Monthly Flagler County Waterfront Sales Reports & Florida Realtors® News
Positive Trends Continue in August 2018
/Fla. housing market: Positive trends continue in Aug. 2018
ORLANDO, Fla. – Sept. 20, 2018 – Florida's housing market reported more sales, more new listings and higher median prices in August compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 26,273 last month, up 4.2 percent compared to August 2017.
"August marked the second month in row that Florida's housing market experienced a rise in new listings, which is a good sign for potential homebuyers," says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. "New listings for existing single-family homes rose 6.6 percent compared to a year ago and new listings for condo-townhouse properties increased 4.1 percent from last August.
"At the same time, the median time for a sale to go to contract is getting shorter: For single-family homes, it was 36 days, down 2.7 percent; for condo-townhouse properties, it was 46 days, down 6.1 percent. With such a quick turnaround time to contract, a Realtor with local expertise can help buyers and sellers navigate the market."
August marked the 80th consecutive month (over six and a half years) that the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year. The statewide median sales price for single-family existing homes was $254,290, up 6.0 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Thestatewide median price for condo-townhouse units in August was $185,000, up 8.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in July 2018 was
Looking at Florida's condo-townhouse market, statewide closed sales totaled 10,365 last month, up 6.6 percent compared to a year ago. Closed sales data continued to reflect fewer short sales and foreclosures in August: Short sales for condo-townhouse properties dropped 18.8 percent and foreclosures fell 28.9 percent year-to-year; while short sales for single-family homes declined 34.2 percent and foreclosures fell 30.1 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
"The dominant story across Florida's housing markets over the past couple of years has been the shortage of single-family homes for sale, but in the July numbers, instead of the usual year-over-year decline, we saw that inventory was virtually unchanged from the level we reported for July of 2017," says Florida Realtors Chief Economist Dr. Brad O'Connor. "So the question is, is this the beginning of a trend? According to the newly released August data from Florida Realtors, it very well could be.
"As of August 31, we found that the statewide inventory of single-family homes was up 4.5 percent compared to the same point in time last year, marking the first tangible year-over-year increase we've seen in end-of-month inventory in over three-and-a-half years.Should single-family inventory levels continue to rise, especially in the price tiers where demand is the greatest, we can probably expect some acceleration in sales growth and more modest rates of price growth."
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.55 percent in August 2018, up from the 3.88 percent averaged during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors' website.
© 2018 Florida Realtors®
Realtor.com: Luxury Market Picks up Speed
/Realtor.com: Luxury market picks up speed
SANTA CLARA, Calif. – Sept. 19, 2018 – Luxury home sales continued to break records as prices hit double-digit gains in 20 major counties, according to the realtor.com 2018 Luxury Home Index released today. Additionally, the number of sales at or above the $1 million mark rose 6 percent over last year.
The realtor.com Luxury Home Index analyzes the luxury price tier, defined as the top 5 percent of all residential sales, in 90 U.S. counties.
Demand for luxury homes remains strong
The pace of sales for luxury homes remains strong. The combined median age of inventory in the 90 luxury markets surveyed was 121 days, down nine days or 6.9 percent year-over-year. Additionally, two-thirds of luxury markets are seeing inventory move faster than this time last year.
In 50 of the 90 counties analyzed, the luxury tier currently has an entry point of at least $1 million, while 70 markets continue to see yearly price growth.
"The conditions in the luxury segment are quite different from the market overall – it's really a tale of two markets," says Danielle Hale, chief economist for realtor.com. "Although U.S. median listing prices show signs of slowing growth, luxury prices are moving in the opposite direction in many places. For the second consecutive month, we've seen more markets with double-digit, entry-level luxury price growth than in the past four years."
Sarasota stays on top
Since March, Sarasota, Fla. has remained the nation's fastest-growing luxury market, with sales prices up 21 percent since last June. Half of all luxury homes in Sarasota sold within 165 days – 22 percent faster than the previous year. Queens, N.Y.; Santa Clara, Calif.; Boulder, Colo.; and Naples (CollierCounty, Fla.)rounded out the top five counties, each seeing yearly price growth between 13 and 15 percent.
