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Family home sales in Miami reach all time annual record, latest index shows
Miami home sales increased again in December with single family home sales setting an all-time annual record in 2014 and median sales prices continuing to increase at a more moderate rate, the latest data shows. Year-end sales of single family home sales in 2014 set an all-time record, increasing 4.8% and while condominium sales were the second highest in history, they decreased 4.3% compared to the previous year. Combined sales for the year decreased a negligible 0.4%, the data from the Miami Association of Realtors shows. ‘The Miami real estate market again reflected great demand in 2014. More single family homes were sold in Miami-Dade County than ever in history, while condominium sales marked their second strongest year ever despite competition from new construction supply,’ said Christopher Zoller, MAR residential president. Single family home prices, which again increased in December year on year, remain at affordable 2004 levels despite more than three years of consistent year on year increases. Condo prices also increased in December, marking 42 months of growth in the last 43 months. The median sale price for single family homes increased 3.6% to $255,000 from $246,180 in December 2013. The average sale price for single family homes decreased 1.7% from $414,560 in December 2013 to $393,340 last month. Compared to December 2013, the median sale price for condominiums increased 9.6% to $195,000 from $175,000 a year prior. The average sale price for condominiums increased 19.9% to $409,707 from $341,687 in December 2013. The report also shows that Miami properties continue to sell rapidly and at nearly asking price, reflecting strong demand. The median number of days on the market for single family homes sold in December was 45 days, an increase of 9.8% from December 2013. The average percent of original list price received was 94.7%, down 1.7% from a year earlier. The median number of days on the market for condominiums sold in December was 57 days, an increase of 9.6% compared to the same period in 2013. The average sale price was 93.8% of the asking price, a decrease of 3.3%. The median days on market for properties sold in 2014 were 45 days for single family homes, an increase of 9.8% and 57 days for condominiums, an increase of 23.9%. The average sales price was 95% of the asking price, a decrease of 0.6% for single family homes and 94.7%, a decrease of 1.7%, for condos. Cash sales in Miami continue to decline as more financing becomes available. Still, access to mortgage loans for condominium buyers remains limited, impeding further market strengthening. In Miami-Dade County, 55.9% of total closed sales in December were all-cash transactions, compared to 57.2% in December 2013. Cash sales in Miami are still double the national figure of 26%. All-cash sales accounted for 41.8% of single family home and 68.5% of condominium closings, compared to a year earlier when cash sales were 41% of single family home sales and 70.3% of condominium… Continue reading
Most UK home owners expect property prices to rise in 2015
The majority of home owners in the UK are confident about property prices rising in 2015, although the number is down slightly from a year ago. Overall some 88% of home owners believe prices will rise by the summer, down from 92% a year ago, according to the latest Zoopla housing market sentiment survey. Property owners expect values to climb a further 7% on average in the first six months of 2015 and in London they expect property values to climb 9%. The East of England has the highest proportion of optimistic home owners, with 91% anticipating property prices to carry on climbing in the first half of 2015. Confidence is least prevalent in the North East, but 82% still expect house price growth between now and June. Londoners expect the fastest rise in house prices, anticipating a further 9% boost in values by the summer. Home owners in the north are more cautious, with those in Yorkshire and the Humber and the North West predicting a more modest 5% uplift in property prices over the next six months. Recent indications of cooling house price growth have left an increasing proportion of homeowners worried about values dropping. Currently, 7% of property owners expect prices to falling during the first half of this year, an increase from just 3% at the start of 2014. ‘The UK property market appeared to have changed its spots towards the end of 2014 and the more sluggish pace of growth seen in the latter months was a very different beast to the lively price hikes of the spring,’ said Lawrence Hall of Zoopla. ‘But home owners don’t appear to have been seriously spooked, with consumer confidence standing firm. Encouraged by the vast gains they’ve already experienced this year, homeowners still expect to benefit from significant house price growth in the first half of 2015,’ he added. Continue reading
Online research becoming important for many UK buyers, survey suggests
The impact that technology is having on the estate agency sector in the UK is changing the property buying and selling landscape, it is claimed. With the explosion in popularity of buyers and sellers using portals such as Zoopla and Rightmove and the wealth of historic pricing data available, the internet has become the essential tool for the modern day house hunter. A survey carried out by online estate agent eMoov has found that the majority of buyers are well armed with information before they step through the door when viewing a property. Some 98% of respondents said they would take it upon themselves to do some research before attending a viewing in anticipation of finding the right property. The first step in the process is usually to visit the property details page and read the full property description, the starting point for 67% of those surveyed. For some this was as far as the research process went, however 41% would also like to view a floor plan. The research found that 36% would also compare a property to others listed in the area and 21% of buyers would research previous property sold prices. Consumers showed less priority to researching the surrounding area with 14% investigating changes to their commute and 11% taking school catchment areas in to account when digging for further information. Local authorities provide a wealth of information on school catchment areas and make it readily available online for prospective and existing parents looking to relocate. Zoopla also keeps potential buyers well informed showing the nearest schools as well as information on transport links and crime rates amongst others. Broadly speaking women would conduct more research than men when preparing to view, taking more time to consider the look, layout and practicality of a house. However their male counter parts did pip them to the post where value for money was concerned, with 40% of men looking at other listed properties in the area and 24% researching historic property prices in comparison to 33% and 18% of women respectively. With the internet only coming to full fruition over the past two decades those over the age of 50 fall under the label of technological novices. Using technology as relative beginners and adapting in comparison to their younger counterparts, or technological natives, for whom it has become second nature. However the rise of the silver surfer has very much risen with the elderly becoming a core demographic for surfing the net, they account for a large percentage of people using the internet to help them buy. Three quarters of those surveyed over the age of 50 would log on to read a full property description before viewing, a far greater number than those in the younger age brackets. This was also the case when checking floor plans, researching properties in the surrounding area and checking historic property values and potential new neighbours. However younger buyers are more interested in Google Street… Continue reading
