Marketwatch Archives | Sunshine Guru

June 2017 Market Stats

Market Stats for June 2017 – Broward County – Single Family Homes and Condominiums

Prices for homes and condos in Broward County are up YTY for June, while closed sales are down. We attribute the lower number of sales to tight inventory along with quality issues. Backing up this theory is the slight decline in market time. List price to sale price ratio remains tight at 96% – no change YTY. It’s a sellers market for single family homes with under four months supply of inventory. The condo market is more balanced, with six months supply, however figures are skewed with plenty of junk on the market and quality homes still selling in a matter of weeks.

Fort Lauderdale Housing Market

My Market Insider provides a wealth of information that will help you better understand the factors that impact the real estate market. Consider this page your reference library for resources, tips, and techniques. Whether you’re a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions. Gain valuable insight into a community by looking at household incomes, crime risk, education levels attained, and potential for extreme weather. Use the map to locate points of interest like shopping, restaurants, and healthcare services.

These reports are updated in real time and broken down by neighborhood throughout Fort Lauderdale and surrounding communities.

I can provide a more in-depth analysis for a particular neighborhood. Contact me if I can share anything with you.

Downtown Fort Lauderdale and the Las Olas Isles – zip code 33301

Near North, Victoria Park, Middle River, Central Beach – zip code 33304

Wilton Manors to the southern Corals – zip code 33305

Southeast Oakland Park – zip code 33306

Coral Ridge Country Club, Bay Club, the northern Corals and Imperial Point – zip code 33308

North Fort Lauderdale and Central Oakland Park – zip code 33334

West Fort Lauderdale and West Wilton Manors – zip code 33311

Lauderdale West, South Fort Lauderdale, Riverside, Lauderdale Isles – zip code 33312

Downtown South, Marina Mile and Fort Lauderdale Airport – zip code 33315

Rio Vista, Lauderdale Harbours, Harbor Beach – zip code 33316

Hesitant to sell in today’s market because you’d also have to buy? Not so fast…

Conventional wisdom has it that when you sell, and might buy in the same market, you’ll be buying in the same market conditions as well. You’d be mostly right, but not always. It pays to have a grasp of what’s happening in different segments of the market and take advantage when conditions are right.

At the moment, the South Florida market is pretty hot. Single family home inventory is low and good inventory sells quickly – often with multiple bidders. If you’re trying to buy in the “Sweet Spot” right now – between $300,000 and $500,000 – you’re probably having challenging time. It’s even more competitive if you’re shopping for a single family home below $300,000 – the market is best described as “insane.”

But what if you’re in a position to “move up?”

You bought your current home a few years ago or more, and you’ve taken great care of it. Today you find yourself seeking more space, perhaps a pool, or more bedrooms? Your current home that you bought for $250,000 is now in that magical sweet spot and should sell for $400,000 – that would be amazing, wouldn’t it? Except you’re worried that selling at the top of the market means that you’ll also be buying at the top of the market? Maybe not so. This is why having an expert in in the market can pay big dividends for you.

That new home priced between $500,00 and $700,000 might be a pretty good deal right now. The market for homes priced higher than yours is not as hot. Sluggish even? Check out the stats…

Your current home priced between $300,000 and $500,000 is clearly in the heart of “Seller’s Market” territory. However take a look a that $500,000 to $700,000. Almost into “Buyer’s Market” territory.

Check out the next slide. Non-distressed homes priced between $500,000 to $700,000 are even further into the “Buyer’s Market” territory. See what I mean? There’s opportunity here for a buyer in just the right situation. Could that be you?

Check out the last slide: Current market conditions are favorable in several price ranges to take advantage of a hot market to sell in, and a sluggish market to buy in. Despite the lower total number of sales in the $200,000 to $300,000 price range, the number is primarily due to lack of decent inventory. Price increases in the same range are steep. So if you’re ready for a leap into the $500,000 to $700,000 price range, moving up from nearly any price point is advantageous.

The same can be said for moving from $750,000 into any price point over $1-million. If you might be interested in a condominium priced over $1-million the market is truly your oyster. Sluggishness in the new-construction market has caused developers to offer a slew of new incentives to capture a dwindling number of buyers that are interested in luxury condos.

I have more information available and if there’s a particular segment of the market that you are interested in, please reach out. I’d be pleased to share what I have.

Florida has 4 of top 10 retirement cities

From the website Wallet Hub: The financial website rated 150 U.S. cities on affordability, health care, activities and quality of life. Of 11 Fla. cities in the study, all ranked above average.

According to WalletHub, its analysts compared the affordability, quality of life, health care and availability of recreational activities in the 150 largest U.S. cities. They used a data set of 31 key metrics that ranged from “cost of living” to “public-hospital rankings” and “percentage of the 65 and older population.”

Top 10 retirement cities in the U.S.

1. Orlando
2. Tampa
3. Scottsdale, Ariz.
4. Miami
5. Sioux Falls, S.D.
6. Las Vegas
7. Cape Coral
8. Atlanta, Ga.
9. Minneapolis
10. Los Angeles

Other Florida city rankings

13. Fort Lauderdale
15. Port St. Lucie
21. St. Petersburg
26. Pembroke Pines
40. Hialeah
63. Tallahassee
68. Jacksonville

WalletHub provides an example of its rating system – individual trait rankings that, when combined, provide a total score by city:

Retirement-friendliness of Orlando (1=Best; 75=Avg.)

No. 70 – Adjusted cost of living
No. 42 – Annual cost of in-home services
No. 21 – Number of recreation & senior centers per capita
No. 19 – number of adult volunteer activities per capita
No. 27 – Emotional health
No. 43 – ‘Mild weather’ ranking
No. 1 – Number of home-care facilities per capita

For the full report, visit WalletHub’s website.

Economic outlook for Broward County

At Keller Williams we pride ourselves on watching the market very carefully to be able to advise our clients to the best of our ability. To that end I’ve been examining the economic outlook for Broward County and its impact on both our residential and commercial real estate market.

Demand and rents soar

Growing payroll and a new wave of relocations from outside Florida are major contributing factors to a thriving multi-family sector in Broward County. This year more than 18,500 new jobs were created in Broward County; mostly in the private sector.

Tenant demand continues to rise in the midst of a new construction cycle, forcing rents upward throughout our market.

For the first time since 2000 there is a short supply of single-family houses and apartments for rent.

Related Group—which is the largest development company in the region—has plans that include more than $1-billion in new development for thousands of apartments in Davie, Pembroke Pines, Plantation and Fort Lauderdale. Nearly 900 units are being developed in the Fort Lauderdale sub-market.

Vacancy rates in the county are around 4.7%. The Broward County apartment sector ended the third quarter of 2014 with the second lowest vacancy rate among the three South Florida counties. The average rent is projected to go up to $1,311 per month.

Capital continues to rush into the apartment sector. Small private investors are dominant in the market thanks to acquisition debt available at higher leverage.

Fannie Mae and Freddie Mac continue to underwrite 5, 7 and 10 year loans and offer maximum leverage of at least 80% in most markets. The interest rates are historically low.

Here is some other important information: Do you know that in October, the Fort Lauderdale metropolitan area was named a hot spot among the nation’s top college towns for multi-family investment?

We’ve got incredible opportunity for growth in Fort Lauderdale. I believe that in six to seven years Fort Lauderdale will be one of the hottest areas in the country.

Why are these statistics important? Because I want to convey to my clients that whether they are considering a house to live in, or an acquisition of an investment property, that we will be facing a housing shortage in a few years. Today’s interest rates could not be more attractive and prices here in Fort Lauderdale and Broward County are still remarkably affordable.