FLORIDA HOME SALES AND PRICES UP, INVENTORY TIGHT IN MARCH

Florida Realtors®’ data: Single-family home sales rose 23.3% year-over-year and median sales price was up 18.9%. The coronavirus was first detected in Florida on March 1, 2020; therefore, last March’s data was the first to reflect the pandemic’s impact.

 

Florida’s housing market continues its momentum in March, with more closed sales, higher median prices, more new pending sales and increased pending inventory compared to a year ago, according to Florida Realtors® latest housing data. The coronavirus was first detected in Florida on March 1, 2020.

“Even as we continue to deal with the pandemic and the real impact that COVID-19 has had on our lives, this spring is very different from what we saw last year,” said 2021 Florida Realtors President Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness.“Intense buyer demand, combined with the high level of home sales sparked by very low interest rates, continue to reduce inventory levels, which is challenging for potential homebuyers. Due in part to this extreme shortfall of homes for sale relative to high demand, home prices keep rising, which also impacts the availability and affordability of housing options, especially for first-time buyers.”

Closed sales of single-family homes statewide in March totaled 32,819, up 23.3% year-over-year, while existing condo-townhouse sales totaled 16,518, up 52.6% over March 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

The statewide median sales price for single-family existing homes was $327,000 up 18.9% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $242,000, up 15.2% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Florida’s housing market is off to a strong start for this year’s spring buying season, according to Florida Realtors Chief Economist Dr. Brad O’Connor. However, he explained that the rate of sales growth in the condo-townhouse category continues to “steal the show” – its year-over-year sales growth (up 52.6% this March) has outpaced single-family home sales since last August, even though condo and townhouse sales were hit particularly hard early in the pandemic.

Why are condo and townhouse sales increasing so much relative to single-family home sales?

“For one thing, there is just so little single-family inventory available, especially in more affordable price ranges,” O’Connor said. “We have a very large population group, the millennials, who have moved into their prime home-buying years. However, in recent years, builders have not been building the classic single-family detached starter homes that young American families have long dreamed of one day owning – therefore, there aren’t enough of these homes available for resale to meet the overwhelming level of demand. Any that are listed frequently have bidding wars that price out many young prospective buyers.

“Increasingly, these buyers are giving up on single-family homes and are turning to attached condo and townhouse units instead. Even though these buyers might have had their hearts set on a single-family home, they’re realizing mortgage rates aren’t going to remain this low forever, and they don’t want to wait until they’re well into their 40s or 50s to start building up home equity. More and more, they’re seeing that condos and townhouses are the properties that give them the best opportunity to do that right now.”

In looking at March’s eye-popping positive numbers for new pending sales – up 48.2% for single-family homes and 126.4% for condos and townhouses – Chief Economist O’Connor noted that new pending sales were the first statistic to feel the brunt of the pandemic last year, and so were considerably down last March.

“That’s the reason these year-over-year numbers are so huge,” he said. “It might be more useful, then, to compare this March’s new pending sales to those from two years ago, in March 2019. And when we do that, we find that new pending sales were up by a very satisfying 14% for single-family homes and 47% for condo-townhouse properties.”

On the supply side of the market, inventory (active listings) remained constrained in February. Single-family existing homes were at a very low 1.2-months’ supply while condo-townhouse inventory was at a 2.8-months’ supply.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.08% in March 2021, significantly lower than the 3.45% averaged during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Tools and Research section. Realtors also have access to local market data (password protected) through Florida Realtors’ SunStats resource.

 

Source: Florida Realtors®

ST. LUCIE HOUSING MARKET HEATS UP, NEW CONSTRUCTION ON THE RISE

Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in St. Lucie County. The reports compare year-over-year data for March. Here are statistics on single family homes.

 

The South Florida housing market is booming! We’re continuing to see people move in droves to Florida from the northeast, across the United States, and internationally to cash in on the lower cost of living. Throughout the COVID-19 pandemic, Florida has solidified itself as one of the nation’s top real estate hotspots. St. Lucie County, in particular, has seen huge growth in the past year with a steady rise in median sale price.

“The latest market reports from March showed median sale price reaching new heights. St. Lucie County had a 15.8 percent year-over-year increase to $281,153. Despite the trend of increases in median sale price, the housing inventory levels decreased 63.2 percent to 1.4 months. With the demand for housing being at an all-time high in South Florida, we’re seeing buyer competition ramp up, which is creating the low inventory levels,” said Karen Johnson, President of Broward, Palm Beaches & St. Lucie Realtors®.

