WASHINGTON – Jan. 10, 2012 – The number of housing markets showing measurable improvement nearly doubled in January with the addition of 40 new metros to the National Association of Home Builders/First American Improving Markets Index (IMI). The IMI now shows 76 improving markets, up from 41 in December, with 31 states and the District of Columbia represented by at least one entry.
In Florida, three cities made it onto IMI’s improved list: Jacksonville, Cape Coral and Punta Gorda.
“The fact that the list of improving housing markets nearly doubled this month shows that a significant, positive trend is developing, and is even more relevant when you consider the expanding geographic distribution of the list – which now includes 31 states and the District of Columbia,” says NAHB Chairman Bob Nielsen. “This trend could be even stronger if not for the numerous impediments that continue to slow a housing and economic recovery, including overly restrictive lending policies and the growing inventory of distressed properties in certain markets.”
The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. The index measures three sets of independent monthly data to get a mark on the top improving Metropolitan Statistical Areas. The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau. (more…)
Listed By Linda Roe Dickinson, Of Michael Saunders & Company, Sale Is The Largest Transaction On Casey Key Since 2009.
A Gulf-front estate listed by Linda Roe Dickinson—of Michael Saunders & Company—became Casey Key’s highest selling property of 2011 when it closed on July 15. The sale was also the year’s second highest involving residential properties in Sarasota County; yet another indicator that the market for high value properties in Southwest Florida has improved considerably. The last time a Casey Key property sold for a higher amount was in November 2009.
The 1.65-acre estate, whose mansion includes more than 10,000 square feet under air, is situated on 200 feet of Casey Key shoreline with magnificent views of the Gulf of Mexico. There are two master suites, one up and one down; and three guest suites. The outdoor spaces include a living area that wraps the Gulf side of the house, a summer kitchen, disappearing edge swimming pool and spa. Gated and walled, the home is accessed via a handsome porte-cochere with circular drive and motor court. There is an 8-car garage and separate caretaker’s building.
Linda Roe Dickinson has lived in Sarasota since 1975 and been the top-producing agent for Michael Saunders & Company for the past seven consecutive years.
Back in June 2006, when the housing market peaked, the prospect of a five-year national housing bust seemed unimaginable to most people. And yet here we are, with the latest Standard & Poor’s Case-Shiller index showing that prices hit new bear-market lows, falling back to 2002 levels nationally and to 1990s levels in some battered regions.
Despite all the gloom, however, there are growing indications that it is a good time to buy. Mortgage rates, which fell to 4.55% for the week ending June 2, according to Freddie Mac, are near 50-year lows. Homes have become more affordable than they have been in years: According to Moody’s Analytics, the ratio of home prices to income is now 20.9% lower than the 15-year average through 2010, and 12.5% lower than the 1989-2004 average. A historic glut of homes, meanwhile, has created a buyer’s market: There were about 15 million vacant homes in the U.S. last year, according to John Burns Real Estate ConsultingInc.—some 3.1 million more than normal.
Such conditions might not last long. Moody’s Analytics predicts that the number of distressed sales will begin to fall in 2013, and that prices will begin to edge upward then. Home building is at a virtual standstill, so the supply overhang isn’t likely to get much worse. Meanwhile, demographic indicators such as “household formation”—the number of new households each year—are on the rise, and promise to take a bite out of the glut in coming years.
While the housing market in many U.S. markets shows signs of a continued correction in prices, the market for properties in Southwest Florida continues to buck the trend with strong sales and rising prices, it was reported today (June 1) in the Sarasota Herald-Tribune. See article for complete details:
One of the most widely watched indexes of home prices in the nation plunged for the second quarter in a row, revealing continued weakness in the nation’s real estate market.
The Standard & Poor’s/Case-Shiller home price index, which measures 20 major metropolitan markets across the U.S., declined 4.3 percent during the three months ended March 31 compared with the same period a year earlier. The quarterly drop follows a 3.6 percent decline during the three months ended Dec. 31.
