Fla.’s Home Sales and Median Prices Show Gains at End of 2019

Fla.’s Home Sales and Median Prices Show Gains at End of 2019

Fla. Realtors data: Single-family sales up 5.9%, median price up 3.7% year-over-year while condo median price up 3.8% over 2018’s end. Condo sales eased slightly, down 0.8%, compared to a year ago. A growing economy and strong jobs outlook bode well for 2020.

ORLANDO, Fla. – Florida’s housing market wrapped up 2019 with more sales, higher median sale prices and more pending inventory compared to the year before, according to the latest housing data released by Florida Realtors®.

“Florida’s economy is growing and every day, more than 900 people are moving to the Sunshine State, according to state economists,” says 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner of SaraBay Suncoast Realty Inc. in Bradenton.

“The state’s jobs market remains strong with the latest unemployment rate (December 2019) at a record low of 3% – even better than the national unemployment rate of 3.5%. Mortgage interest rates have continued to remain at historically low levels, which is good news for homebuyers. And Florida’s homeownership rate in 4Q 2019 was 66.6%. All of these factors are positive signs for the state’s housing market in 2020.”

4Q 2019

Statewide closed sales of existing single-family homes totaled 70,839 in the fourth quarter of 2019, up 11.6% compared to the year-ago figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Fueled by low mortgage interest rates, sales of Florida homes in the 4th quarter were very strong compared to a year ago,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “Meanwhile, the number of properties being listed for sale has not been changing much, so the result is that the surge in sales is continuing to drive down inventory levels. As long as we continue to see these low rates, we should expect this trend to keep pushing home values upward.”

The statewide median sales price for existing single-family homes for 4Q 2019 was $265,900, up 4.3% from 4Q 2018. New pending sales for existing single-family homes for the quarter rose 13.2% compared to a year ago, while pending inventory was up 8.7% from 4Q 2018.

Looking at Florida’s year-to-year comparison for sales of condo-townhouses, a total of 26,932 units sold statewide in 4Q 2019, up 3.3% compared to the same period a year earlier. The statewide median price for condo-townhouse properties for the quarter was $195,000, up 5.9% over the previous year. New pending sales for condo-townhouses for 4Q 2019 increased 6.8% compared to a year ago, while pending inventory was up 4% from the same quarter the previous year.

Year End 2019

Statewide closed sales of existing single-family homes totaled 294,120 at the end of 2019, up 5.9% compared to the 2018 figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations.

Looking to 2020, Chief Economist O’Connor forecasts a robust outlook for Florida’s housing market this year. In-migration to the Sunshine State from other states remains strong, with the five top origin states being New York, Georgia, Virginia, Pennsylvania and New Jersey, respectively. In fact, in-migration to Florida helped to drive increased home sales in 2019, according to O’Connor.

“It was exciting to see the almost 6% growth (5.9%) in closed single-family sales in 2019 from 2018,” O’Connor says. “Florida topped over $100 billion (total of $101.9 billion) in volume in home sales last year, up 8.3% from 2018; for condo-townhouses, we reached $31.6 billion in volume, up 1.8% over the 2018 figure.”

The statewide median sales price for single-family existing homes at year’s end was $264,000, up 3.7% from the previous year. New pending sales for existing single-family homes rose 5.2% at the end of 2019 compared to the previous year, while pending inventory for single-family homes increased 8.7% from a year ago.

Looking at Florida’s year-to-year comparison for sales of condo-townhouses, a total of 115,659 units sold statewide in 2019, down slightly (0.8%) from 2018. The statewide median price for condo-townhouse properties at the end of the year was $192,000, up 3.8% from year-end 2018. New pending sales for condo-townhouse units for the end of 2019 increased 0.2% compared to a year ago, while pending inventory for condo-townhouses was up 4% from year-end 2018.

At the end of 2019 and also for 4Q 2019, inventory for single-family homes stood at a 3.4-months’ supply, while inventory for condo-townhouse properties was at a 5.2-months’ supply, according to Florida Realtors.

The interest rate for a 30-year fixed-rate mortgage averaged 3.94% for 2019, down significantly from the previous year’s average of 4.54%, according to Freddie Mac.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at and look under Latest Releases, or download the 4Q 2019 and Year End 2019 data report PDFs under Market Data.

© 2020 Florida Realtors®

National Home Warranty Day

A question I get a lot from home buyers is “Do I need a home warranty?”

Since today is National Home Warranty Day, I wanted to go over what a home warranty is, and what it covers.

A home warranty is different from home owner’s insurance in that the home warranty covers the repair or replacement of your appliances that break down through normal wear and tear.

There’s also different types of home warranties out there that cover various things in your home, so you can choose the one that best fits your needs. Home warranties can be handy and help give you piece of mind knowing that if something does break, you’re covered.

Do you have a question about home warranties? Feel free to give Robert “Bobby” Keith a call/text at 386-793-1426.

U.S. Housing Supply Reaches All-Time Low

Realtor.com: Housing inventory dropped 13.6% in Jan. – the steepest year-over-year decline in over four years. The current supply of for-sale homes in the U.S. is the lowest it’s been since realtor.com began tracking it in 2012. It’s down 10%-20% in the four Fla. cities tracked.

