to stop the eminent domain action, as well.
He said he is pressing for the bill on grounds the proponents of the eminent domain schemes intend to use tax dollars to seize distressed home loans to fund “unconventional” loan modifications and partner with the governments to make a profit in some of the most vulnerable areas of the country.
Even more egregiously, the underwriter for the unpaid principal balance in this scheme will not be private financiers, but the American taxpayer, Campbell said in a statement. “Using eminent domain to seize mortgages is not only legally questionable it represents a complete abrogation of private property rights.”
David Stevens, president and chief executive of Mortgage Bankers Association, commended Campbell for reintroducing the legislation.
“Using eminent domain to seize mortgages will result in tighter, more expensive credit for potential home buyers and those looking to refinance, driving down home values and threatening local economic recovery,” Stevens said in an interview.
“We have a high level of concern for communities that have been most impacted as a result of home price declines,” he added. “It remains a top priority for everyone working on housing issues inside Washington. But the reality is nothing can be more harmful to those communities than an eminent domain law.”
Wednesday, July 24, 2013
Saturday, July 20, 2013
Fla. construction up 39.8% in major-metro markets
ScottSorensonRealEstate.Com
CHICAGO – July 19, 2013 – Major-metro regions in Florida – including Jacksonville; Miami-Fort Lauderdale-Pompano Beach; Orlando-Kissimmee-Sanford; Tallahassee; and Tampa-St. Petersburg-Clearwater – saw a 39.8 percent increase in construction projects actively bidding, according to the Bid Clerk Construction Index (BCI).
Most bidding projects were public, which rose 66.7 percent. Private construction activity increased 5.4 percent. The total value of all the Florida Major-Metro projects reported on Bid Clerk that bid in the 2nd quarter of 2013 was $4,178,988,643.
In a quarter-over-quarter analysis for construction projects actively bidding, the major-metro regions in Florida experienced a modest increase of 3.9 percent.
In a year-over-year analysis for the Miami region, combined public and private construction projects actively bidding increased 30.5 percent. A BCI quarter-over-quarter analysis finds that private and public construction projects actively bidding in Miami increased 4.8 percent compared to data reported in the first quarter of 2013.
In a year-over-year analysis for the Orlando region, public and private construction projects actively bidding increased 46.6 percent. Quarter-over-quarter, the private and public construction projects actively bidding increased 21.7 percent.
In a year-over-year analysis for the Tampa-St. Pete region, public and private construction projects actively bidding increased 40.3 percent. Quarter-over-quarter, private and public construction projects actively bidding increased 1 percent.
BidClerk provides construction project data and marketing tools for building product manufacturers, contractors and distributors.
CHICAGO – July 19, 2013 – Major-metro regions in Florida – including Jacksonville; Miami-Fort Lauderdale-Pompano Beach; Orlando-Kissimmee-Sanford; Tallahassee; and Tampa-St. Petersburg-Clearwater – saw a 39.8 percent increase in construction projects actively bidding, according to the Bid Clerk Construction Index (BCI).
Most bidding projects were public, which rose 66.7 percent. Private construction activity increased 5.4 percent. The total value of all the Florida Major-Metro projects reported on Bid Clerk that bid in the 2nd quarter of 2013 was $4,178,988,643.
In a quarter-over-quarter analysis for construction projects actively bidding, the major-metro regions in Florida experienced a modest increase of 3.9 percent.
In a year-over-year analysis for the Miami region, combined public and private construction projects actively bidding increased 30.5 percent. A BCI quarter-over-quarter analysis finds that private and public construction projects actively bidding in Miami increased 4.8 percent compared to data reported in the first quarter of 2013.
In a year-over-year analysis for the Orlando region, public and private construction projects actively bidding increased 46.6 percent. Quarter-over-quarter, the private and public construction projects actively bidding increased 21.7 percent.
In a year-over-year analysis for the Tampa-St. Pete region, public and private construction projects actively bidding increased 40.3 percent. Quarter-over-quarter, private and public construction projects actively bidding increased 1 percent.
BidClerk provides construction project data and marketing tools for building product manufacturers, contractors and distributors.
Wednesday, June 5, 2013
Home prices continue climb in Collier, U.S
ScottSorensonRealEstate.Com
Home prices nationwide are on a tear, and the Naples-Marco Island metro area is close to the front of the pack.
