Wednesday, November 21, 2012
Florida Real Estate: Impressive Year Over Gains
A recent report by Florida Realtors reports that Florida’s pending sales, median home price and closed sales all increased in the month of October. Real estate closings for existing home sales were up 25.3% from a year ago and totaled 17,779 transactions. Florida boasted a median sales price for existing homes of $184,300 in September which is up 11.4% from this time last year, according to the National Association of Realtors. This is actually higher than the national average.
The President of Florida Realtors, Summer Greene, reported that the state’s unemployment rate fell to the lowest it has been in four years! This coupled with the increases in pending homes sales, closings and prices will bring an even brighter outlook to the real estate market in Florida. Condo sales saw a year over increase of 16.4% and a median price of $107,000, which is also up 20.2% from a year ago.
On a national level, housing starts experienced a 3.6% uptick as well, reported by the US Census Bureau. This may seem like a small percentage, but when you look at this time compared to last year, it is up 33.6%! Builder confidence still remains higher than previous months, as we can expect to see the number of newly constructed homes continue to rise and create a healthy balance between the supply and demand curve. Dr. John Tuccillo, chief economist of Florida Realtors stated, “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”