Miami's luxury market starts heating up
Recent trends in Miami's luxury segment suggest that the luxury entry point could break the $1 million mark for the first time this fall. After declining for 24 months in a row, Miami luxury prices finally saw growth this January and have now reached the highest price gains since July 2015. Miami's luxury market is currently growing at 2.2 percent year-over-year.
Other surrounding South Florida counties, including Broward, Collier, Lee, and Palm Beach, saw similar declines in recent years, but many of them have outpaced the rest of the country since early last year with yearly price growth between 5 and 13 percent.
Other U.S. marketsNorthern California luxury markets continue performing well, with seven counties in the top 20 fastest growing markets, all of which saw double-digit growth in June. San Francisco, Sonoma, and Santa Clara – up 10, 13, and 15 percent, respectively – are showing there is still room for growth. On the other hand, San Mateo, Sacramento, San Luis Obispo, and Santa Cruz are holding steady.
There's a hot streak in Davidson and Williamson counties, both part of the greater Nashville area, which grew 12 and 11 percent, respectively. Both saw double-digit growth in June, after steadily gaining momentum since 2016. Half of all luxury homes sold in 61 days in Davidson County, putting it among the nation's 10 fastest-moving luxury markets.
Seattle (King County, Wash.) luxury grew by 13 percent in June compared to the same time last year, pushing its luxury entry point to $1.5 million. This marks Seattle's 11th consecutive month of growth between 12 and 14 percent. As the market's growing tech scene funnels in a more affluent crowd, more buyers can afford pricier homes, which may push demand - and prices - higher.
© 2018 Florida Realtors®
Top Reason for Risky RE Behavior? Fear of Losing a Deal
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Top reason for risky RE behavior? Fear of losing a deal
CHICAGO – Sept. 17, 2018 – What would you be willing to do in order to keep a real estate transaction from falling through? Would you literally put your life on the line to save a deal? Ask any agent or broker, and the answer likely will be an easy "no."
But according to real estate safety instructor Cheryl Knowlton, president of Elite Edge Real Estate Training, practitioners most commonly cite fear of losing the deal as the reason they don't follow safety protocols on the job. However, a third of the nation's 1.3 million Realtors® say that they've faced professional situations that made them afraid for their personal safety or the security of their personal information, according to the National Association of Realtors' (NAR) 2018 Member Safety Report.
Though fewer Realtors say they've been in harm's way on the job – 33 percent, down from 38 percent in 2017 – there's still a prevailing motivation in the industry to put business interests above all else, says Knowlton, who recently hosted a safety webinar called "Habits to Keep You Safe on the Job Year-Round."
"We don't want you to lose a deal, but we also don't want you to lose your life," Knowlton said during the webinar.
Sixteen real estate professionals were killed in homicides while on the job last year, and 64 suffered fatal injuries, according to figures from the U.S. Bureau of Labor Statistics cited in NAR's "Real Estate Safety Matters" course. Bad habits that make you more vulnerable to safety threats in real estate – such as working alone, focusing on something other than your immediate surroundings, and meeting prospects in the field before verifying their identity – take time to break, Knowlton said. She offered a five-step process for changing unsafe work habits.
Admit that you need to make a change. "Whether you're creating a new, good habit or breaking a bad one, you can't change anything you're not willing to acknowledge," Knowlton said.
Understand the things that can trigger bad habits. Knowlton said two things often lead real estate professionals to skirt safety protocols: the need to save time and a "faulty belief that I'm going to lose this deal, and it's going to go to my competition if I don't do these things – meet strangers in strange places and keep doing things the way I've always done them."
Change your routine one action at a time. If you typically meet prospects for the first time at property showings, start committing to having a phone conversation with them first, where you can gather information about the potential client and their needs. Identify behaviors that are problematic for your safety, and institute one action that could help alleviate the danger. Eventually, it will become a new habit.
Believe that it's necessary to change behaviors. You won't be able to change your behavior long term unless you believe it truly makes a difference in your life, Knowlton said. "We've got to believe that we can and will make the changes necessary" and "tap into the reasons why we want to make those changes."
