Tag Archives: real estate
Miami residential real estate sales and prices rise at start of 2015
Miami single family home sales increased in January and all residential median sale prices continued their more than three years of consistent growth, according to the latest index. The Miami market is one of the most active in the United States and benefits from domestic demand as well as numerous overseas buyers who often pay cash for second or investment homes. Single family home sales, which set an all-time annual record in 2014, increased 6.5% relative to January 2014 while condominium sales, which posted the second best year in Miami history last year despite increased supply of new condo construction, decreased 15%. Overall, the data from the Miami Association of Realtors shows that combined, residential real estate sales decreased 6% last month compared to the same time period in 2014. ‘Miami is seeing a consistent and steady increase in single-family home sales while condo buyers are trending to the new coastal units becoming available,’ said Christopher Zoller, the 2015 residential president of the Miami Association of Realtors. ‘More houses are coming on the market, which means sellers are feeling confident about the housing market and strong sales show that buyers are also feeling confident,’ he added. Single family home prices, which again increased in January year on year, remain at affordable 2004 levels despite more than three years of consistent year on year increases. Condo prices also increased in January 2015, marking 43 months of growth in the last 44 months. The median sale price for single family homes increased 5.6%, up to $237,500 in January 2015 from $225,000 in January 2014. The average sale price for single family homes decreased 4% to $392,172 last month from $408,626 during the same time period last year. Compared to January 2014, the median sale price for condominiums increased 1.3% to $188,500 from $186,000 a year prior. The average sale for condominiums increased 3.2% to $372,978 from $361,282 in January 2014. Miami single family homes and condominiums continue to sell close to asking price, reflecting a strong consumer demand. The median number of days on the market for single family homes sold in January 2015 was just 51 days, an increase of 10.9% compared to the same period in 2014. The average percent of original list price received was 94.3%, down a negligible 1.2% from a year earlier. The median number of days on the market for condominiums sold in January 2015 was 66 days, an increase of 17.9% compared to the same period in 2014. The average percent of original list price received was 93%, a 3.2% decrease. The report points out that cash sales in Miami continue to decline as more financing becomes available. Access to mortgage loans for condominium buyers, however, remains limited. The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. In Miami-Dade County, 57.3% of total closed sales in January 2015 were all-cash transactions, compared to 61.9% in the same time period… Continue reading
CML reaffirms what needs to be done for UK home lending markets after election
The Council of Mortgage Lenders has reissued its election manifesto aimed at political parties ahead of the forthcoming vote in the UK in May. It highlights many of the issues for people in different tenures in today's housing market and sets out the challenges to be addressed in delivering effective housing solutions for the future. ‘The mortgage market is a £1.2 trillion industry, and housing a key electoral issue. This is our combination to the political debate. Whoever is in power after the election will have to show they can create a joined up and cohesive housing strategy for all housing tenures,’ said Paul Smee, director general of the CML. ‘The UK housing market is really a set of local markets, so there are especial challenges in delivering a focused long-term plan, but it is crucial for the wellbeing of citizens, and the growth of the economy and lenders are keen to play a positive role,’ he added. The manifesto gives a lender's perspective on what actions need to be taken to tackle the most important problems facing the market, Focusing on the needs of the old, the young, and the in-betweeners, it recommends creating a comprehensive house building plan to increase the supply of housing in all tenures. It also suggests the promotion of shared equity/shared ownership as a permanent tenure and addressing the regulatory stumbling blocks that relate to lending into retirement as well as promoting better pathways between the mainstream mortgage market, lifetime mortgages, and downsizing. The manifesto suggests work needs to be done to ensure new housing supply fully reflects the needs and aspirations of an ageing population and the need to identify any unintended consequences of regulation on credit worthy mortgage holders. It wants whoever wins the general election to work with the industry to develop a more effective safety net against the risk of change in household circumstances and make sure that policies affecting all tenures, such as welfare reform, are holistic and align with private sector markets. Continue reading
Rents in Scotland up 1.3% in last 12 months, latest index shows
Residential rents in Scotland have increased by 1.3% in the last 12 months, just half the pace of rent growth in England and Wales, according to the latest sector index. It means that average rents stand at £536 per month following a 0.1% fall in January however rents in the east of Scotland reached a new record high in January after increasing 3.2% year on year. The Scotland Buy to Let Index from Your Move, one of Scotland’s largest lettings agent networks, also shows that despite a slight monthly improvement, tenant financed are worse than a year ago with 7.1% late paying their rent. The average monthly rent in Scotland is now 5.3% higher than at the time of the previous elections to the Scottish Parliament in May 2011. By contrast, the average residential rent across England and Wales has climbed 9.6% since May 2011, according to the index. Also, rents in England and Wales have risen 2.8% year on year. Scottish tenants are having a much smoother ride than their counterparts south of the border, with rental prices in Scotland climbing at a considerably slower pace, according to Brian Moran, area lettings director at Your Move. ‘Despite snowballing demand for homes to let, the private rented sector has managed to shelter tenants from the worst extremes of rent inflation, and rents have navigated an affordable route broadly trailing inflation,’ he said. But he pointed out that the overall story since the previous election papers over the different chapters we’ve experienced within this parliament. Scottish rents were largely on pause throughout 2011 and 2012, and it was the abolition of tenancy fees in November 2012 which jolted to life a sudden uptick in rents, as costs were recouped other ways. He believes that the majority of the rent growth falls in the last two years, and the tempo is just easing back into a more organic swing. ‘Housing is a policy area that impacts every one of us, and ahead of the general election tenants will have their ears on the ground to listen out for any rumbles of further changes to lettings legislation that might impact the sector. Investment in homes to let needs to keep pace with demand, and landlord confidence is an essential ointment to soothe the pains of the current housing shortage, and make rent rises an easier pill to swallow for tenants,’ added Moran. The index also shows that in the past year, rents have risen in three out of five regions of Scotland. Rents in Edinburgh and the Lothians have increased nearly three times as fast as across the rest of the country, jumping 3.8% in the 12 months to January 2015, compared to a 1.3% annual rise for all of Scotland. The East of Scotland has seen the second strongest annual rent growth, with a 3.2% year on year increase and in Glasgow and Clyde there was a 1.3% annual rise in average rents. In two regions, average… Continue reading