SANTA CLARA, Calif. – National housing inventory declined 13.6% in January – the steepest year-over-year decrease in more than 4 years – pushing the supply of for-sale homes in the U.S. to the lowest level ever since realtor.com began tracking the data in 2012.

Based on realtor.com’s analysis, January’s steep year-over-year decline amounted to a national loss of 164,000 listings that tightens the housing shortage plaguing the U.S.

And based on realtor.com’s data, a dearth of for-sale homes shows no signs of easing in the near future as the volume of newly listed properties also declined by 10.6% since last year.

“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale,” says Danielle Hale, realtor.com’s chief economist. “With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”

Hales calls it a “challenging sign for the large numbers of millennial and Gen Z buyers coming into the housing market this homebuying season, as it implies the potential for rising prices and fast-selling homes – a competitive market.”

The supply shortage is found at every price tier throughout the U.S., but it’s especially pronounced at the entry-level. In January, properties priced under $200,000 declined by 19%, an acceleration compared to December’s decline of 18.1%.

The decline in inventory of mid-tier properties priced between $200,000 and $750,000 also accelerated, to a decline of 12% year-over-year, compared to December’s 10.2% decline. Even upper-tier properties priced at more than $750,000 declined by 5.9% year-over-year compared to December’s decline of 4.4%.

As inventory dropped, both listing prices and days-on-market reacted to the imbalance of supply and demand. The median U.S. listing price grew by 3.4% year-over-year, to $299,995 in January, while prices in 18 metros grew by more than 10%.

Of the 50 largest metros, 46 saw year-over-year gains in median listing prices, with Philadelphia as the nation’s standout with a 16.0% increase over last year. Additionally, with the lack of supply, homes are selling in an average of 86 days – two days more quickly than January of last year.

Florida housing markets’ year-to-year changes

• Tampa-St. Petersburg-Clearwater: Active listings down 20.2%, with 4 fewer days on the market

• Orlando-Kissimmee-Sanford: Active listings down 15.8%, with 6 fewer days on the market

• Miami-Fort Lauderdale-West Palm Beach: Active listings down 11.2% with 3 fewer days on the market

• Jacksonville: Active listings down 10.5% with 5 fewer days on the market

© 2020 Florida Realtors®

January 2020 - Flagler County Canal Home Sales Report

Hello and thank you for checking out this months Saltwater Canal Home Sales Report for Flagler County. Below are saltwater canal property sales along with the addresses & selling prices of each property sold in January 2020.

If you’re looking to buy or sell a waterfront home feel free to browse the website and register yourself for free market updates. You can also give me a call or text directly at 386-793-1426 anytime!

12 Saltwater Canal Homes sold in the first month of 2020 in Flagler County.

The Top Sale was 3164 N Ocean Shore Blvd selling at $785,500. This property has 5BR 4BA with a total of 3,618 living square feet.

The Deal of the Month was 7 Cheyenne Court selling for $221,000. This property has 2BR 2BA with a total living square feet of 1645.

Here’s all the saltwater canal home sales for January 2020.

Northern Penninsula

3164 N Oceanshore Blvd - $785,500

Palm Coast - Palm Harbor

20 Cloverdale Ct. N - $515,000

24 Conley Court - $480,000

13 Crandon Court - $436,000

5 Chestnut Ct.- $390,000

8 Corning Court - $330,000

49 Cottonwood Court - $295,000

31 Cottonwood Court - $295,000

17 College Court - $284,000

241 Coral Reef Ct N - $239,000

34 Columbia Lane - $225,500

7 Cheyenne Court - $221,000

Thank you for checking out this months Saltwater Canal Home Sales Report 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 give me a call or text at 386-793-1426.

NEW LISTING! 326 N 12th St. Flagler Beach, Fl 32136

Checkout the Video Tour Below on this one of a kind listing! Boaters Paradise! Reach the deep water Intracoastal Waterway in just seconds. Private, no homes behind subject property. Call or text Robert “Bobby” Keith for more info 386-793-1426

Congress Votes to Extend National Flood Insurance

No lapse in NFIP yet: Congress passed an extension to keep it going until Nov. 21 – the 13th time it’s been extended. President Trump is expected to sign the bill.

WASHINGTON – Don’t expect a lapse – not yet anyway – in the National Flood Insurance Program, the country’s largest flood insurer. The program has been set to expire on Sept. 30, but the U.S. Senate recently passed an extension that would keep the program afloat until Nov. 21. The House had previously passed the extension.

The bill is expected to be signed by President Donald Trump.

This extension will mark the 13th time the program – which is billions of dollars in debt – has been rescued by lawmakers with extensions. The NFIP provides flood insurance coverage to 22,000 communities nationwide and protects property owners against loss from flooding, the most common and costly natural disaster in the U.S.

Federal law requires the purchase of flood insurance for a federally backed mortgage in special flood hazard areas designated by FEMA. Private flood insurance is also available in many high-risk areas, but the NFIP may be the only option for some homeowners.

