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Strong real estate market in Miami with properties selling near asking price
The performance of the Miami real estate market remained strong in February, as prices continue to rise while properties are selling rapidly and near asking price, according to the latest report from the Miami Association of Realtors. Miami is one of the most popular parts of the United States for foreign property buyers and attracts enquiries particularly from Europeans and South Americans seeking to buy property for investment in Florida. The data shows that median sale prices again increased significantly for both single family homes and condominiums in February. The median sales price for single family homes jumped 17% to $227,000, marking 27 straight months of growth. The average sale price for single family homes increased 6.7% to $415,312 last month. ‘Despite the recent increase in inventory, sales activity remains at historically strong levels, resulting in rising prices,’ said Liza Mendez, chairman of the board of the Miami Association of Realtors. 'While additional inventory is creating a more balanced market, the fact that homes continue to sell fast and almost at asking price is still indicative of a seller’s market,’ she added. The median sales price for condominiums has increased for 32 consecutive months, up 7.3% to $177,000 compared to February 2013. The average sale price for condominiums increased 10.8% to $337,382 from a year ago. The report points out that Miami real estate continues to sell at a rapid pace and nearly at asking price, indicating properties are being priced right and buyers realize they need to be competitive in the current market. The median number of days on the market for single family homes sold in February was just 47 days, a decrease of 2.1% from February 2013. The average percent of original list price received was 95.2%, up 1.4% from February 2013. The median number of days on the market for condominiums sold in February was 57 days, an increase of 18.8% compared to the same period in 2013. The average sales price was 95% of the asking price, a negligible decrease of 0.8%. In February, residential real estate sales in Miami-Dade County decreased a negligible 1.9% compared to 2,075 in February of last year. Single family home sales increased 1.3% relative to February 2013. Compared to February 2013, condominium sales declined 4.1%. ‘The Miami real estate market also offers great opportunities for buyers. Prices are still low, comparable to what they were more than 10 years ago,’ said Francisco Angulo, residential president of the association. ‘And, interest rates are still at historical lows, making buying a home more affordable. Consumers considering buying a home should take advantage of all of the current favourable market conditions,’ Angulo added. The data also shows that active listings at the end of February increased 26.8% compared with a year ago. Inventory of single family homes increased 18.3% and condominium inventory increased 32.2%. At the current sales pace, there is a 5.6 month supply of single family homes, an increase of 6% from 5.3 months in February 2013, and a 7.5 month supply… Continue reading
England now needs 260,000 new homes a year!
In the 10 years since a major housing review report warned that at least 210,000 new homes a year needed to be built in England, an average of just 115,000 have actually been built. According to the author of the original report, Kate Barker, it means that the country is now one million homes short of what was needed to adequately house its population and prevent a worsening affordability crisis. Her latest report for the Home Builders Federation says that to put this into perspective, this shortfall is now equivalent to the number of homes in Birmingham and the surrounding areas. And reducing the long term trend and gradually pricing households back into the market will now require 260,000 private housing starts per year, some three times the number completed last year and a figure achieved in only four years since World War II. Even achieving the least ambitious of Barker’s three objectives, to slow down the rate at which households are priced out of the market, would require more than 200,000 private starts per year, a figure last achieved in 1973. ‘The Barker Review was a seminal report for housing and starkly illustrated the scale of the emerging crisis. Since then successive governments have failed to pay heed and develop policies to deliver the homes the country needs,’ said Stewart Beaseley, executive chairman of the HBF. ‘Whilst the Help to Buy Equity Loan scheme is finally starting to drive demand and significantly increase supply, we start from a very low base and the shortfall is huge,’ he told the organisation’s Policy Conference. ‘As we approach a general election, we now need to see all parties committing to policies that lead to a sustained increase in house building. We have to build our way out of the crisis. Building the homes the country needs will provide the decent homes people deserve and create hundreds of thousands of jobs,’ he added. Barker told the conference that the continued shortfall in housing supply matters most to those who lose out in the battle for dwelling space. She explained that even 10 Milton Keynes would only deliver 30,000 home a year, nowewhere near what is needed. ‘At the moment the cost is falling heavily on many families in the private rented sector. It is vital to raise the rate of new supply but also to develop coherent policies to address the consequences of the supply shortfall,’ she added. Continue reading
UK property prices up 6.8% year on year, latest ONS data shows
UK house prices increased by 6.8% in January compared with a year earlier, taking the average home price to £254,000, according to the latest data from the Office of National Statistics (ONS). This is a monthly increase of 5.5% compared to December 2013 and the price growth was seen across all parts of the UK. House prices grew by 7.1% in England, 6.9% in Wales, 1.4% in Scotland and 2.7% in Northern Ireland. London is again showing the highest growth at 13.2%, followed by the South East at 7.1% and the West Midlands at 5.3%. Excluding London and the South East, UK house prices increased by 3.8% in the 12 months to January 2014. The data also shows that on a seasonally adjusted basis, average house prices increased by 0.6% between December 2013 and January 2014. It means that first time buyers, regarded as an essential part of the property market recovery, are paying more. The ONS figures show that in January prices paid by first time buyers were 7.6% higher on average than in January 2013. For existing owners prices increased by 6.5% for the same period. According to Peter Rollings, chief executive officer of Marsh & Parsons, with the average UK house price now over £250,000, it means that the bulk of transactions are within the 3% stamp duty tax band and this will provide yet more ammunition for critics who believe the Chancellor played a bad hand by not reforming stamp duty thresholds in last week’s budget. ‘The London property market is still soaring ahead, with a 13.2% annual house price increase which dwarfs that in the rest of the UK. The average property price in the capital is now over three times that in the North East. Unwavering demand from UK and overseas buyers is a key ingredient behind this rate of growth, and Prime London property continues to be a Mecca for property investment,’ he explained. ‘And with pensioners now freed from the shackles of annuity, the buy to let market could become a Holy Grail for retirement, offering unrivalled tax efficient investment,’ he added. David Newnes, director of Your Move and Reeds Rains, part of LSL Property Services, pointed out that momentum is growing as lending has increased substantially in the last yea. ‘This is largely thanks to the combination of consumer confidence, an array of attractive mortgage deals and a real willingness on the part of banks to lend to borrowers with smaller deposits,’ he said. ‘Pricing is being driven by greater lending availability, positive consumer sentiment as the jobs market continues to improve along with the wider economy. Cheaper rates and increased high LTV lending has encouraged more first time buyers to invest in property,’ he added. But he warned that rising demand for housing must be matched with rising supply if the government is to bring the cost of housing within the reach of first time buyers. In the context of the cost of living crisis which has been central in the… Continue reading