Reward yourself for making small but significant changes. "You can eat an elephant if you take it one bite at a time," Knowlton said. "I used to be guilty of setting gigantic goals, and then becoming frustrated and overwhelmed because I didn't achieve what I set out to do in the timeframe I set out to do it." Without recognizing the small shifts you make in pursuit of a larger change in your routine, the effects won't be long-lasting.
Source: National Association of Realtors® (NAR)
© 2018 Florida Realtors®
Fla. consumer confidence drops a bit but still high for year
/GAINESVILLE, Fla. – Sept. 4, 2018 – Consumer sentiment fell 2.3 points in August to 98.3 but with a revised figure of 100.6 in July, the Florida consumer sentiment index topped 100 points for the third time this year – an event not seen since 2000.
Among the five components that make up the index, one increased and four decreased this month.
Current attitudes
Floridians' perceptions of their personal financial situations now compared with a year ago showed the biggest decline in this month's reading from 94.1 to 88.2, decreasing 5.9 points.
On the other hand, opinions as to whether this is a good time to buy a major household item like an appliance increased 4 points from 105.4 to 109.4.
"While these two components moved in opposite directions, they showed overall that opinions regarding current economic conditions have decreased slightly among Floridians in August," says Hector H. Sandoval, director of the Economic Analysis Program at UF's Bureau of Economic and Business Research.
Future conditions
Opinions regarding future economic conditions also decreased this month. Respondents' expectations of their personal financial situations a year from now showed the second biggest drop from 106.9 to 101.7, decreasing 5.2 points.
Expectations of U.S. economic conditions over the next year fell 1.7 points, from 98.2 to 96.5 and anticipation of U.S. economic conditions over the next five years dropped 2.7 points from 98.2 to 95.5.
"Floridians are more pessimistic in August," Sandoval says. "While most of the pessimism comes from the overall expectations regarding the future economic conditions, Floridians also expressed unfavorable perceptions of their personal financial situation now compared with a year ago."
Florida's economy continued expanding with more jobs added this month, tightening the labor market even further. Comparing July 2018 with the same month last year, 210,600 jobs were added statewide, an increase of 2.5 percent.
Among all industries, leisure and hospitality gained the most jobs, followed by construction, education and health services, and professional and business services. Furthermore, unemployment levels in Florida are currently at their lowest since the last recession. According to the latest report, the unemployment rate decreased one-tenth of a percentage point from 3.8 in June to 3.7 in July.
Similarly, overall economic conditions in the U.S. continued to be positive, with a labor market that continued to strengthen, economic activity that has continued rising at a strong rate, and an annual inflation rate close to 2 percent. In view of this economic outlook, the Federal Open Market Committee decided in August to maintain the range of the federal funds interest rate between 1.75 and 2 percent to support further strengthening in the labor market.
"Despite the decline in consumer confidence experienced in August, overall confidence has remained high among Floridians in the last months," Sandoval says. "Given the positive economic outlook, an increase in wages is typically expected to follow after the tightening of the labor market, resulting in greater consumption and economic activity."
Conducted August 1-28, the UF study reflects the responses of 393 individuals who were reached on cellphones, representing a demographic cross section of Florida. The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.
© 2018 Florida Realtors®
Flagler County / Palm Coast Saltwater Canal Home Sales Report - January 2018
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Robert "Bobby" Keith, Realtor - 386-793-1426
In January 2018, a total of 9 homes on the Saltwater Canal sold in Flagler County. The average sales price for last months Saltwater Canal Homes in Palm Coast / Flagler County was $333,778 while the average days on market was 106 days.
Compared to the same time last year, January 2017, 8 homes on the Saltwater Canal sold in Flagler County. The average sales price then was $321,313 while the average days on market was 59.
The top home sale in January 2018 was 14 Cormorant Court in the Palm Harbor neighborhood of Palm Coast, selling at $412,000.
The deal of the month was 305 Flagler Ave North, in Flagler Beach, selling at $210,000.
Here's a breakdown of last months sales activity on the saltwater canal in Flagler County.
