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Changing Latitudes Real Estate & Property Management

By Carrie and Dave Courtney | Agent in Orlando, FL
  • Florida's housing market trending up in June 2013

    Posted Under: Market Conditions in Florida  |  July 23, 2013 1:27 PM  |  505 views  |  No comments
    ORLANDO, Fla. – July 23, 2013 – Florida’s housing market continued to show increased strength in June, including more closed sales of single-family homes, more new listings, rising median prices and a reduced inventory of homes for sale, according to the latest housing data released by Florida Realtors®.

    “It’s encouraging to see median prices continuing to recover in areas across the state,” says 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “Strong buyer demand, along with the tight supply of for-sale homes, is putting upward pressure on prices. June marks the 18th consecutive month that we’ve seen the statewide single-family home median sales price increase year-over-year.

    “On average, sellers received about 94 percent of their asking price in June. Interested home sellers are paying attention to this positive trend. Statewide, new listings for single-family homes increased 10.8 percent in June, while new townhome-condo listings rose 4.7 percent.”

    Statewide closed sales of existing single-family homes totaled 20,403 in June, up 8.6 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

    Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 23.1 percent over the previous June. The statewide median sales price for single-family existing homes last month was $175,000, up 15.1 percent from the previous year.

    According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in June 2013 was $214,700, up 13.2 percent from the previous year. In California, the statewide median sales price for single-family existing homes in June was $428,510; in Massachusetts, it was $350,050; in Maryland, it was $284,841; and in New York, it was $242,475.

    The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.

    Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 9,136 units sold statewide last month, slightly less than the June 2012 level (down 2.5 percent). Meanwhile, pending sales for townhouse-condos last month increased 14.2 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $130,000, up 18.2 percent over the previous year. NAR reported that the national median existing condo price in June 2013 was $210,200.

    The inventory for single-family homes stood at a 5-months’ supply in June; inventory for townhouse-condos was at a 5.2-months’ supply, according to Florida Realtors.

    “The rest of the country is finally catching on to the fact that Florida’s real estate market is growing significantly,” says Florida Realtors Chief Economist Dr. John Tuccillo. “For the past two years, we’ve been up month-over-month in closed sales. The significant part of this month’s numbers is the growth in new listings, suggesting that the inventory crunch will ease in the second half of this year.”

    According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07 percent in June 2013, up from the 3.68 percent average recorded during the same month a year earlier.

    © 2013 Florida Realtors®

    Feel free to contact me at your convenience for a no obligation conversation about your real estate needs in the Central Florida area!
    Carrie Courtney, Accredited Buyer Representative
    Changing Latitudes Real Estate

    Changing Latitudes Real Estate
  • Osceola Co. Kissimmee Home Prices Skyrocket 32% Above Other Counties

    Posted Under: Market Conditions in Osceola County, Home Buying in Osceola County, Home Selling in Osceola County  |  June 28, 2013 7:19 AM  |  393 views  |  No comments

    Watch News ClipKISSIMMEE, Fla. — CLICK HERE TO WATCH WFTV, Channel 9 News Video

    People moving to Kissimmee will probably have to pay more to buy a new home.

    In the past year, Kissimmee had the biggest increase in home prices in all of central Florida, rising 32 percent from last year.

    The increase in Osceola, Orange, Seminole and Lake counties combined was around 20 percent.

    Homebuyer Takara Pate knows she has to act fast if she sees a home she likes.

    "We want to buy as soon as possible, because we see the prices rise," Pate said.

    Buyers will have to pay more while sellers look to make more.

    One of the biggest reasons behind the jump is not enough available homes.

    At the height of the housing collapse, Kissimmee had enough homes to sell over three years.

    Now, sellers only have a three-month supply.

    "The challenge that I face is trying to find the right home, in the right community, at the right price for the right buyer that I'm working with," said Tim Weisheyer of Dreams Builder Realty.

    Realtors hope the upward trend in prices is just the beginning of a result from the city pouring $25 million into its waterfront property over the last two years.

    Even so, Kissimmee's housing market still isn't on solid ground.

    "How long will this jump last?" asked Channel 9's Racquel Asa.

    "I think what we are seeing now is a pattern of steady growth," said Carol Platt of Osceola County.

    Pate hopes that doesn't limit her chances to find a new home soon.

    Just this week, the Wall Street Journal ranked Kissimmee as the third best place to buy a vacation home in the country based on prices and location.

    We would love to show you around and help you with your Osceola County Real Estate.  We have been residents of the area for over 20 years and have sold hundreds of homes in Osceola County! Contact us today!
    Carrie Courtney, Accredited Buyer Representative
    Changing Latitudes Real Estate & Property Management
    CarrieCLPM@gmail.com  www.CLREflorida.com 

  • Florida Sales, Median Price and Employment Rise for the 23rd Month!

    Posted Under: Market Conditions in Orlando, Investment Properties in Orlando  |  June 26, 2013 5:54 PM  |  318 views  |  No comments

    ORLANDO, Fla. – June 24, 2013 -- Both national employment and home sales improved year-over-year in May 2013. The positive though slow trends in the economy demonstrate progress over the past few years. It comes as no surprise that the Sunshine State has had these same bright developments – which keep occurring month after month.

    Florida closed sales improved 18.7% for single family homes and 11.5% for condos and townhomes in May 2013. The Florida Department of Economic Opportunity also released positive economic news. Florida’s non-seasonally adjusted employment was up 2.4%. The combination of economic growth and investor activity in Florida is driving an increase in sales.

    Florida Sales and Employment

    Sales aren’t the only Florida real estate statistic rising. Median price, which rose every month since January 2012, is nearly 16% higher for single-family homes. Improving for the 23rd consecutive month, the townhouse/condo median price increased 13% year-over-year. Months supply is now at 5 months for single-family homes and 5.4 months for condos and townhomes. The low level of inventory is turning Florida from a balanced market into a seller’s market.

    -- Erica Cross, research analyst, Florida Realtor
  • Kissimmee Market Report for May 2013

    Posted Under: Market Conditions in Kissimmee  |  June 20, 2013 3:01 PM  |  190 views  |  No comments
    Wondering how the Kissimmee real estate market is doing?  CLICK HERE

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