USA – Florida
REALTORS® nationwide are expecting home prices to rise 3.5% over the next twelve months. In Florida, REALTORS® are more optimistic predicting the median home price will increase 5 – 6% over the next twelve months.
Only the state of Washington, Oregon, Colorado, & Georgia came close, predicting growth at 4 – 5%.
As of July 2015, the median price of all existing homes sold in the USA was $234,000 representing a 6% increase on an annual basis. According to the National Association of Realtors®, since 2010 home prices have risen a little faster than the annual 2% growth of median household income.
A strong demand in a tight market supply appears to have pushed up prices. The rising prices are lifting homeowners out of negative equity. The strong price recovery amid the modest growth and income is also making homes less affordable and dampening demand. The preceding is according to NAR.
Real Estate News – S.E. Florida
Orange County – Palm Beach County – Broward County
Orlando – Vero Beach – Fort Pierce – Port St. Lucie – Stuart – Jupiter – Palm Beach Gardens – West Palm Beach – Boynton Beach – Delray Beach – Boca Raton – Fort Lauderdale – Hollywood – Deerfield Beach – Lighthouse Point – Wellington
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Kissimmee – Cocoa Beach – Melbourne – Palm Bay – Sebastian – Hutchinson Island – Jensen Beach – Palm City – Port Salerno – Hobe Sound – Tequesta – Riviera Beach – Lake Worth – Ocean Ridge – Manalapan – Pompano Beach – Lauderdale By The Sea – Oakland Park – Dania Beach – Hallandale Beach – Loxahatchee – Royal Palm Beach – Okeechobee – Indiantown
Real Estate in General
Real estate is local by nature. National real estate news or trends are strictly nationwide numbers not having any bearing on the town or subdivision in which you live, other than by coincidence.
Real estate is so locally sensitive that in some subdivisions and certainly developments with multiple types of real estate, there can be dramatic variances; different types of “products” can be going in different directions at any time.
Orange County
Orlando Area
The median price for all existing homes sold in August 2015 was $182,000, an 11.08% increase from the$163,850 median price recorded in August 2014.
Sales in the Orlando area for all types of residential properties are up 21.81% compared to the same time last year.
Single-family homes have increased 26.23% while condominium sales decreased by 0.87%.
The 5,913 pending sales in August of this year was a decrease of 9.13% compared to the 6,507 pending sales in August of last year.
Short sales make up 21.38% of all pending sales in August 2015 which is a decline of 43.6% from the same time last year.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole Counties) in August were up 12.06% when compared to the same time last year.
Each individual county’s monthly sales comparisons are as follows:
- Lake: 1.88% above average August 2014
- Orange: 12.36% above August 2014
- Osceola: 26.72% above August 2014
- Seminole: 8.97% above August 2014
PALM BEACH COUNTY
The following are the latest statistics ending August 2015 and are compared to August 2014. The 1,518 single-family homes closed were up 1.2%. The median sale price of $295,000 represents an increase of 9.3%. The median days on market was 36, down 34.5%. The average sale price from the original list price was 94.1%, or up 1%. Active inventory was 6,622 properties, down 7.9%. The monthly supply of inventory was 4.4, down 21.6%.
For townhouses and condominiums,there were 1,086 closed sales,up 1.6%. Median sale price of $138,000 represents an increase of 4.3%. Median days on market was 45, down 19.6%. The average of original listed prices was 92.4%, up .8%. Inventory for active listings was 5,297 properties, down 10.5%. Monthly supply of inventory was 4.5, down 13.3%.
BROWARD COUNTY
Broward County information would certainly be very similar to the statistics in the counties above. We would just change the text for anything that is relative to Broward County.
Orlando – Vero Beach – Fort Pierce – Port St. Lucie – Stuart – Jupiter – Palm Beach Gardens – West Palm Beach – Boynton Beach – Delray Beach – Boca Raton – Fort Lauderdale – Hollywood – Deerfield Beach – Lighthouse Point – Wellington
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Kissimmee – Cocoa Beach – Melbourne – Palm Bay – Sebastian – Hutchinson Island – Jensen Beach – Palm City – Port Salerno – Hobe Sound – Tequesta – Riviera Beach – Lake Worth – Ocean Ridge – Manalapan – Pompano Beach – Lauderdale By The Sea – Oakland Park – Dania Beach – Hallandale Beach – Loxahatchee – Royal Palm Beach – Okeechobee – Indiantown