Suncoasteam Blog

According to reports by the National Association of Realtors and the Florida Association of Realtors, sales of existing homes and condos continued to increase in November, 2011. Existing home sales increased 11% over the same period in 2010 with a total of 12,993 sold statewide. Condo sales increased by 2% over 2010, 5,590 units sold.

Also in the news, Florida had the second best year among all the states, second only to New Mexico, in terms of reducing unemployment over the last year, the Bureau of Labor Statistics reported. The 98,100 jobs that Florida added over the year put the state third in the nation, behind only California and Texas.

And finally, Florida ranks third in the nation in overall population growth, adding 256,000 citizens between April 1, 2010 and July 1, 2011. Florida is the 4th most populous state with 19.1 million residents.

Continued improvement in the job market and population growth will help Florida to climb out of the housing downturn. In Southwest Florida, housing prices have stabilized over the last year and while there are still bargains out there, the ship has sailed on outright steals. Many homes are selling at full asking price as sellers have come to grips on the new price structure and the lowest priced homes are usually in need of renovation. Buyers can still get a great deal if they have realistic expectations. The key is to shop carefully and have an experienced broker who can help you assess value.

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North Port Florida Real Estate Sales Stats

SINGLE FAMILY HOMES

North Port, Florida Single Family Home Sales, last 30 days: 106, Average sale price $100,910, 97.2% of list price.

47.2% of all Single Family Home sales in the past 30 days were standard, Private Sales owner to buyer sales (50). Average sale price, $122,358, 95.3% of list price.

28.3% of sales were Foreclosures (30), Average sale price, $77,448, 102.2% of list price.

24.5% of sales were Short Sale properties (26), Average sale price, $90,812, 97.5% of list price.

For an up to the minute stats report, click North Port Single Family Home Sales during the past 30 days.

CONDOS

North Port, Florida Condo Sales, last 30 days: 5, Average sale price $101,200, 91.7% of list price.

60% of all Condo sales in the past 30 days were standard, Private Sales owner to buyer sales (3). Average sale price, $101,333, 95.3% of list price.

40% of sales were Foreclosures (2), Average sale price, $101,000, 86.8% of list price.

0% of sales were Short Sale properties (0), Average sale price, $na, na% of list price.

For an up to the minute stats report, click North Port Condominium Sales during the past 30 days.

LOTS AND VACANT LAND

Statistics for lots and land are more difficult to quantify. Factors like the availability of water and sewer, dry lot or waterfront and the neighborhood all have significant impact on price.

North Port, Florida Vacant land and Lots Sales, last 30 days: 19, Average sale price $6,151, 63% of list price.

68.4% of all land sales in the past 30 days were standard, Private Sales owner to buyer sales (13). Average sale price, $7,427, 60% of list price. Median price, $4,000 (half sold for more, half sold for less

26.3% of sales were Foreclosures (5), Average sale price, $3,205, 88.5% of list price. Median sale price was $2,775.

5.2% of sales were Short Sale properties (1), Average sale price, $NA, NA% of list price. It sold for $4,300

For an up to the minute stats report, click North Port Lots and Land Sales during the past 30 days.

Create your own reports for sales in North Port or Southwest Florida. Go to Sales Statistics for Southwest Florida Real Estate.

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Port Charlotte Florida Real Estate Sales Statistics, August 25, 2011

SINGLE FAMILY HOMES

Port Charlotte, Florida Single Family Home Sales, last 30 days (until August 25, 2011): 114 sold, Average sale price $108,046, 92.4% of list price.

Click here for updated Port Charlotte, Florida Single Family Homes Sales Statistics for the past 30 days

57.8% of all Single Family Home sales in the past 30 days were standard, Private Sales owner to buyer sales (66). Average sale price, $137.734, 92.5% of list price.

23.7% of sales were Foreclosures (27), Average sale price, $60,384, 90.6% of list price.

18.5% of sales were Short Sale properties (21), Average sale price, $76,019, 94.2% of list price.

CONDOS

Port Charlotte, Florida Condo Sales, last 30 days: 9, Average sale price $72,721, 89.3% of list price.

Click here for updated Port Charlotte, Florida Condominium Sales Statistics for the past 30 days

88.9% of all Condo sales in the past 30 days were standard, Private Sales owner to buyer sales (8). Average sale price, $78,561, 89.1% of list price.

11.1% of sales were Foreclosures (1), Average sale price, $26,000, 93.2% of list price.

0% of sales were Short Sale properties (0), Average sale price, $0, 0% of list price.

LOTS AND VACANT LAND

The numbers for vacant land is too volatile and the average price would be meaningless due to differences in size, location, utilities and waterfront. Therefore, we suggest that you conduct a search that is specific to your lot. Below is a report for all lots but be sure to look at all sales and separate out lots that are different.