Inventory is calculated by counting the number of active listings on the last day of the month and comparing it with the same month from the following year. Inventory rises when new listings are outpacing the number of listings that go off-market (regardless of whether they sell). Likewise, it falls when New Listings aren’t keeping up with the rate at which homes are going off-market.

“As inventory levels continue to drop, South Florida builders haven taken notice to the increasing demand for housing. They are finding effective ways to provide more opportunities to new and existing South Florida residents at an affordable price. New construction is a great investment option for homebuyers as South Florida continues to grow. Prospective homebuyers also get the benefit of being part of the design process and being able to build the dream home that they have envisioned,” continues Johnson.

Realtors® in South Florida are here to help you find your ideal home and their expertise can help you save thousands on your home purchase. Contact a local Realtor® today and talk to them about your housing wants and needs. Realtor® Members of Broward, Palm Beaches & St. Lucie Realtors® have the tools to help you find the home of your dreams and connect you with a quality builder who will work for you.

 

Market Reports: St. Lucie Single FamilyOpens as PDF. | St. Lucie Townhouses/CondosOpens as PDF.

Most Common Obstacles to Closing on Time

The majority of home sale contracts are settling on time, but 26% faced delays in February while 6% were terminated completely, according to the latest REALTORS® Confidence Index. The following chart shows the most common issues sparking a delay to closing on time.

 

The most common problems leading to a termination of the contract were related to appraisal issues (11%), obtaining financing (10%), and home inspection/environmental issues (9%).

Nevertheless, the housing market remains competitive. Respondents to the REALTORS® Confidence Index report an average of four offers for every house sold. Also, homes typically sold within 20 days—a record low since May 2011, when NAR started collecting such information. A year ago, homes typically sold within 36 days.

 

 

Source: “REALTORS® Confidence Index Survey, February 2021,” National Association of REALTORS®

Vaccines, Stimulus Are Fueling Seller Optimism

Americans are more upbeat about the idea of selling, particularly as the vaccine rollout continues and latest round of stimulus checks are distributed. That could come as hopeful news as many markets face severe housing shortages and buyers are increasingly being left with few choices of homes for sale.

Fannie Mae’s Home Purchase Sentiment Index rose by 5.2 points in March to a reading of 81.7. The components on the index that increased the most last month related to home selling and buying, household income, and home prices.

“The significant increase in the HPSI in March reflects consumer optimism toward the housing market and larger economy as vaccinations continue to roll out, a third round of stimulus checks was distributed, and this spring home buying season began—perhaps with even more intensity this year, since 2020’s spring homebuying season was limited by virus-related lockdowns,” says Doug Duncan, Fannie Mae’s senior vice president and chief economist.

The measure over home-selling sentiment moved higher across most consumer segments and reached nearly pre-pandemic levels, Duncan notes. That is “generally indicative of a strong seller’s market,” he notes. “Consumers once again cited high home prices and tight inventory as primary reasons why it’s a good time to sell.”

More Americans also reported it’s a “good time to buy” in the March survey compared to February, likely still being drawn to historically low mortgage rates despite recent upticks. However, that measure on home-buying sentiment still lags behind pre-pandemic levels. The home-buying experience is proving difficult due to rapidly rising home prices and a lack of housing supply, Duncan adds.

Here’s a closer look at indicators from March’s Fannie Mae’s Home Purchase Sentiment Index, reflecting responses from nearly 1,000 consumers over the housing market:

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    • 61% of consumers said it’s a good time to sell, up from 55% in February.
    
    
    • 53% of consumers said it’s a good time to buy a home, up from 48% in February.
    
    
    • 50% of Americans surveyed believe home prices will go up over the next 12 months, up from 47% the month prior.
    
    
    • 54% of consumers expect mortgage rates to increase over the next year, up from 47% a month earlier.
    
    
    • 82% of Americans say they are not concerned about losing their job over the next 12 months, unchanged from February.
    
    
    • 25% of respondents said their household income is significantly higher than it was 12 months ago, up from 17% in February.
    
    
    
    
  
  
  
  

 

Source: “Home Purchase Sentiment Index,” Fannie Mae (April 7, 2021)

Best Time to List: Midweek

Homes that are listed on a Tuesday, Wednesday, or Thursday tend to sell for $1,700 more than homes listed on the weekend—in some markets that could be even thousands of dollars more. These middle-of-the-week listed homes also sell nearly two days faster, according to new research from the real estate brokerage Redfin, which tracked home sales data from July 2020 to February 2021 nationwide.

“Because the market is so competitive right now, most homes will receive plenty of attention regardless of when they’re listed,” says Daryl Fairweather, Redfin’s chief economist. “But sellers can still maximize their potential profit simply by listing in the middle of the week, which gives potential buyers a few days to see the home, talk to their agent, and set up a showing for Saturday or Sunday.”