When it comes to year-over-year price increases, the Naples-Marco Island metro area is outpacing many major cities, whether or not you include distressed sales, defined as bank-owned transactions and short sales.
CoreLogic did not publish Lee County numbers.
According to a report issued Tuesday, by real estate data provider CoreLogic, Naples-Marco Island is beating such big cities as Washington, D.C., New York, Philadelphia and Chicago. Prices in other major metro areas such as Los Angeles, Phoenix, Atlanta and Riverside-San Bernardino-Ontario, Calif., are growing faster, however.
CoreLogic’s latest Home Price Index compares single-family home prices in April on a year-over-year and monthly basis. The index tracks repeat sales of the same houses over a three-decade time span and incorporates more than 6,800 Zip codes nationwide.
In Naples-Marco Island, home prices, including distressed sales, increased by 10.8 percent compared to a year earlier. On a month-over-month basis, prices grew by 5.1 percent. Excluding distressed sales, they rose 13.2 percent year-over-year and 3 percent the previous month.
Nationally, home prices rose 12.1 percent year-over-year and 3.2 percent month-over-month. Excluding short sales and bank-owned properties, prices rose 11.9 percent from a year earlier and 3 percent from the month before.
The national numbers represent the biggest year-over-year increases since February 2006 and the 14th consecutive monthly increase.
Do these large leaps mean consumers should worry about a new housing bubble, like the one which popped seven years ago? Sam Khater, deputy chief economist for CoreLogic, says no, because “prices have fallen so far from their peaks.”
Nationally, prices remain 22.4 percent below their April 2006 peak, including distressed sales. In Florida, which was infested with investors looking to cash in on vacation-home price run-ups during the boom and then hard-hit by foreclosures, prices are still 40.5 percent below the state’s peak, which happened in September 2006.
Still, CoreLogic expects that overall prices will stay on the upswing, at least for the short term. It projects that nationally, May’s prices will show an increase of 12.5 percent year-over-year and 2.7 percent month-over-month. Excluding distressed sales, CoreLogic expects they’ll increase 13.2 percent from a year earlier and 3.1 percent from April.
Tight inventory for both new and existing homes, coupled with pent-up demand from buyers, are driving the price bump-ups, the report stated.
Khater adds that both individual and institutional investors also are pushing up prices in many places as they scoop up properties, particularly bargain-priced foreclosures — though the pool of such properties is rapidly shrinking.
Florida is particularly popular with international investors from Latin America and Canada, he says.
Most investors are “laser-focused on low-hanging fruit” — properties costing less than $200,000 — both because they are more affordable and because they are most likely to see future price rebounds, he says.
Home prices nationwide are on a tear, and the Naples-Marco Island metro area is close to the front of the pack.
When it comes to year-over-year price increases, the Naples-Marco Island metro area is outpacing many major cities, whether or not you include distressed sales, defined as bank-owned transactions and short sales.
CoreLogic did not publish Lee County numbers.
According to a report issued Tuesday, by real estate data provider CoreLogic, Naples-Marco Island is beating such big cities as Washington, D.C., New York, Philadelphia and Chicago. Prices in other major metro areas such as Los Angeles, Phoenix, Atlanta and Riverside-San Bernardino-Ontario, Calif., are growing faster, however.
CoreLogic’s latest Home Price Index compares single-family home prices in April on a year-over-year and monthly basis. The index tracks repeat sales of the same houses over a three-decade time span and incorporates more than 6,800 Zip codes nationwide.
In Naples-Marco Island, home prices, including distressed sales, increased by 10.8 percent compared to a year earlier. On a month-over-month basis, prices grew by 5.1 percent. Excluding distressed sales, they rose 13.2 percent year-over-year and 3 percent the previous month.
Nationally, home prices rose 12.1 percent year-over-year and 3.2 percent month-over-month. Excluding short sales and bank-owned properties, prices rose 11.9 percent from a year earlier and 3 percent from the month before.
The national numbers represent the biggest year-over-year increases since February 2006 and the 14th consecutive monthly increase.
Do these large leaps mean consumers should worry about a new housing bubble, like the one which popped seven years ago? Sam Khater, deputy chief economist for CoreLogic, says no, because “prices have fallen so far from their peaks.”