Click here for updated Port Charlotte, Florida Lots and Land Sales Statistics for the past 30 days

Create your own reports for sales in Port Charlotte or Southwest Florida. Go to http://www.searchsuncoast.com/recently-sold.html Sales Statistics for Southwest Florida Real Estate.

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Rotonda Florida Real Estate Sales Statistics September 9, 2011

SINGLE FAMILY HOMES

Rotonda, Florida Single Family Home Sales, last 30 days: 18, Average sale price $193,486, 92.3% of list price.

77.7% of all Single Family Home sales in the past 30 days were standard, Private Sales owner to buyer sales (14). Average sale price, $204,679, 91.5% of list price.

11.1% of sales were Foreclosures (2), Average sale price, $105,125, 97.7% of list price.

11.1% of sales were Short Sale properties (2), Average sale price, $203,500, 98.1% of list price.

For up to the minute stats on single family home sales in Rotonda, Florida, Click here.

CONDOS

Rotonda Florida Condo Sales, last 30 days: 3, Average sale price $61,033, 92.2% of list price.

33.3% of all Condo sales in the past 30 days were standard, Private Sales owner to buyer sales (1). Average sale price, $33,000, 94.3% of list price.

33.3% of sales were Foreclosures (1), Average sale price, $70,100, 112.2% of list price.

33.3% of sales were Short Sale properties (1), Average sale price, $80,000, 89.9% of list price.

For up to the minute stats on Condominium sales in Rotonda, Florida, Click here.

LOTS AND VACANT LAND

Rotonda, Florida Vacant land and Lots Sales, last 30 days: 13, Average sale price $13,096, 90.0% of list price.

Land sales are quite variable in size, location and other features. One should look closely at the stats and examine individual lots to compare the same. In the last 30 days, the price range was $4,500 – $40,000 (a double lot in Long Meadow, really $20k each) with a median price of $11,500.

For up to the minute stats on Vacant land and lots sales in Rotonda, Florida, Click here.

Create your own reports for sales in Rotonda or other parts of Southwest Florida. Go to http://www.searchsuncoast.com/recently-sold.html Sales Statistics for Southwest Florida Real Estate.

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According to Forbes Magazine, cities throughout Florida and especially in Southwest Florida, are showing steady increase in home prices. After experiencing rapid increase in real estate prices through the first half of the 2000 decade, home prices in most parts of the US fell dramatically. Florida made headlines as one of the areas experiencing the greatest increase then decline. Now it appears, the area is seeing a stabilization and returning to more sustainable appreciation rates.

Home prices in the Punta Gorda market showed an increase in median sale price of 1.9% in the second quarter of 2011. In Fort Myers the increase was 3.8% and in Sarasota the increase was a surprising 6.7%. In normal times, an appreciation rate of 1% – 3% can be expected.

While the real estate market still has quite a way to go to recover, this is encouraging news. No reasonable person would expect 2006 prices anytime soon, but the continued removal of problem properties will certainly have a strengthening effect on prices and stabilization. Southwest Florida should remain a “buyer’s market” throughout the next year, but those who think they can wait for prices to fall even more should reassess their plans. Likewise, those who think they can make a “low-ball offer” are often losing out to others with more reasonable expectations.

The best approach one can take is to first decide where they will be happy living (or investing). Once that decision is made, take your time, look at a number of homes in your budget and slightly above. You should look at homes slightly above your budget to be sure that you are not missing a great deal and to see what that figure will buy. You will quickly spot the nicest homes and best deals. Pick the best two or three and make an offer on your first choice. If it is a reasonable offer you’ll have no trouble sealing a deal.
Forbes Magazine list of “America’s Recession-Resistant Cities For Real Estate.” http://www.forbes.com/pictures/mhj45eled/recession-resistant-cities

Facts

PRICE INCREASES

Forbes/Zillow measure of home, condominium and apartment appreciation in Florida cities (the number associated with a city is its rank nationwide):

Number 2, Fort Myers, Median home price: $126,100, Second quarter increaseL 3.8%
Number 7 Sarasota, Median home price: $143,000, Second quarter increase: 6.7%
Number 24, Punta Gorda, Median home price: $116,600, Second quarter increase: 1.9%

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SINGLE FAMILY HOMES

North Port, Florida Single Family Home Sales, last 30 days: 106, Average sale price $100,791, 96.3% of list price.

36% of all Single Family Home sales in the past 30 days were standard, Private Sales owner to buyer sales (39). Average sale price, $122,174, 94.2% of list price.

31.1% of sales were Foreclosures (33), Average sale price, $86,348, 100.7% of list price.

32% of sales were Short Sale properties (34), Average sale price, $90,281, 95.8% of list price.

CONDOS

North Port, Florida Condo Sales, last 30 days: 6, Average sale price $110,567, 92.2% of list price.

50% of all Condo sales in the past 30 days were standard, Private Sales owner to buyer sales (3). Average sale price, $123,667, 87.6% of list price.

