Florida Real Estate Market: Sales, Median Prices Up in May

ORLANDO, Fla. – June 20, 2018 – In May, Florida’s housing market reported more sales, higher median prices and more new listings from owners ready to sell, according to the latest housing data released by Florida Realtors®.

“Strong demand from buyers, coupled with a lack of for-sale inventory, continues to have an impact on rising median prices in many local housing markets,”. “Home sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in May received 96.7 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95.1 percent (median percentage).

“However, it appears that our tight inventory may be easing slightly: New listings for single-family homes in May rose 4.8 percent year-over-year, while new townhouse-condo listings increased 6 percent. If the trend continues, that could mean good news for buyers who have been waiting on the sidelines.”
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Home flipping slows in 55% of U.S. markets

IRVINE, Calif. – June 7, 2018 – ATTOM Data Solutions’ Q1 2018 U.S. Home Flipping Report finds that 48,457 U.S. single family homes and condos were flipped in the first quarter of 2018 – a 4 percent drop quarter-to-quarter and 3 percent drop year-to-year.

In Florida, the number of homes flipped and profitability of those flips varied by metro area. In Miami, flipping was down 16 percent year-to-year, according to ATTOM, and down 13 percent in Tampa-St. Petersburg.
Florida also made ATTOM’s list based on the average number of days it takes to flip a home. On the fast-to-flip side, it took 99 days in Jacksonville. However, Naples – at 220 average days to flip a home – made the list of cities where flipping takes time.
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2017 storms have little impact on property insurance rates

TALLAHASSEE, Fla. – June 5, 2018 – There hasn’t been much good insurance news to report for Florida property owners over the past several years.

Premiums for most South Florida policyholders have increased significantly over the past three years – a result of claims abuses and sharp upticks in costly litigation for major insurance carriers. And those factors are expected to trigger rate hikes for most area property owners again this year.

But here’s a bright spot, such as it is: Your 2018 policy cost won’t increase as much as insurance executives had expected following $140 billion in catastrophe losses last year from events that included hurricanes Irma, Harvey and Maria, and wildfires in California.
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Tax reform may be boosting demand for Florida real estate

Luxury real estate sales in Florida could get a boost from a rule in the federal tax bill that President Donald Trump signed into law in December.

The rule caps “SALT” or state and local tax deductions at $10,000, when before those deductions were unlimited. Those include real estate, and either income taxes or sales taxes. For wealthy people who itemize deductions, income taxes alone exceed that amount, let alone property and sales taxes. If they also live in a relatively high tax state such as New York or New Jersey, that could make officially declaring Florida their “home” a more attractive proposition because it has no state income tax.
Luxury properties in Collier County have been hot in the first quarter; some feel the $10,000 cap may have played a part. Home sales priced above $1 million in Naples during the first three months of the year were up 61 percent, according to the Naples Area Board of Realtors, and pending sales of condominium’s priced at $2 million or more were up 109 percent from the same time last year.
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Florida Real Estate Market: Sales, Median Prices Rise in December

Florida’s housing market reported more closed sales and higher median prices in December, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 22,903 last month, up 2.6 percent compared to December 2016.
“Florida’s housing market continued to experience tight inventory of for-sale homes in December, and that’s definitely impacting the market,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “Last month, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for 72 months in row. For sellers, that’s good news; however, rising prices and tight inventory are putting pressure on first-time homebuyers and those who may be looking for their next ‘move-up’ home.
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Florida Homes Sales, Median Prices Up in November

Florida’s housing market continued its positive track in November, with more closed sales, more new listings, more pending sales and rising median prices

Florida’s housing market continued its positive track in November, with more closed sales, more new listings, more pending sales and rising median prices according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 19,990 last month, up 1.3 percent compared to November 2016.
“In November, Florida’s housing market reflected the trends we’ve grown accustomed to seeing throughout this year,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “More owners decided to put their homes up for sale. New listings for single-family existing homes rose 1.8 percent year-over-year, while new listings for existing condo-townhouse properties rose 5.9 percent. However, even with the increase in new listings, inventory was still tight and buyer demand was great. Homes continued to sell quickly, resulting in increased pending sales – up 5.5 percent for single-family homes and up 9.3 percent for condo-townhouse units.
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Bubble? Nowhere in sight for U.S. housing market

Oct. 24, 2017 – U.S. housing markets are expected to remain healthy through at least the end of 2018, with no housing bubble in sight and no projection of home prices falling, according to the Fall 2017 edition of The Housing and Mortgage Market Review (HaMMR), released by Arch Mortgage Insurance Company.
“People waiting for home prices to fall before buying may want to change their strategy, as the overall housing market is expected to stay strong for the foreseeable future,”
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Naples Is Open For Business – Time To Come Back!

Despite Hurricane Irma hitting Florida in September, Naples is well back into business! Tremendous efforts have been made to clean up the landscaping and trees down. Is is time to come back! You will never notice a hurricane hit our town.
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Hurricane victims: A recap of key IRS tax relief

WASHINGTON – Oct. 10, 2017 – The Internal Revenue Service (IRS) offered a rundown of key tax relief available to victims of Hurricanes Harvey, Irma and Maria. In general, the IRS relief to individuals and businesses applies anywhere in Florida, Georgia, Puerto Rico and the Virgin Islands, as well as parts of Texas.
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New Construction Could Be Delayed – SW Florida

New construction could be delayed because of Hurricane Irma.

Future homeowners, with houses currently under construction, will have to wait a bit longer than expected to move in. Hurricane Irma has set back timetables for everything from labor to supplies. The hurricane could also be costly for developers who have contracts with fixed prices.

Richard Durling, president of the Lee Building Industry Association (Lee BIA) and owner and president of Marvin Development Corp., said people should expect delays and higher costs.

“The first thing is cleanup and recovery which is what everyone is in gear to do right now,” Durling began. “Until that occurs, it will be a little slow to get back on schedule for the new constructions jobs.”
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