Tag Archives: real estate
Median and average sale prices continue upwards in Miami, latest data shows
The performance of the Miami real estate market remains consistent with record activity in 2013 due to strong demand despite increased existing and new construction supply, it is suggested. Median and average sales prices continue to rise, according to the latest statistics from the Miami Association of Realtors. In the third quarter, the median sales price for homes in Miami-Dade County was $250,000, an increase of 8.7% compared to last year while the median sale price for condominiums rose 3.5% to $189,900. These third quarter price increases mark 11 consecutive quarters of growth for both single family homes and condominiums. ‘The Miami real estate market continues to attract the attention of both domestic and foreign buyers, fuelling solid growth and creating opportunities for both buyers and sellers, said Liza Mendez, chairman of the association’s board. ‘While there is more supply available than a year ago, there is still strong demand, and the growth of supply, new listings, sales and prices is more moderate, resulting in a more balanced market,’ she added. In Florida the state wide median sales price for single family existing homes in the third quarter was $182,000, up 4% from the same quarter a year ago, according to the latest housing data released by Florida Realtor. The median sales price for condominiums in Florida was up 6.9% compared to the same quarter last year at $139,000. Compared to last year, the average sales prices for single family homes and condominiums in Miami-Dade County increased 14.9% to $438,431 and 3.8% to $341,927, respectively. There were 7,632 homes and condos sold in Miami-Dade County during the third quarter of 2014, a decrease of 5% compared to the third quarter of 2013, when there was record sales activity. Sales of single family homes increased 0.2% to 3,552, while condominium sales decreased 9% to 4,080 compared with the same period in 2013. ‘In Miami, market performance continues to vary greatly depending on location, property type, price range and other factors,’ said Franciso Angulo, residential president of the Miami Association of Realtors. ‘While in most cases, increased supply is offering buyers more choices and less pressure, others are still experiencing significant competition and bidding wars,’ he explained. He pointed out that the Miami Association’s initiatives to increase inventory and focus on assisting members to get more listings has proven successful along with some additional distressed properties coming on the market. In addition, the fact that sales remain at historically strong levels while inventory is growing points to seller confidence. Sellers are listing properties for sale because they have confidence in the market, according to Angulo. Home and condominium listings also increased in the second quarter but by narrower margins. There were 6,237 new single family home listings during the third quarter, a growth of 5.1% relative to the same period last year. New condominium listings increased by only 1% from 8,282 in the third quarter of 2013 to 8,366 this year. At the current sales pace, current inventory represents 5.7 months of inventory for single family… Continue reading
Low interest rates helping to keep repossessions and mortgage arrears down says CML
The UK is seeing a continuing reduction in the number of both repossessions and mortgages in arrears, across all categories, according to the latest figures from the Council of Mortgage Lenders for the third quarter of 2014. At the end of the third quarter, the proportion of mortgages with arrears equivalent to 2.5% or more of the total mortgage value was 1.12%, down from 1.18% in the second quarter and 1.33% in the third quarter of last year. This is the lowest proportion since the first quarter of 2008 when it was 1.08%. In numerical terms, this equates to 125,100 mortgages, down from 131,400 in the second quarter and 149,400 in the third quarter of 2013. The data also shows that the proportion of all mortgaged properties taken into possession by lenders was 0.04% (5,000 properties), the lowest quarterly proportion and number since quarterly records began in 2008. It compares with 0.05% (5,400 properties) in the second quarter, and 0.06% (7,200 properties) in the third quarter of 2013. Within the overall reported totals, both the owner occupier sector and the buy to let sector have experienced reductions in both arrears and repossessions. Out of the total 5,000 repossessions, 1,100 were on buy to let mortgages, unsurprisingly representing a slightly higher repossession rate of 0.07% in buy to let than the overall and owner occupier rate of 0.04%. ‘Low interest rates, supported by intelligent communication and forbearance, mean that mortgage arrears and repossessions continue to decline,’ said CML director general Paul Smee. ‘Encouragingly, recent research also suggests that many households are preparing themselves for the prospect of higher interest rates, so we expect any uptick in payment difficulties to be relatively muted if and when rates do begin rising,’ he pointed out. ‘But a key activity for lenders now is considering how best to support their borrowers in planning ahead for a time when debt servicing costs are higher than they are now,’ he added. Meanwhile, separate statistics on England and Wales from the Ministry of Justice shows that the number of mortgage possession claims in County Courts increased from 62,862 in 2002 to a peak of 142,741 in 2008. Since then it has fallen 62% to 53,659 in 2013. The third quarter of 2014 (July to September), recorded 9,731 claims, representing the lowest quarterly figure recorded in over a decade. The fall in the number of mortgage possession claims since 2008 coincides with lower interest rates, a proactive approach from lenders in managing consumers in financial difficulties and other interventions from the government, such as the Mortgage Rescue Scheme, which was in place from January 2009 to March 2014. At the same time as the number of claims rose (between 2002 and 2008), the estimated proportion of claims which progressed to an order, warrant or repossession by county court bailiffs also increased. However, the trend in more recent years has been one of decline while the estimated percentage of claims progressing to an order, warrant or repossession in 2008 was… Continue reading
Property sales in England and Wales surged in October, according to latest index
The property market in England and Wales has shrugged off the general slowdown as sales surged 9% in October, according to the latest LSL/Acadata house price index. Prices were up 0.7% in October and 10.5% year on year but this annual figure drops to 5% if data from London and the South East is excluded. It takes the average house price to £277,390 and average house prices across England and Wales have reached a new record for the sixteenth successive month. The data also shows an uplift in activity outside of London has helped drive the highest number of completed home sales in seven years but prices have fallen at the top end of the London market. ‘This increased level of house sale completions marks a considerable, though laborious, reflection of the increased buyer activity earlier in the year since the recession zapped the energy from the market,’ said David Newnes, director of Reeds Rains and Your Move estate agents. ‘October saw the highest level of house sales completed in a month since November 2007. In part this was driven by a better throughput of sales that had sat in the pipeline for some time, finally coming through to completion,’ he explained. ‘On a monthly basis, house price inflation has edged up from just a 0.3% increase in September, as we see some modest growth. Recent hiccups in the market have not shaken the overall underlying stability and the average UK home owner has seen the value of their property rise £26,500 or 10.5%) in the past year,’ he explained. He also pointed out that the biggest uplift in completions in the third quarter of 2014 compared to the same period of 2013 has been witnessed outside of London. Indeed, completed house sales in both the West Midlands and East Midlands have risen 22%, while in London house sale completions are up by just 3% over the same period. In regions such as the North and East Anglia, which saw average house prices slump during September, further growth in activity is critical to warm up the local recovery. First time buyers in particular need shielding from any future cooling interventions from the government or Bank of England. However, the regions have seen a more complex path of growth. Only three regions saw house prices set peak highs. These were the South West, South East, and London as the recovery continues to advance with a Southern leaning slant. ‘If we omit London and the South East from our calculations, a milder 5% annual change in property prices emerges. Yet at the very top end of the housing market in prime central areas of London, growth is subsiding. Average house prices across London overall rose by only 0.4% in September, the smallest monthly increase the capital has seen for 15 months as the pace of price inflation cools down from the summer heat,’ said Newnes. ‘Property prices have dropped in six out of the seven most expensive boroughs over… Continue reading
