The following is a report from the National Association of Realtors.
ORLANDO, Fla. – April 23, 2009 – Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). March’s statewide sales also increased over the previous month’s sales level in both the existing home and existing condo markets.
Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than February’s statewide sales.
Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 13 MSAs also showed gains in condo sales. It marks the ninth consecutive month that a majority of markets have reported increased sales.
Florida’s median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report there is a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less. The national median sales price for existing single-family homes in February 2009 was $164,600, down 15 percent from a year earlier, according to NAR. In California, the statewide median resales price was $247,590 in February; in Massachusetts, it was $252,500; in Maryland, it was $253,200; and in New York, it was $210,000.
NAR’s latest housing industry outlook reported that entry-level buyers are seeking bargains, which resulted in sales of distressed properties accounting for 40 to 45 percent of February’s transactions. “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” said NAR Chief Economist Lawrence Yun.
In Florida’s year-to-year comparison for condos, 4,388 units sold statewide compared to 3,503 units in March 2008 for a 25 percent increase. The statewide existing condo median sales price last month was $108,700; in March 2008 it was $172,300 for a 37 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $172,200 in February 2009.
Interest rates for a 30-year fixed-rate mortgage averaged 5 percent last month, down significantly from the average rate of 5.97 percent in March 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s large to medium-size markets, the Melbourne-Titusville-Palm Bay MSA reported a total of 539 homes sold in March compared to 445 homes a year ago for a 21 percent increase. The existing home median sales price was $123,700; a year ago, it was $159,000 for a 22 percent decrease. In the year-to-year comparison for the existing condo market, a total of 113 units sold in the MSA last month, up 24 percent compared to 91 condos sold the previous March. The market’s existing condo median price was $123,100; a year ago, it was $164,300 for a 25 percent decrease.2009 © FLORIDA ASSOCIATION OF REALTORS
Thursday, April 23, 2009
Monday, April 20, 2009
If you haven't heard, the new word is GREEN!
This is an article from RisMedia who publish to the Real Estate Industry. I thought you may find it interesting. It's a panel discussion on green in the industry.
Oh, and by the way, the market is showing signs of turning. As thee inventory of foreclosures and short sales (which have been dragging values down) decreases (and it is) it provides a better opportunity for others who wish to sell. Pending sales have risen steadily over the past few weeks.
Now for the green part!
RISMEDIA, April 16, 2009-With Earth Day right around the corner and the concept of ‘going green’ becoming more mainstream for both companies and homeowners, now is the time to look at the ways in which you too can join the green movement. This month’s Power Broker Roundtable focuses on the green concept and how two industry leaders have taken on the challenge to go green.
Moderator Virginia Cook, Special Liaison for Large Firm Relations, NAR.
Participants-Richard (Dick) Fisher, President, Morro Bay Realty, Morro Bay, California
Sherry Chris, President and CEO, Better Homes and Gardens Real Estate.
Virginia Cook: Kermit the Frog said it years ago-”It’s not easy being green.” Though the context has changed, the quest to save our planet by living green has gained a new importance. More eco-friendly products are popping up in stores, and the trend toward a paperless lifestyle is more than politically correct. It is a real acceptance of our responsibility to hand a healthy planet to the generations that follow us. This is also the reason NAR has developed green resources for use by brokers and agents-including the new Green Designation .
(www.GreenREsourceCouncil.org), plus pertinent information at www.realtor.org/archives/green, and articles at REALTOR® Magazine Online.
For this month’s Roundtable, we’ve invited two industry leaders who accepted the challenge to go green early on. Dick, your office has been virtually paperless since 2006. How-and why-did that happen?
Dick Fisher: Well, I grew up with computers, so going paperless seemed like a natural step. With scanners in every office and a full-time transaction coordinator, everything we do today is electronic. Forms are scanned directly into e-mail. DocuSign lets customers sign forms online and e-mail them back to our office. Lenders, escrow companies, even home inspectors and pest control companies are doing more of their business electronically. Everything happens faster and at a lower cost-no postage, no paper, no waiting.
Sherry Chris: I’ll go along with that. A year ago, Realogy started going green with our corporate building in New Jersey. They eliminated disposable cartons and serveware from the cafeteria in favor of reusable materials. They shut down the energy hogs, replaced a circulating fountain with trees and put all the lights on timers. Now we’re launching a new campaign to take it to our offices and customers. There is now a “Living Green” section on our website and a host of resources for agents and brokers on our Intranet.
VC: But does going paperless mean we have to hire technically skilled people? And how is the emphasis on living green affecting agents?
DF: We still hire agents who are salespeople, first and foremost. Then we train them to operate in our paperless environment. Once they try it, they are sold. Even the older agents, who can still remember those bulky multiple listing books they used to carry around, have no problem adapting to the new environment. Often, they are the first to agree that this makes doing business much easier.