Nationally, prices remain 22.4 percent below their April 2006 peak, including distressed sales. In Florida, which was infested with investors looking to cash in on vacation-home price run-ups during the boom and then hard-hit by foreclosures, prices are still 40.5 percent below the state’s peak, which happened in September 2006.
Still, CoreLogic expects that overall prices will stay on the upswing, at least for the short term. It projects that nationally, May’s prices will show an increase of 12.5 percent year-over-year and 2.7 percent month-over-month. Excluding distressed sales, CoreLogic expects they’ll increase 13.2 percent from a year earlier and 3.1 percent from April.
Tight inventory for both new and existing homes, coupled with pent-up demand from buyers, are driving the price bump-ups, the report stated.
Khater adds that both individual and institutional investors also are pushing up prices in many places as they scoop up properties, particularly bargain-priced foreclosures — though the pool of such properties is rapidly shrinking.
Florida is particularly popular with international investors from Latin America and Canada, he says.
Most investors are “laser-focused on low-hanging fruit” — properties costing less than $200,000 — both because they are more affordable and because they are most likely to see future price rebounds, he says.
Tuesday, June 4, 2013
U.S. home prices jumped in April by most in 7 years
ScottSorensonRealEstate.Com
WASHINGTON – June 4, 2013 – U.S. home prices increased 12.1 percent in April from a year earlier, the biggest gain since February 2006, as more buyers competed for fewer homes.
Real estate data provider CoreLogic says prices rose in April from the previous April in 48 states. Prices also rose 3.2 percent in April from March, much better than the previous month-to-month gain of 1.9 percent.
Prices in Nevada jumped 24.6 percent from a year earlier, the most among the states. California’s gain was next at 19.4 percent, followed by Arizona’s 17.3 percent, Hawaii’s 17 percent and Oregon’s 15.5 percent.
More people are looking to purchase homes. But the number of homes for sale is 14 percent lower than it was a year ago. The supply shortage has contributed to the price increases.
Rising home prices can help sustain the housing recovery. They encourage more homeowners to sell. And they spur would-be homeowners to buy before prices increase further.
Home sales and prices began to recover last year, six years after the housing bust. They have been buoyed by steady job gains and low mortgage rates.
Sales of previously occupied homes ticked up to a 3 1/2 year high in April, according to the National Association of Realtors. And they are likely to keep growing: A measure of signed contracts to buy homes rose to its highest level in three years in April. There is generally a one- to two-month lag between a signed contract and a completed sale.
The limited supply of homes has also made builders more willing to ramp up construction. That’s creating more construction jobs. Applications for building permits rose in April to the highest level in nearly five years.
Prices rose in April from the previous year in 94 out of the 100 largest U.S. cities, CoreLogic said. That’s up from 88 in the previous month.
Los Angeles and Phoenix reported the biggest price gains among the cities, CoreLogic said. Prices in both cities leapt 19.2 percent compared with a year earlier.
They were followed by Atlanta and Riverside-San Bernardino, which both posted 16.5 percent gains. Dallas rounded out the top five, with a 10.2 percent increase.
Despite the large gains, home prices are more than 22 percent below their April 2006 peak, the CoreLogic survey found.
In Nevada, they are still 47.3 percent below their peak, and in Florida, prices are 40.5 percent below their peak.
Copyright © 2013 The Associated Press, Christopher S. Rugaber, AP economics writer. All rights reserved.
Real estate data provider CoreLogic says prices rose in April from the previous April in 48 states. Prices also rose 3.2 percent in April from March, much better than the previous month-to-month gain of 1.9 percent.
Prices in Nevada jumped 24.6 percent from a year earlier, the most among the states. California’s gain was next at 19.4 percent, followed by Arizona’s 17.3 percent, Hawaii’s 17 percent and Oregon’s 15.5 percent.
More people are looking to purchase homes. But the number of homes for sale is 14 percent lower than it was a year ago. The supply shortage has contributed to the price increases.
Rising home prices can help sustain the housing recovery. They encourage more homeowners to sell. And they spur would-be homeowners to buy before prices increase further.
Home sales and prices began to recover last year, six years after the housing bust. They have been buoyed by steady job gains and low mortgage rates.
Sales of previously occupied homes ticked up to a 3 1/2 year high in April, according to the National Association of Realtors. And they are likely to keep growing: A measure of signed contracts to buy homes rose to its highest level in three years in April. There is generally a one- to two-month lag between a signed contract and a completed sale.