A separate study from realtor.com® also shows the best time of year to list a home is the week of April 18-24. Sellers who list their homes next week could have 5% less competition, sell eight days faster, and see 11% more online page views than the average week, according to the analysis.

Regardless, to have the most selling success, price the home appropriately from the start—which includes not underpricing the home. “If the home is priced too high, fewer buyers will see the home, but if it’s priced too low, the seller may be inundated with so many tour requests a serious buyer could give up before laying eyes on it,” Fairweather says. “The goal is to get as many serious buyers as possible to tour your home, make offers, and drive up the sales price.”

The Redfin study found that homes listed in midweek in Boston tended to sell for an average of $7,100 more than homes listed on the weekend. Boston had the largest premium of the 25 metro areas tracked in the analysis. Other markets noticing a high premium included Newark, N.J. (homes listed midweek tended to sell for $4,500 more); Seattle ($4,400); Oakland, Calif. ($3,500); and Denver ($3,200).

 

Source: “List Your Home in the Middle of the Week to Sell for More Money,” Redfin (April 13, 2021) and “The Best Time to Sell a Home: The Week of April 18-24,” realtor.com® (April 15, 2021)

Design Shows Raise Buyer Expectations with Staged Homes

Staged homes can sell faster and for more money, according to the 2021 Profile of Home Staging, a report released this week by the National Association of REALTORS®. Television shows about home design may be having an influence on buyers’ perceptions of what homes for sale should look like, the survey finds.

Sixty-three percent of real estate professionals surveyed said their buyers requested a home that looks like homes that are staged on television. Are their expectations too high? Sixty-eight percent of REALTORS® said their buyers were disappointed by how homes appeared compared with those seen on TV shows.

TV design shows may lead to unrealistic expectations when house hunters go to view homes for sale. “The magic of television can make a home transformation look like it happened in a quick 60-minute time frame, which is an unrealistic standard,” says NAR President Charlie Oppler. That said, these shows can also help educate some home buyers and sellers about the sales process.

As more buyers peruse listings online, they are placing more weight on photos, virtual tours, and videos. Staged homes may get even more attention.

“Staging a home helps consumers see the full potential of a given space or property,” says Jessica Lautz, NAR’s vice president of demographics and behavioral insights. “It features the home in its best light and helps would-be buyers envision its various possibilities.”

Buyers may be tempted to spend more on a home that is staged, too, the survey finds. Twenty-three percent of buyer’s agents said that home staging raised the dollar value offered between 1% and 5% compared with similar homes on the market that hadn’t been staged. Similarly, 23% of seller’s agents also reported a 1% to 5% increase on offers for their staged homes. Eighteen percent of seller’s agents reported even more—offers that were 6% to 10% more for staged homes.

Staged homes also may sell faster, the study says. Thirty-one percent of real estate pros said that home staging greatly decreased the amount of time a home spent on the market.

The most important rooms in the house to stage, according to more than half of real estate pros surveyed: living rooms, kitchens, primary bedrooms, and dining rooms. Also, 39% of real estate professionals said staging a home office or office space has become more important since the pandemic.

 

Source: “2021 Profile of Home Staging,” National Association of REALTORS® (April 6, 2021)

Treasure Coast Weekend Happenings

The Jazz Market

Fort Pierce Jazz & Blues Society

Date: Event occurs every Saturday of every month.

Time: 8:00 am – 1:00 pm

Location: Historic Downtown on the Waterfront

Address: 200 N Indian River Dr

Category: Festival

Every Saturday, the Fort Pierce Jazz & Blues Society hosts a Jazz Market “featuring creative arts & crafts” in Historic Downtown Fort Pierce on the waterfront of the Indian River. Original hand made crafts, stained glass, Highwaymen paintings, hand-painted glassware and much, more are available for purchase. Funds raised support education programs and local scholarships.

The Fort Pierce Jazz & Blues Society Jazz Market is a year-round event.

The Jazz Market summer hours are 8:00 a.m. – 1:00 p.m.

Although we enjoy promoting our local Fort Pierce and St. Lucie County resident artists and crafters, our market is open to all crafters who wish to participate, given space available and our Market Managers discretion. If you are interested in displaying or selling your items, download the The Jazz Market Guidelines and Vendor Application.

If you are an interested new vendor, applications are now being accepted.

