Opinions and information on Real Estate issues in the West Central area of Florida. Including Zephyrhills, Dade City, San Antonio, North Tampa, Lutz, Land O'Lakes, Temple Terrace, Wesley Chapel, Saint Leo, North Lakeland, and Eastern Hernando County - JOHN ELWELL - REALTOR at CENTURY 21 Bill Nye Realty, Inc. 34619 State Road 54, Zephyrhills, FL 33541 Tel: 813-783-4444 LICENSED IN FLORIDA
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ORLANDO, Fla. – Sept. 22, 2016 – Florida's housing market reported more closed sales, higher median prices, more new listings and fewer all-cash closed sales in August, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 25,070 last month, up 8.2 percent from August 2015.
"A continued lack of inventory – particularly in the mid-$200,000 and under range – is creating obstacles for many buyers who are trying to enter Florida's housing market," said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. "Rising median prices also may be an inhibiting factor for these would-be homeowners; however, the uptick in prices could persuade sellers that now is the time to list their properties for sale, which in turn may help ease the tight supply in many areas."
Home sellers continued to get more of their original asking price at the closing table in August: Sellers of existing single-family homes received 96.4 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.6 percent (median percentage).
The statewide median sales price for single-family existing homes last month was $225,000, up 12.6 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in August was $160,000, up 6.7 percent over the year-ago figure.
In August, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 57th month in a row, Veissi noted. The median is the midpoint; half the homes sold for more, half for less.
Accordingto the National Association of Realtors (NAR), thenational median sales price for existing single-family homes in July 2016 was $246,000, up 5 percent from the previous yearthe national median existing condo price was $228,400.In California, the statewide median sales price for single-family existing homes in July was $509,830; in Massachusetts, it was $376,750; in Maryland, it was $289,088; and in New York, it was $255,000.
Looking at Florida's townhouse-condo market, statewide closed sales totaled 9,484 last month, up 3.3 percent compared to August 2015. Closed sales data reflected fewer short sales and cash-only sales in August: Short sales for townhouse-condo properties declined 37.4 percent while short sales for single-family homes dropped 37.3 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
"Closed sales of single-family homes in Florida were up by 8.2 percent year-over-year in August, effectively erasing all of the losses from July," said Florida Realtors Chief Economist Brad O'Connor. "August's gains were broad-based, with 20 of Florida's 22 metro areas experiencing a year-over-year increase in sales. However, a single month's worth of data is rarely enough information to make assertions about a market's direction.
"In the present case, it's possible that a number of sales that might ordinarily have occurred in July were pushed back into August. Basically, if you consider the data over July and August together, the net growth rate continues the trend we've been seeing all year of slow but positive growth in the single-family market."
Inventory was at a 4.2-months' supply in August for single-family homes and at a 5.8-months' supply for townhouse-condo properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.44 percent in August 2016, which was notably lower than the 3.91 percent average recorded during the same month a year earlier.
For the full statewide housing activity reports, go to Florida Realtors Research and Statistics on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors’ website.
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Just wanted to give some follow-up after my post of last week concerning the approach of Tropical Storm Hermine. We had some heavy rains from squall lines that passed through and a few breezy hours, but nothing more. I have heard of no damage other than some tree limbs down here and there.
Luckily Zephyrhills is inland so we have a buffer between us and the Gulf of Mexico. Along the gulf they had much more flooding from tidal surges, and the rivers and canals over there. Often buyers tell me that they prefer to be closer to the gulf than to live in Zephyrhills. But that opinion often changes when the water is lapping at their doors.
In any case we are happy here in Eastern Pasco County that fate smiled on us. It has been many years since a large hurricane came this way and we are very happy that we again have been spared.
John Elwell - REALTOR at CENTURY 21 Bill Nye Realty, Inc. 813-783-4444
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This is the track of Tropical Storm Hermine as it approaches Florida's gulf coast on Thursday afternoon on September 1, 2016. It appears that it may turn into a hurricane briefly before hitting land. Then it changes back to a tropical storm. With those we are not worried so much about high winds (unless you live on the coast) but with the heavy rain which can cause flooding.
Luckily, Florida is mostly flat so we don't have a lot of rivers that flow rapidly like you have seen in Texas and other states. Mostly it is standing water. However, that has its bad points too since if it "stands" then it does not clear out for some time. So it can take a long time for water levels to go down. Especially if the ground is already saturated.
Luckily in the interior of the state we are above sea level, so that, except in low-lying areas, the water seems to go away in a short time.
So far here in Zephyrhills, Florida just north of Tampa Bay, all we have had is a stiff breeze now and then and some light rain. We will see if that changes overnight.
If you are in one of the areas that is predicted to have worse weather, pay attention to your local county officials and listen to the radio/television for updates. Especially if you live in a mobile home or in a low-lying area. The northern part of the states has many more little hills and valleys and you need to be aware of the place where you live.
If you like, you can also get maps and up-to-date info from the National Hurricane Center by clicking on the following link: National Hurricane Center
Hope everyone just comes out of this a bit soggy, but safe and healthy! John Elwell - REALTOR at CENTURY 21 Bill Nye Realty, Inc. 813-783-4444.
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