Regional statistics of late have run counter to the nationwide data, however, signalling that Southwest Florida, at least, is beginning to rebound from a housing crisis that was worse than in many parts of the country.
But for much of the U.S., housing markets have failed to sustain a rally that began in 2009, when prices started drifting upward.
More significantly, the price averages now have dipped to their lowest levels since the nation’s housing bubble burst four years ago, a point many economists and real estate watchers believed represented the bottom for home prices and the worst of the housing crisis.
“This month’s report is marked by confirmation of a double dip in home prices across much of the nation,” said David M. Blitzer, chairman of the index committee for Standard & Poor’s.
May’s year-over-year home sales were up by nearly 20 percentage points in Sarasota County and by almost 35 percentage points in Manatee County; as inventories of available homes dropped by 13.9 and 9.6% respectively. Pending sales were basically flat in Sarasota County, rising by only .4%; but were up 16.3% in Manatee County.
In Charlotte County year-over-year sales for May were up 2.3%, pending sales were up 5.3%; and the inventory of available properties declined by 4.4%.
Our market’s recovery continued moving forward in April. Inventories of available properties continued to decline throughout Manatee, Sarasota and Charlotte Counties; while sales were up by more than 27% in Manatee County, 19% in Sarasota County and 17% in Charlotte County. Pending sales, a strong harbinger of closed sales to come in the next 30 to 60 days, were also up significantly. Pendings were up 52% in Manatee County, 27% in Sarasota County and nearly 10% in Charlotte County.
Revitalized and Refreshed: Discover the charms of downtown Punta Gorda. Image courtesy of tampabay.com.
The City of Punta Gorda was founded in 1882 by Colonel Isaac Trabue on 30 acres of land on the southern shore of Charlotte Harbor. A fire downtown destroyed almost all of Punta Gorda in 1905. After this disaster, the city council mandated all new businesses and homes be constructed of brick or concrete. After the completion of the first bridge across Charlotte Harbor in 1921, the great Florida boom reached the fishing village of Punta Gorda, and several key structures were built including City Hall, the Old Courthouse, Charlotte High School and the Punta Gorda Ice Plant
An Area of Revitalization – Downtown Punta Gorda
In 2004, the damage Hurricane Charley inflicted on the Punta Gorda area included many homes, structures and historical landmarks. A number of revitalization projects took place in the following years involving federal grants for restorations and amenities throughout the downtown corridor. Laishley Park Municipal Marina was constructed along Charlotte Harbor, the second largest harbor in the State of Florida with world-class fishing and access to the Gulf of Mexico. The marina has 85 boat slips and a boat launch for public use. A newly constructed Boat and Sail Club at Alice Park offers a kayak and canoe launch, along with powerboat dockage. The new construction of the Charlotte Event Center on Charlotte Harbor will bring culture and special events to the downtown corridor, and 800 new hotel rooms and restaurants add charm to the historic and downtown feel of the city. (more…)
Posted by Michael Saunders & Company on March 17, 2010
In Manatee, Sarasota and Charlotte Counties, sales and pending sales for the month of February continued to paint a picture of sustained recovery across all three areas. The number of homes for sale declined by as much as 24% (in Sarasota County) versus last year, while sales were up by as much as 27.2% ( in Manatee County); and pendings up by as much as 57.3% in Charlotte County.
Recent trends in the Southwest Florida real estate market—as reported by TRENDGRAPHIX—continue to show encouraging signs of a market in recovery. Year-over-year inventories of existing homes for sale are down by nearly a fifth to a quarter across all three counties of Southwest Florida; while both closed and pending sales in Sarasota, Manatee and Charlotte Counties remain steady and dramatic.
New Homes & Condominiums director Amy Drake discusses why an over supply of inventory and lowering prices make this a great time to buy new construction in real estate.
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If you have questions for Michael Saunders, email AskMichael@michaelsaunders.com.
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