Print and fill out an application and return it with pictures of your items to:

P.O. Box 1086, Fort Pierce, FL 34954-1086

For more information, please email: JazzMarket@jazzsociety.org

Fort Pierce Jazz & Blues Society

 

Care Net Walk for Life

MIDFLORIDA Credit Union Event Center

Date: Saturday April 17, 2021

Time: 9:00 am – 12:00 pm

Location: MIDFLORIDA Credit Union Event Center

Address: 9221 SE Event Center Pl, Port St. Lucie , FL, 34952

Category: Fund Raiser

Care Net presents their Annual Walk for Life! Fun for the whole family including games, music, fun, and food!

Be sure to come out on April 17th at 9 a.m.!  Please note: Face Coverings are Recommended.

The MIDFLORIDA Event Center is dedicated to providing smart, safe entertainment for the residents of Port St. Lucie and surrounding areas. To ensure guest safety, the Event Center will be operating under the guidelines set forth by the Centers for Disease Control and Florida Department of Health at the time of the show.

For more information, please visit www.midfloridaeventcenter.com.

More info

MIDFLORIDA Credit Union Event Center

 

Earth Day Family Fun Festival at the ELC!

Indian River County

Date: Saturday April 17, 2021

Time: 10:00 am – 12:00 pm

Location: Indian River County

Address: , , FL,

Price: $5.00

Category: Festival

Join us April 17th for an Earth Day celebration in Vero Beach, perfect for the whole family! In love and honor of Mother Earth, we will be offering a range of hands-on activities that are sure to excite, educate and inspire nature-lovers both young and old. Enjoy activities from pond dip-netting, recycled crafts, guided nature walks along our beautiful mangrove forest boardwalks, access to the Discovery Station and touch tank, an interactive storytime (that youre not gonna want to miss!), plus so much more! Participants will also leave this event with valuable information on how to lead a more sustainable, eco-conscious lifestyle.

To learn more or to register, please visit DiscoverELC.org today!

Earth Day Family Fun Festival!

 

IRSC Hallstrom Planetarium “The Planets”

St. Lucie County

Date: Friday April 16, 2021 through Saturday April 17, 2021.

Time: Times Vary

Location: St. Lucie County

Address: , , FL,

Price: $5.00

Category: Educational

The Hallstrom Planetarium at Indian River State College (IRSC) presents “The Planets,” a full-dome immersive presentation of our solar system. The show debuts on April 16 at 6:00 and 7:30 p.m., and April 17 at 1:00 and 2:30 p.m. Tickets for the “The Planets” are $5.

In a recorded narration, Kate Mulgrew—Captain Janeway of Star Trek: Voyager—takes viewers on a grand tour of the solar system. Explore the surfaces of Mars, the perils of the asteroid belt, the cold rings of stormy gas planets and the features of other solar systems.

There is limited availability for seating in order to maintain CDC and social distancing guidelines—patrons are encouraged to purchase tickets in advance. Tickets can be purchased at the IRSC Box Office in the McAlpin Fine Arts Center lobby on the IRSC Massey Campus at 3209 Virginia Avenue in Fort Pierce, Monday through Friday, 11:00 a.m. to 3:00 p.m., or by phone with VISA, MasterCard, Discover or American Express. Call the McAlpin Fine Arts Center Box Office at 1-800-220-9915 to reserve seats.

Planetarium shows are recommended for adults and for children over the age of four. The Hallstrom planetarium’s temperature is maintained at 72 degrees and visitors may want to bring a light jacket or sweater. To learn more about the Hallstrom Planetarium, visit https://www.irsc.edu/community/planetarium.html.

https://www.irsc.edu/community/planetarium.html

 

SEAN KENNEY’S NATURE CONNECTS® Made with LEGO® Bricks Exhibition

Indian River County

Date: Friday January 15, 2021 through Sunday April 25, 2021.

Time: Times Vary

Location: McKee Botanical Gardens

Address: Vero

Category: Arts / Exhibits

A Beautiful and Inspirational Exploration of Art & Nature presented by David and Barbara McKenna

JANUARY 15 – APRIL 25, 2021

McKee’s third installation and Sean Kenney’s latest series of his award-winning and record-breaking exhibition that uses LEGO® bricks to explore animal endangerment, the balance of ecosystems and mankind’s relationship with nature. Produced by Imagine Exhibitions, Nature Connects presents a playful spin on traditional sculpture art – making it accessible to guests of all ages and backgrounds. Using the beloved toy bricks as an artistic medium, the sculptures, and exhibit post the question: just as LEGO bricks interconnect, how is our natural world interconnected?

HOURS OF ADMISSION: Tuesday – Saturday (10 am – 5 pm), Sunday (noon – 5 pm). Last admission ticket sold at 4 pm. Closed Mondays and major holidays.

ADMISSION: $15 Adults, $13 Seniors (65+)/Youth (13-17), $10 Children (2-12). McKee members and children under 2 free.