16.6% of sales were Foreclosures (1), Average sale price, $72,500, 101.4% of list price.

33.3% of sales were Short Sale properties (2), Average sale price, $109,950, 97.9% of list price.

LOTS AND VACANT LAND

North Port, Florida Vacant land and Lots Sales, last 30 days: 14, Average sale price $3,921, 79.8% of list price.

78.6% of all land sales in the past 30 days were standard, Private Sales owner to buyer sales (11). Average sale price, $3,291, 78.4% of list price.

21.4% of sales were Foreclosures (3), Average sale price, $6,233, 82.7% of list price.

0% of sales were Short Sale properties (0), Average sale price, $NA, NA% of list price.

Create your own reports for sales in North Port or Southwest Florida. Go to http://www.searchsuncoast.com/recently-sold.html Sales Statistics for Southwest Florida Real Estate.

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Your Suncoasteam has set up a valuable tool on our website that will allow you to access and create reports of sold properties in Southwest Florida. With this tool you will be able to watch the market and determine the general value of similar properties. Go to http://www.searchsuncoast.com/recently-sold.html Sales Statistics for Southwest Florida Real Estate.

This is an example of a report I created on the page:

Charlotte County Single Family Home Sales, last 30 days: 233, Average sale price $151,295, 92.5% of list price
Number of these that were foreclosures: 52, Average sale price, $84,740, 92.5% of list price
Number of these that were short sales: 36, Average sale price, $121,439, 92% of list price

37.8% of all homes sold in the last 30 days in Charlotte County, FL were either a short sale or a foreclosure. While that is an very high number, it still means that 62.2% of homes sold in the county were standard, private sales without third party approval. There are good deals to be had in all types of sales.

When you use the module, take your time to analyze the data. For instance, of the 145 standard sales, the difference between list price and sales price was 92.5%…. BUT… if you remove the few outliers, those homes that were listed too high and finally sold at the correct price, perhaps 75% of list, the difference is higher than 92.5%. Homes that are price right, sell for closer to list. Simple logic.

Take a look at the homes that have sold for a low price or a lot lower than list. They usually need a lot of work. Some buyers think they can offer 20% less than the asking price but the data show something different. Yes, there are those homes that are overprices but not too many. Compare apples to apples, look at what a home needs compared to others on the market and make a realistic offer. Sometimes a “lowball” offer is the right number. Most of the time it is not.

Take time to analyze your property and rely on the help of a professional, experienced real estate agent to determine the right price whether selling or buying.

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Your Suncoasteam is always trying to provide the best possible service and the easiest and most user friendly website in the industry. We value your input and suggestions.

We are now testing a new module for the site to allow visitors to conduct their own searches of sold are properties so you can watch price trends and gauge the market. You can conduct searches for used homes, condos and land in the Southwest Florida market. While at this date all the bugs might not be completely out of the module, you are welcome to visit the page and try it out: Sold Property Statistics Search for Southwest Florida Real Estate http://www.searchsuncoast.com/recently-sold.html

While this will return all properties reported as sold in the MLS system, there is no substitution for a complete, apples to apples Comparative Market Analysis (CMA) conducted by a professional real estate agent. If you have a specific property in mind, please call one of our agents and we will provide a free, no obligation CMA that is focused on exact comparables for that property.

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According to an article in the New York Times on Friday, 11/19/2010 by DAVID STREITFELD, the number of homeowners behind on their mortgage payments has lessened. It is the lowest rate of delinquency since 2009.

According to the article, the reasons are the improving economy and banks willing to offer some borrowers mortgage modifications. Seriously delinquent mortgages fell during the third quarter to 8.70%.

In this market it sure seems we have hit bottom. Investors are buying rental homes and sales of non-foreclosed homes are rising. In our office, we now have highest number of pending sales in over one year.

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In a recent report it was stated that 31% of defaults could be strategic. That means the property owners can probably pay their mortgage but choose foreclosure rather than continue to pay a mortgage that is higher than the market value of the property. The home is not their abode, but simply an investment. People are abandoning properties even though they can still afford to pay.

People sometimes feel remorse but banks gave people who wanted to refinance and continue to pay their mortgage a hard time. Underwrites claimed that because the home would not appraise, the owner would not qualify for a new mortgage. The banks forced their hand.

According to the report, Chris Deaner of Sun City, Ariz., told CBS’s “60 Minutes” he was fed up. Deaner and his wife bought a house in 2006 for $262,000 but the property is worth only $142,000 on today’s market. He asked his bank for help. “They refused to,” he said. “They said it was gonna affect my credit and they were gonna take my house. And I pretty much said, ‘Go for it.’” This was a family willing to work with the banks but the bankers refused.

Until we see more cooperation from the banks we will not see a speed up of the turn around.

Still, it is a buyer’s market and there are many great deals in Charlotte, County, FL, especially for those with cash.

View listings at Our web page. Homes, condos and land for sale in Southwest Florida.

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