Palm Harbor / Palm Coast
14 Cormorant Court - $412,000
10 Crow Court - $400,000
1 Charles Court - $381,000
36 Clearview Court North - $321,000
14 Felicia Court - $260,000
6 Cool Water Court - $260,000
Flagler Beach
614 Cumberland Drive - $385,000
148 Lantana Avenue - $375,000
305 Flagler Avenue North - $210,000
Thank you for checking out this Months Sales Report for the Saltwater Canal Homes in Flagler County. All information is believed to be true and accurate, but not guaranteed. The source for the information above is from the Flagler County MLS. This is not intended to be an estimate of any ones home value. To find your homes value in this market, give me a call and we will schedule a free valuation on your property or have one sent to your email based off information you tell me and information from the property appraisers office within 24 hours.
Robert "Bobby" Keith, Realtor 386-793-1426
NAHB panel: Housing will continue to gain ground in 2018
/NAHB panel: Housing will continue to gain ground in 2018
ORLANDO, Fla. – Jan. 10, 2018 – The newly enacted tax law will create a more favorable tax climate for the business community, which should spur job and economic growth and keep single-family housing production on a gradual upward trajectory in 2018, according to economists speaking at the National Association of Home Builders (NAHB) International Builders' Show in Orlando, Fla., on Tuesday.
"We expect that tax reform will boost GDP growth to 2.6 percent in 2018, and this added economic activity will also bode well for housing, although there will be some transition effects in high-tax jurisdictions," said NAHB Chief Economist Robert Dietz. "Ongoing job creation, expected wage increases and tight existing home inventory will also boost the housing market in the year ahead."
However, builders will continue to deal with ongoing supply-side headwinds this year that will dampen more robust growth.
Those headwinds include an increasing number of unfilled construction jobs, a shortage of buildable lots and a slow growth in acquisition, development and construction loan activity that is failing to keep pace with rising demand.
In addition, regulatory costs stemming from building codes, land use, environmental and other rules have jumped 29 percent in the past five years, with a significant impact on housing affordability. The ongoing U.S.-Canada softwood lumber trade dispute is further exacerbating the situation, as the price of softwood lumber has increased 20 percent from a year ago.
The forecast
- As the economy continues to strengthen, NAHB expects 30-year fixed-rate mortgages will average 4.31 percent in 2018 and 4.82 percent in 2019.
- NAHB projects 1.21 million total housing starts in 2017 and expects overall production to grow an additional 2.7 percent this year to 1.25 million units.
- Single-family starts are expected to rise 5 percent in 2018 to 893,000 units and increase an additional 5 percent to 940,000 next year.
- Setting the 2000-2003 period as a benchmark for normal single-family housing activity when single-family production averaged 1.3 million units annually, single-family starts are expected to gradually rise from 63 percent of what is considered a typical market in the third quarter of 2017 to 73 percent of normal by the fourth quarter of 2019.
On the multifamily side, NAHB expects multifamily starts to edge 1.6 percent lower this year to 354,000 units from a projected 360,000 in 2017 – a "sustainable level due to demographics and the balance between supply and demand."
Meanwhile home remodeling is posting strong market conditions, due in part to strong demand in the wake of the terrible hurricane and wildfire season in 2017. Residential remodeling activity is expected to register a 7 percent gain in 2018 over last year.
Healthy housing markets
Delving beneath the national numbers, David Berson, senior vice president and chief economist at Nationwide Insurance, said the vast majority of local housing markets are healthy and faring well.
Berson lists 324 markets as positive, 69 as neutral and just seven as negative. While job gains, household formations and mortgage markets still look good, he noted that rapid price increases are concerning.
Comparing current conditions with the housing boom a decade ago, Berson noted that the market is supply constrained today but wasn't during the boom. And mortgage credit, while more readily available than just a few years ago, remains far limited relative to the market peak in 2007. While he anticipates a slightly more rapid rise in mortgage interest rates this year, Berson said it should not hurt housing activity.
"Mortgage rates are expected to rise from 4 percent to 4.5 percent by the end of year," he said. "However, housing demand remains strong and wages are solid, and this will more than offset the negative effects from rising rates."