The limited supply of homes has also made builders more willing to ramp up construction. That’s creating more construction jobs. Applications for building permits rose in April to the highest level in nearly five years.
Prices rose in April from the previous year in 94 out of the 100 largest U.S. cities, CoreLogic said. That’s up from 88 in the previous month.
Los Angeles and Phoenix reported the biggest price gains among the cities, CoreLogic said. Prices in both cities leapt 19.2 percent compared with a year earlier.
They were followed by Atlanta and Riverside-San Bernardino, which both posted 16.5 percent gains. Dallas rounded out the top five, with a 10.2 percent increase.
Despite the large gains, home prices are more than 22 percent below their April 2006 peak, the CoreLogic survey found.
In Nevada, they are still 47.3 percent below their peak, and in Florida, prices are 40.5 percent below their peak.
Copyright © 2013 The Associated Press, Christopher S. Rugaber, AP economics writer. All rights reserved.
Wednesday, May 29, 2013
Fla. consumer confidence hits post-recession high
ScottSorensonRealEstate.Com
GAINESVILLE, Fla. – May 29, 2013 – Floridians’ consumer confidence rose another two points in May to 81 – a third straight month of increases for a post-recession high, according to a University of Florida (UF) survey.
“The last time confidence was this high was August of 2007 when it was 82, shortly before the Great Recession began,” says Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research.
Three of the five components used to determine the Florida Consumer Sentiment Index increased. Respondents’ expectations that their personal finances will improve a year from now rose three points to 82. Meanwhile, their overall confidence in the nation’s economic conditions over the coming year increased two points to 81.
Floridian’s trust in the national economy over the next five years surged, rising eight points to 85.
The survey showed a decline in two components, however. Survey takers’ perception that they’re better off financially now than a year ago fell three points to 68. In addition, their confidence in the timing to buy a big consumer product right now, such as an automobile, fell one point to 89.
Overall, though, Floridians’ confidence shows an upward trend.
“(Last month’s) increase was largely due to increased confidence among respondents under age 60, who were optimistic about their personal finances and U.S. economic conditions,” McCarty says. But this month’s increase found that older Floridians are even more optimistic. Confidence among respondents 60 and older in the national economy over next five years increased 15 points to 88.
“As the headlines turn to news other than budget cuts and possible changes to Social Security, consumer confidence improves for Floridians,” McCarty says. “This is especially true for seniors.”
Meanwhile, positive statewide economic news also boosts confidence. The legislative session in Tallahassee recently ended with a budget increase for the first time in several years. April’s unemployment rate was 7.2 percent, a drop of three-tenths of a percent from March. Construction, retail trade and service sectors saw job increases. Home sale prices improved again by $5,000 to a median price of $165,000. Sales have been strong, and new home construction is under way in some areas of Florida.
The stock market also reached record highs in May.
So far, most Floridians have not experienced the negative effects of sequestration. However, this could change as wide-reaching cuts in services and jobs trickle into the economy, McCarty says.
That process may have already begun. Employment in leisure and hospitality is down from March, and Florida’s sales tax revenue in April was less than expected. McCarty suggested sequestration might have affected plans for vacations for workers in other states.
“Our expectation is that the effects of sequestration will be more fully realized as the summer progresses and confidence will likely stay the same or pull back slightly,” McCarty says. “For now, optimism among Floridians is growing.”
Conducted May 13-23, the study reflects the responses of 410 individuals, representing a demographic cross-section of Florida. The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2; the highest is 150.
GAINESVILLE, Fla. – May 29, 2013 – Floridians’ consumer confidence rose another two points in May to 81 – a third straight month of increases for a post-recession high, according to a University of Florida (UF) survey.
“The last time confidence was this high was August of 2007 when it was 82, shortly before the Great Recession began,” says Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research.
Three of the five components used to determine the Florida Consumer Sentiment Index increased. Respondents’ expectations that their personal finances will improve a year from now rose three points to 82. Meanwhile, their overall confidence in the nation’s economic conditions over the coming year increased two points to 81.
Floridian’s trust in the national economy over the next five years surged, rising eight points to 85.
The survey showed a decline in two components, however. Survey takers’ perception that they’re better off financially now than a year ago fell three points to 68. In addition, their confidence in the timing to buy a big consumer product right now, such as an automobile, fell one point to 89.
