11
Jan
Blog Category:
Florida real estate market continues to enjoy an upward swing in sales of existing homes and existing condos currently on the market for November's report according to Florida Realtors. Home sales within the market saw an increase of 11 percent last month within the last month. Statewide, 12, 993 homes sold in November, up from 11,664 homes in November of 2010. The increase in sales demonstrates the beginning of a strong sales year for Miami real estate and the start of recovery from the recession.
Florida Realtors chief economist, Dr. John Tuccillo, says that the increase in sales signals two vital points that reflect the market is rebounding. The first factor Dr. Tuccillo cites as having an impact on Florida real estate is that sales are experiencing an upward trend. The second factor he says the data shows is a stabilization within the market, making it possible for sales to continue the trend upward for the foreseeable future. He stresses that the news does not mean that prices have turned around, but only that the early signs of stabilization are apparent within the numbers. The equation for the statistical data also includes a decrease in percentage rates that allow more people to buy homes and to pay less interest than at this time last year. Last year, home buyers could expect to pay 4.9 percent in interest. This year's interest rates are at 3.99 percent, offering home owners a chance to pay less interest.
Of course, the fact that sales are increasing is the most important part of the equation, but banks and lenders are also playing a part in the stabilization process by becoming more educated on how to handle distressed properties faster and more effectively. All of these factors together are helping Miami real estate recover.
Miami real estate reported seventeen metropolitan statistical areas having higher existing home sales within the month of Novembers. For condos, ten metropolitan statistical areas reported higher sales. This shows a definite increase in sales per year and is a sign that the recession is losing its hold on real estate within the Florida region.
Remaining relatively flat, the median price statewide for existing homes hovered at $130,100, down from 2010 when median sales for existing homes were at $130,600. According to the National Association of Realtors, this is not surprising data when analysis shows that the rather disappointing median price range continues to be distorted by distressed and foreclosed properties as these properties sell at a discounted price when compared to homes that are not foreclosed or distressed.
The median price is the average price of homes. Some Miami homes sold for more and some for less. The national median price for existing single family homes was $161,600 in October, which is down 5.8 percent from one year ago. Geographical location also plays a part in median pricing with California experiencing a resell price of $278,060 in October. Massachusetts saw resell values set at the median of $275,000. The resell median price in Maryland was $221,765. New York saw resell prices in the median range of $215,900. With the numbers firmly in place, it does not necessarily mean that median sale prices remain flat lined as the market recovers from the economical recession that has plagued the nation. All sales rates are measured by closed sales, and the numbers reflect only those homes and properties that have closed.
In a year to year comparison for Florida, statewide sales did see promising numbers as 5,590 Miami condos units sold, a two percent gain over sales the previous year with an increase of 4 percent per unit cost in price. This upswing is driving the real estate market as well as other markets as jobs in the area also increased.
Florida Realtors chief economist, Dr. John Tuccillo, says that the increase in sales signals two vital points that reflect the market is rebounding. The first factor Dr. Tuccillo cites as having an impact on Florida real estate is that sales are experiencing an upward trend. The second factor he says the data shows is a stabilization within the market, making it possible for sales to continue the trend upward for the foreseeable future. He stresses that the news does not mean that prices have turned around, but only that the early signs of stabilization are apparent within the numbers. The equation for the statistical data also includes a decrease in percentage rates that allow more people to buy homes and to pay less interest than at this time last year. Last year, home buyers could expect to pay 4.9 percent in interest. This year's interest rates are at 3.99 percent, offering home owners a chance to pay less interest.
Of course, the fact that sales are increasing is the most important part of the equation, but banks and lenders are also playing a part in the stabilization process by becoming more educated on how to handle distressed properties faster and more effectively. All of these factors together are helping Miami real estate recover.
Miami real estate reported seventeen metropolitan statistical areas having higher existing home sales within the month of Novembers. For condos, ten metropolitan statistical areas reported higher sales. This shows a definite increase in sales per year and is a sign that the recession is losing its hold on real estate within the Florida region.
Remaining relatively flat, the median price statewide for existing homes hovered at $130,100, down from 2010 when median sales for existing homes were at $130,600. According to the National Association of Realtors, this is not surprising data when analysis shows that the rather disappointing median price range continues to be distorted by distressed and foreclosed properties as these properties sell at a discounted price when compared to homes that are not foreclosed or distressed.
The median price is the average price of homes. Some Miami homes sold for more and some for less. The national median price for existing single family homes was $161,600 in October, which is down 5.8 percent from one year ago. Geographical location also plays a part in median pricing with California experiencing a resell price of $278,060 in October. Massachusetts saw resell values set at the median of $275,000. The resell median price in Maryland was $221,765. New York saw resell prices in the median range of $215,900. With the numbers firmly in place, it does not necessarily mean that median sale prices remain flat lined as the market recovers from the economical recession that has plagued the nation. All sales rates are measured by closed sales, and the numbers reflect only those homes and properties that have closed.
In a year to year comparison for Florida, statewide sales did see promising numbers as 5,590 Miami condos units sold, a two percent gain over sales the previous year with an increase of 4 percent per unit cost in price. This upswing is driving the real estate market as well as other markets as jobs in the area also increased.
Add new comment