Home prices up, affordability down
CoreLogic Chief Economist Frank Nothaft also expects mortgage interest rates and home prices to post moderate increases in 2018, which in turn will lessen housing affordability. Like Berson, Nothaft expects that the benchmark 30-year fixed-rate mortgage will average 4.5 percent by the end of the year.
"Higher rates are not just a gradual erosion of affordability but also impact owner mobility," said Nothaft. "That has implications on the overall inventory for sale. Supply has been tight and for-sale inventory will continue to remain tight."
The ongoing tight inventory in the housing market will cause home and rent price growth to outpace inflation, he added, with nationwide home prices rising an average 5 percent and rental prices posting a 3 percent increase.
The biggest growth for new home sales are occurring in the South and West, where many of these metro areas have good job growth, good affordability and good weather. Nothaft listed Houston, Dallas, San Antonio, Austin, Phoenix, Atlanta and Charlotte as the top seven major markets in terms of new home sales.
Meanwhile, he reported that overall mortgage delinquency and foreclosure rates are at their lowest levels in more than a decade, but that is a different story for markets pummeled by last year's devastating hurricanes.
"Houston's delinquencies almost doubled year-over-year and that is due almost entirely to Hurricane Harvey," said Nothaft.
© 2018 Florida Realtors®
Florida Chamber: State economy will hit $1 trillion in 2018
/Florida Chamber: State economy will hit $1 trillion in 2018
TALLAHASSEE, Fla. (January 9, 2017) – The Florida Chamber Foundation, Florida's non-partisan, business-led, nonprofit research organization, announced today that it expects Florida to become a $1 trillion economy by the end of 2018 and will create 180,000 jobs across Florida in 2018 – once again outpacing the U.S. economy in job growth.
"If Florida was a stock, it would be considered a strong buy. But, while Florida's economic outlook for 2018 is positive, it's not without risks, some of which can be mitigated and some of which are larger than Florida," says Mark Wilson, president and CEO of the Florida Chamber of Commerce.
An outline of key findings announced at the Florida Chamber Foundation's 2018 Economic Outlook Summit:
1. Florida will continue to lead the nation in job creation. Since the recession, Florida has created an average of 1 in every 10 jobs in the U.S. Florida Chamber Foundation predictions estimate Florida will create 180,000 jobs in 2018. For the eighth year in a row, Florida's job creation is expected to outpace the U.S.
2. Very low probability of a recession. Currently, the Florida Leading Indicators Index projects strong growth is expected and there is a 91percent likelihood Florida will NOT enter into recession over the next nine months.
3. Florida is projected to become a $1 trillion economy in 2018. It's already larger than Saudi Arabia and preparing to overtake Mexico's spot in the global economy in the coming years.
4. Business confidence is high. Initial findings released at the Florida Chamber Foundation's 2018 Economic Outlook Summit from a statewide survey of Florida "C Suite" executives conducted for the Florida 2030 report show "very high" business confidence and a likelihood of continued investments over the coming months. (Full survey results will be released in March 2018.)
5. Population growth will continue to drive Florida's economy. Florida currently ranks as the 3rd most populous state in the nation and has been growing at a rate of more than 800 residents per day over the past year. This level of growth, at a minimum, is expected to continue through 2018. The influx of Puerto Rican evacuees that will choose to stay in Florida and the recently passed federal tax bill that favors low-tax states like Florida could mean an increase in skilled professionals and families moving from high tax states like New York and California.
6. Florida could do more. Florida's growth, while expected to remain positive, continues to have two potential constraining variables: a potential shortage of skilled labor, especially in construction, and an attainable housing shortfall.
7. Long term risks exist. While Florida's economy remains strong, long-term risks include global risk and uncertainty, losing consistent leadership at the state level and a rise in the cost of living and doing business, due to overregulation and Florida's bottom-ranked legal climate.
© 2018 Florida Realtors®
Flagler County / Palm Coast Saltwater Canal Home Sales Report - December 2017
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14 Homes on the Saltwater Canal in Flagler County / Palm Coast sold in December. The average sales price was
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