Overall, though, Floridians’ confidence shows an upward trend.
“(Last month’s) increase was largely due to increased confidence among respondents under age 60, who were optimistic about their personal finances and U.S. economic conditions,” McCarty says. But this month’s increase found that older Floridians are even more optimistic. Confidence among respondents 60 and older in the national economy over next five years increased 15 points to 88.
“As the headlines turn to news other than budget cuts and possible changes to Social Security, consumer confidence improves for Floridians,” McCarty says. “This is especially true for seniors.”
Meanwhile, positive statewide economic news also boosts confidence. The legislative session in Tallahassee recently ended with a budget increase for the first time in several years. April’s unemployment rate was 7.2 percent, a drop of three-tenths of a percent from March. Construction, retail trade and service sectors saw job increases. Home sale prices improved again by $5,000 to a median price of $165,000. Sales have been strong, and new home construction is under way in some areas of Florida.
The stock market also reached record highs in May.
So far, most Floridians have not experienced the negative effects of sequestration. However, this could change as wide-reaching cuts in services and jobs trickle into the economy, McCarty says.
That process may have already begun. Employment in leisure and hospitality is down from March, and Florida’s sales tax revenue in April was less than expected. McCarty suggested sequestration might have affected plans for vacations for workers in other states.
“Our expectation is that the effects of sequestration will be more fully realized as the summer progresses and confidence will likely stay the same or pull back slightly,” McCarty says. “For now, optimism among Floridians is growing.”
Conducted May 13-23, the study reflects the responses of 410 individuals, representing a demographic cross-section of Florida. The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2; the highest is 150.
Sunday, May 26, 2013
NABOR BULLISH ON SUMMER REAL ESTATE MARKET
ScottSorensonRealEstate.Com
NABOR BULLISH ON SUMMER REAL ESTATE MARKET
Release Date: Friday, May 24, 2013
- Pending sales increased 27% in the $300K-$500K and 21% in the $1M-$2M category 12-month ending 04/2013
- Closed sales increased 45% in the $300K-$500K and 48% in the $2M+ category 12-month ending 04/2013
- Median Closed Price increased 18% overall 12-month ending 04/2013
- Inventory decreased 14% overall 12-month ending 04/2013
- Average DOM has decreased 14% overall 12-month ending 04/2013
View the Report (Print the Article)
NABOR says summer outlook good for home sales following robust April
ScottSorensonRealEstate.Com
NAPLES —The housing market remains hot heading into summer.
It’s the result of a “trifecta factor” with overall inventory continuing to decrease, the average days-on-the-market declining and median home prices continuing to increase, the Naples Area Board of Realtors announced Friday.
“For the last few years, we have continued to see strong home sales in the summer,” said Mike Hughes, vice president and general manager of Downing-Frye Realty in a statement. “The notion of strong sales occurring only during traditional ‘season’ is no longer, and we are very bullish on the real estate market heading into summer due to the environment of low inventory, the tightening up of days on the market and the increase in median prices. If people have been waiting to list, now may be the time.”
The overall median price increased 18 percent from $186,000 in April 2012 to $219,000 for the 12-month period ending April 2013, according to a prepared statement NABOR released Friday.
The median is the price at which half the homes sell for more and half for less. The monthly report tracks Realtor sales through the Sunshine Multiple Listing Service (MLS) in Collier County, excluding Marco Island.
Overall pending sales increased 5 percent from 10,166 units to 10,678 units for the 12-month period ending April 2013, NABOR’s statement said.
Overall, the total number of closed sales in all price categories increased in April compared to a year ago.
Meanwhile, pending sales rose in all price categories in April compared to a year before except in the under $300,000 category. During that time period, pending sales rose 27 percent in the $300,000 to $500,000 category from 1,405 units to 1,781 units; 13 percent in the $500,000 to $1 million category, from 1,070 units to 1,214 units, and 21 percent in the $1 million to $2 million category, from 450 units to 545 units.
The Realtors’ report said the average number of days on the market decreased 14 percent overall, from 183 days in April 2012 to 158 last month.
The condominium market increased in all price categories. In the $1 million to $2 million category, sales increased 40 percent from 169 to 237 for the 12-month period ending in April. In addition, condominium closed sales increased 13 percent from 165 to 187 for the 12-month period ending in April, the report said. “These are encouraging statistics indeed,” said Phil Wood, president and CEO of John R. Wood Realtors.
