The Anna Maria Island Sun Newspaper

Vol. 15 No. 41 - August 12, 2015

REAL ESTATE

National heat wave

 

The country is boiling; and the mid-west and northeast are experiencing average high temperatures that are higher than Florida’s in August, which is pretty darn hot. Right up there with the sizzling temperatures is the sizzling housing data and so far we’re only reporting on June.

Prices of existing homes sold in the United States climbed to a record high in June, higher even than the high water mark of 2006 and the strongest sales increase in more than eight years. According to the National Association of Realtors, the median sales price for a previously owned home jumped 6.5 percent in June from June of last year topping out at $236,400. This figure is higher than the previous high of $230,400 recorded in July of 2006. In addition, the number of sales increased from May to June of this year by 3.2 percent.

Economists are giving credit for the great summer selling season to a stronger employment picture as well as buyers who are anxious to get into the market before mortgage rates and prices go up further. According to Freddie Mac the average rate for a 30 year fixed rate mortgage rose in June to 3.98 percent from 3.84 percent in May. At the end of 2012, rates were at their lowest point of 3.35 percent.

Existing homes account for about 90 percent of all home purchases in the country and at the current pace of sales it would take five months to exhaust the inventory leaving a shortage of homes to purchase pushing prices up further. In addition distressed property sales were only 8 percent of the market in June, the lowest since 2008.

Florida’s housing market is right up there with the national averages reporting more closed sales, higher median prices and tightening inventory in June. According to data released by Florida Realtors, closed sales of existing single family homes statewide totaled 27,729 in June up 19.6 percent over June of last year.

Andrew Barbar the president of the Florida Realtors’ association said “Florida’s housing market shows positive momentum with a rising influx of people moving to the Sunshine State and a steadily improving jobs outlook in June, the state’s unemployment rate was 5.5 percent.” He also reported that statewide new listings for single family homes in June rose 10 percent year-over-year while new townhouse and condo listings rose 5.2 percent.

The statewide median sales price for single family existing homes in June was $203,500, up 10 percent from the previous year, and the statewide median price for townhouse and condo properties was $152,076, up 7.9 percent from last year. This information is compiled from Florida Realtors Industry Data and Analysis Department in partnership with local realtor boards and associations. The decline in short sales in June also points to a recovering market. Short sales for townhouse and condo properties declined 36.1 percent while short sales for single family homes dropped 30.4 percent.

The only danger, according to Dr. John Tuccillo, Chief Economist for Florida Realtors, is whether the market is starting to overheat. In June there was a 4.6 month supply of single family homes on the market and a 5.5 month supply of townhouse and condos. A six month supply of inventory is considered the benchmark for a balanced market between buyers and sellers.

Only time will tell if the real estate markets both nationwide and in Florida are overheated or will ultimately find the correct balance. In the meantime the temperatures keep sizzling and the buyers keep coming.

Real Estate Transactions
June 2015

Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

06/12/15 499,900 499,000 701 N Bay Blvd 847 2 Br/1 Ba SFR
06/30/15 659,900 640,000 805 N Bay Blvd 1480 2 Br/2 Ba SFR
06/26/15 725,000 700,000 307 Tarpon St 1512 2 Br/2 Ba SFR
06/15/15 799,999 795,000 607 N Bay Blvd 1396 3 Br/2 Ba SFR
06/19/15 839,500 810,000 107 Tern Dr 2131 75x100 3 Br/3 Ba SFR
06/08/15 869,000 815,000 711 Gladiolus St 2025 50x114 3 Br/2.5 Ba SFR
06/19/15 949,000 845,000 235 Oak Ave 2942 125x100 4 Br/3 Ba SFR
06/12/15 975,000 975,000 117 Park Ave 1549 3 Br/2 Ba SFR
06/22/15 2,100,000 1,825,000 104 Park Ave 3762 75x100 5 Br/4 Ba SFR
06/19/15 585,000 525,000 112 Oak Ave# 112 1212 3 Br/2 Ba Condo
06/26/15 499,000 430,000 770 Jacaranda Rd 1032 90x115x43x105 Duplex
06/15/15 550,000 545,000 514 Villa Rosa Way 50x91x65x55x103 Vac

Bradenton Beach

06/08/15 154,900 145,000 117 7th St N #15 594 1 Br/1 Ba Condo
06/24/15 189,000 167,500 117 7th St St #27 594 1 Br/1 Ba Condo
06/03/15 329,000 319,000 501 Gulf Dr N #109 1128 2 Br/2 Ba Condo
06/22/15 449,900 435,000 238 17th St #32 1268 2 Br/2 Ba Condo
06/30/15 550,000 528,000 1900 Gulf Dr N #12 922 2 Br/2 Ba Condo

Cortez

06/22/15 975,000 940,000 12401 Baypointe Ter 4710 95x192x90x203 6Br/4 Ba/2 Half Ba SFR
06/04/15 1,195,500 1,070,000 4012 Commodore Blvd 3754 4Br/4.5 Ba SFR
06/09/15 460,000 445,000 12510 Harbour Land 1912 2 Br/2 Ba Townhouse

Holmes Beach

06/26/15 329,000 310,000 424 62nd St 901 2 Br/1 Ba SFR
06/18/15 499,900 450,000 504 68th St 1158 75x102 2 Br/2 Ba SFR
06/30/15 509,900 495,000 611 Emerald Lane 1728 2 Br/2 Ba SFR
06/01/15 619,000 600,500 215 N Harbor Dr 1351 2 Br/2 Ba SFR
06/25/15 615,000 615,000 646 Key Royale Dr 1693 2 Br/2 Ba SFR
06/15/15 829,000 640,000 317 58th St # East 1254 4 Br/3 Ba SFR
06/29/15 739,000 700,000 530 Key Royale Dr 2098 100x140 4 Br/3 Ba SFR
06/26/15 744,900 720,000 5909 Flotilla Dr 2780 4 Br/3 Ba SFR
06/30/15 895,000 875,000 510 59th St 2390 1726x90x120.14x1002 3 Br/3 Ba SFR
06/02/15 1,449,000 1,300,000 119 Neptune Lane 3109 7 Br/5.5 Ba SFR
06/30/15 284,000 267,500 3705 E Bay Dr # 213 1146 2 Br/2 Ba Condo
06/30/15 298,000 285,000 3801 E Bay Dr # 104 1121 2 Br/2 Ba Condo
06/24/15 397,500 375,000 5608 Gulf Dr # 103 1092 2 Br/2 Ba Condo
06/02/15 419,900 397,500 5608 Gulf Dr # 105 1092 2 Br/2 Ba Condo
06/30/15 435,000 435,000 7100 Gulf Dr # 203 1081 2 Br/2 Ba Condo
06/26/15 589,900 580,000 4808 Gulf Dr # A 2017 90x100 3 Br/2.5 Ba Condo, REO/Bank Owned
06/25/15 849,000 800000 6700 Gulf Dr # 14 1513 3 Br/2 Ba Condo
06/30/15 525,000 519995 309 66th St # A 1536 3 Br/2.5 Ba Townhuse
06/02/15 449,000 425000 204 2nd N St # A & B 2464 50x100 Duplex

Source: Mid Florida Multiple Listing Service


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