VC: Dick, you mentioned you have a full-time transaction coordinator on staff who keeps things moving electronically. Is that a strain on your bottom line?
DF: Just the opposite. In the old days, we had two staffers and an overseer to keep track of all that paperwork. Now, we have the one licensed transaction coordinator, so our cost is substantially less. Overall, in fact, when you factor in the savings in postage, paper, photocopying and mileage, I expect us to cut our costs in half.
SC: For me, going successfully green means combining education and action-and involving our brokers, agents and customers in this supremely important effort. We had great participation in Earth Hour last month, turning off lights for one hour in a show of solidarity-and we’re gearing up for even better participation on Earth Day on April 22.
The Power Broker Roundtable is brought to you by the National Association of REALTORS® and Virginia Cook, NAR’s Special Liaison for Large Firm Relations. Watch for this column each month, where we address broker issues, concerns and milestones.
RISMedia welcomes your questions and comments.
Oh, and by the way, the market is showing signs of turning. As thee inventory of foreclosures and short sales (which have been dragging values down) decreases (and it is) it provides a better opportunity for others who wish to sell. Pending sales have risen steadily over the past few weeks.
Now for the green part!
RISMEDIA, April 16, 2009-With Earth Day right around the corner and the concept of ‘going green’ becoming more mainstream for both companies and homeowners, now is the time to look at the ways in which you too can join the green movement. This month’s Power Broker Roundtable focuses on the green concept and how two industry leaders have taken on the challenge to go green.
Moderator Virginia Cook, Special Liaison for Large Firm Relations, NAR.
Participants-Richard (Dick) Fisher, President, Morro Bay Realty, Morro Bay, California
Sherry Chris, President and CEO, Better Homes and Gardens Real Estate.
Virginia Cook: Kermit the Frog said it years ago-”It’s not easy being green.” Though the context has changed, the quest to save our planet by living green has gained a new importance. More eco-friendly products are popping up in stores, and the trend toward a paperless lifestyle is more than politically correct. It is a real acceptance of our responsibility to hand a healthy planet to the generations that follow us. This is also the reason NAR has developed green resources for use by brokers and agents-including the new Green Designation .
(www.GreenREsourceCouncil.org), plus pertinent information at www.realtor.org/archives/green, and articles at REALTOR® Magazine Online.
For this month’s Roundtable, we’ve invited two industry leaders who accepted the challenge to go green early on. Dick, your office has been virtually paperless since 2006. How-and why-did that happen?
Dick Fisher: Well, I grew up with computers, so going paperless seemed like a natural step. With scanners in every office and a full-time transaction coordinator, everything we do today is electronic. Forms are scanned directly into e-mail. DocuSign lets customers sign forms online and e-mail them back to our office. Lenders, escrow companies, even home inspectors and pest control companies are doing more of their business electronically. Everything happens faster and at a lower cost-no postage, no paper, no waiting.
Sherry Chris: I’ll go along with that. A year ago, Realogy started going green with our corporate building in New Jersey. They eliminated disposable cartons and serveware from the cafeteria in favor of reusable materials. They shut down the energy hogs, replaced a circulating fountain with trees and put all the lights on timers. Now we’re launching a new campaign to take it to our offices and customers. There is now a “Living Green” section on our website and a host of resources for agents and brokers on our Intranet.
VC: But does going paperless mean we have to hire technically skilled people? And how is the emphasis on living green affecting agents?
DF: We still hire agents who are salespeople, first and foremost. Then we train them to operate in our paperless environment. Once they try it, they are sold. Even the older agents, who can still remember those bulky multiple listing books they used to carry around, have no problem adapting to the new environment. Often, they are the first to agree that this makes doing business much easier.
VC: Dick, you mentioned you have a full-time transaction coordinator on staff who keeps things moving electronically. Is that a strain on your bottom line?
DF: Just the opposite. In the old days, we had two staffers and an overseer to keep track of all that paperwork. Now, we have the one licensed transaction coordinator, so our cost is substantially less. Overall, in fact, when you factor in the savings in postage, paper, photocopying and mileage, I expect us to cut our costs in half.
SC: For me, going successfully green means combining education and action-and involving our brokers, agents and customers in this supremely important effort. We had great participation in Earth Hour last month, turning off lights for one hour in a show of solidarity-and we’re gearing up for even better participation on Earth Day on April 22.
The Power Broker Roundtable is brought to you by the National Association of REALTORS® and Virginia Cook, NAR’s Special Liaison for Large Firm Relations. Watch for this column each month, where we address broker issues, concerns and milestones.
RISMedia welcomes your questions and comments.
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