Statewide, single-family home sales were up 17.4 percent from a year ago, Florida Realtors reported this week.
The statewide sales mark was trumped in some markets. Single-family home sales jumped 32 percent in Jacksonville in April compared with April 2012, 24.5 percent in the Tampa-St. Petersburg region and 46 percent in Tallahassee.
Sales increases weren’t as high in the southern half of the state, where median sales prices are higher than the $165,000 statewide level.
In the Miami-Fort Lauderdale market, with a median price of home sales at $250,000, the market recorded a 13 percent increase in single-family home sales, according to the Florida Realtors’ report.
Statewide, there were 20,662 single-family home sales in April. Florida’s median single-family sales price continues below the national mark of $185,100.
Florida Realtors chief economist John Tuccillo credited the sales increases to a stabilization of the distressed property market with the number of short sales dropping, while foreclosures and real estate-owned property sales remained steady.
“Because the government is selling foreclosed properties in bulk and also using online auctions, our sales numbers actually understate the vigor of the market,” Tuccillo said in the Florida Realtors’ statement.
__ The News Service of Florida contributed to this report.
NAPLES —The housing market remains hot heading into summer.
It’s the result of a “trifecta factor” with overall inventory continuing to decrease, the average days-on-the-market declining and median home prices continuing to increase, the Naples Area Board of Realtors announced Friday.
“For the last few years, we have continued to see strong home sales in the summer,” said Mike Hughes, vice president and general manager of Downing-Frye Realty in a statement. “The notion of strong sales occurring only during traditional ‘season’ is no longer, and we are very bullish on the real estate market heading into summer due to the environment of low inventory, the tightening up of days on the market and the increase in median prices. If people have been waiting to list, now may be the time.”
The overall median price increased 18 percent from $186,000 in April 2012 to $219,000 for the 12-month period ending April 2013, according to a prepared statement NABOR released Friday.
The median is the price at which half the homes sell for more and half for less. The monthly report tracks Realtor sales through the Sunshine Multiple Listing Service (MLS) in Collier County, excluding Marco Island.
Overall pending sales increased 5 percent from 10,166 units to 10,678 units for the 12-month period ending April 2013, NABOR’s statement said.
Overall, the total number of closed sales in all price categories increased in April compared to a year ago.
Meanwhile, pending sales rose in all price categories in April compared to a year before except in the under $300,000 category. During that time period, pending sales rose 27 percent in the $300,000 to $500,000 category from 1,405 units to 1,781 units; 13 percent in the $500,000 to $1 million category, from 1,070 units to 1,214 units, and 21 percent in the $1 million to $2 million category, from 450 units to 545 units.
The Realtors’ report said the average number of days on the market decreased 14 percent overall, from 183 days in April 2012 to 158 last month.
The condominium market increased in all price categories. In the $1 million to $2 million category, sales increased 40 percent from 169 to 237 for the 12-month period ending in April. In addition, condominium closed sales increased 13 percent from 165 to 187 for the 12-month period ending in April, the report said. “These are encouraging statistics indeed,” said Phil Wood, president and CEO of John R. Wood Realtors.
Statewide, single-family home sales were up 17.4 percent from a year ago, Florida Realtors reported this week.
The statewide sales mark was trumped in some markets. Single-family home sales jumped 32 percent in Jacksonville in April compared with April 2012, 24.5 percent in the Tampa-St. Petersburg region and 46 percent in Tallahassee.
Sales increases weren’t as high in the southern half of the state, where median sales prices are higher than the $165,000 statewide level.
In the Miami-Fort Lauderdale market, with a median price of home sales at $250,000, the market recorded a 13 percent increase in single-family home sales, according to the Florida Realtors’ report.
Statewide, there were 20,662 single-family home sales in April. Florida’s median single-family sales price continues below the national mark of $185,100.
Florida Realtors chief economist John Tuccillo credited the sales increases to a stabilization of the distressed property market with the number of short sales dropping, while foreclosures and real estate-owned property sales remained steady.
“Because the government is selling foreclosed properties in bulk and also using online auctions, our sales numbers actually understate the vigor of the market,” Tuccillo said in the Florida Realtors’ statement.
__ The News Service of Florida contributed to this report.
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