Any lapse in NFIP funding could jeopardize up to 40,000 home sales a month, the National Association of Realtors® has warned in the past. NAR has long called on long-term reforms to the program. NAR supports reforms to the National Flood Insurance Program, including calls to strengthen flood mapping and mitigation and the development of more private-market flood insurance options.

Meteorologists warn that rising sea levels and increasingly powerful storms will continue to threaten more areas with flooding.

Source: REALTOR® Magazine

© 2019 Florida Realtors®

SOLD! 3 Floyd Court Palm Coast, FL 32137

3 Floyd Court is SOLD! 9/27/19

NAR: Pending Home Sales Rose 1.6% in August

Pending sales went up 1.6%, reversing the prior month’s decrease, and year-over-year contract signings jumped 2.5%. NAR economist calls it “very encouraging.”

WASHINGTON – Pending home sales reversed course in August after a prior month of declines, according to the National Association of Realtors® (NAR). Each of the four major regions in the study reported both month-over-month growth and year-over-year gains in contract activity.

The Pending Home Sales Index (PHSI) – a forward-looking indicator based on contract signings – climbed 1.6% to 107.3 in August, reversing the prior month’s decrease. Year-over-year contract signings jumped 2.5%. An index of 100 is equal to the average level of contract activity.

“It is very encouraging that buyers are responding to exceptionally low interest rates,” says Lawrence Yun, NAR chief economist. “The notable sales slump in the West region over recent years appears to be over. Rising demand will reaccelerate home price appreciation in the absence of more supply.

Regional breakdown: All regional indices were up compared to July, with the highest gain in the West region. The PHSI in the Northeast rose 1.4% to 94.3 and is now 0.7% higher than a year ago. In the Midwest, the index increased 0.6% to 101.7 in August, 0.2% higher than August 2018.

Pending home sales in the South increased 1.4% to an index of 124.4 in August, a 1.8% bump from last August. The index in the West grew 3.1% to 96.4, an increase of 8.0% from a year ago.

Yun says that historically low interest rates will affect economic growth, especially home buying, going forward.

“With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020,” says Yun. “Unfortunately, so far in 2019, new home construction is down 2.0%. The hope is that housing starts quickly move into higher gear to meet the higher demand. Moreover, broader economic growth will strengthen from increased housing activity.”

NAR forecasts home sales to rise 0.6% in 2019 and another 3.4% in 2020. Housing starts are predicted to increase by 2.0% in 2019 and jump an additional 10.6% in 2020, which in turn raises GDP to growth at 2.0% in 2020.

© 2019 Florida Realtors®

September Builder Confidence Hits High for Year

The index gauging builders’ attitudes hit 68 this month. Readings above 50 are considered positive territory, and they’ve been in the mid- to upper 60s since May.

WASHINGTON – Builder confidence in the market for newly built single-family homes rose one point to 68 in September from an upwardly revised August reading of 67, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any reading above 50 is considered positive territory, and sentiment levels have held in the mid- to upper 60s since May.

“Low interest rates and solid demand continue to fuel builders’ sentiments even as they continue to grapple with ongoing supply-side challenges that hinder housing affordability, including a shortage of lots and labor,” says National Association of Home Builders (NAHB) Chairman Greg Ugalde.

“Solid household formations and attractive mortgage rates are contributing to a positive builder outlook,” adds NAHB Chief Economist Robert Dietz. “However, builders are expressing growing concerns regarding uncertainty stemming from the trade dispute with China. NAHB’s Home Building Geography Index indicates that the slowdown in the manufacturing sector is holding back home construction in some parts of the nation, although there is growth in rural and exurban areas.”

The HMI index gauging current sales conditions increased two points to 75 and the component measuring traffic of prospective buyers held steady at 50. The measure charting sales expectations in the next six months fell one point to 70.

Looking at the three-month moving averages for regional HMI scores, the Northeast posted a two-point gain to 59, the West was up two points to 75, and the South moved one point higher to 70. The Midwest was unchanged at 57.

© 2019 Florida Realtors®

Federal Reserve Cuts Interest Rates by Quarter Point

The Fed cut rates for the second time this year and said it would keep doing what it deems necessary to sustain the U.S. economic expansion. Interest rate cuts have a direct impact on adjustable-rate mortgages and an indirect effect on fixed-rate loans.

WASHINGTON – The Fed cut rates for the second time this year and said it would keep doing what it deems necessary to sustain the U.S. economic expansion. Interest rate cuts have a direct impact on adjustable-rate mortgages and an indirect effect on fixed-rate loans.

In a statement accompanying the announcement, the Fed said the labor market “remains strong,” economic activity has been “rising at a moderate rate,” and household spending “has been rising at a strong pace.”

However, it also noted economic challenges, including “business fixed investment and exports have weakened.”

While Federal Reserve members often unanimously agree on rate changes, the vote this time was 7-3, the largest number of dissents in three years. Two Fed officials voted to keep rates unchanged, while one member argued for a larger half-point cut.

It’s not clear if the Fed will continue to cut rates later this year or not as some have predicted. While a number of Fed officials favor another rate cut soon, at least two officials expect a rate hike.

© 2019 Florida Realtors®