Housing Market in Florida Continues to Grow

Florida’s housing market continued its upswing in October 2013, with more closed sales, higher median prices, more new listings and a stabilizing supply of homes for sale, according to the latest housing data released by Florida Realtors.

Statewide closed sales of existing single-family homes totaled 18,728 in October 2013, up 6.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis Report.  Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales, contracts that are signed but not yet completed or closed, for existing single-family homes last month rose 3.4 percent over the previous October, and new listings increased 16.4 percent.  The statewide median sales price for single-family existing homes last month was $169,000, up 16.6 percent from the previous year.  The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in September 2013 was $199,300, up 11.4 percent from the previous year.  In California, the statewide median sales price for single-family existing homes in September was $428,810; in Massachusetts, it was $325,000; in Maryland, it was $256,672; and in New York, it was $230,000.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 8,598 units sold statewide last month, up 3.1 percent from October 2012.  Meanwhile, pending sales for townhouse-condos last month eased slightly, down 3.6 percent compared to the year-ago figure, but new listings rose 9.8 percent.  The statewide median price for townhouse-condo properties in October was $130,000, up 22.1 percent over the previous year.

Inventory was at a 5.5-months’ supply in October for single-family homes and at a 5.6-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 4.19 percent in October 2013, up from the 3.38 percent average recorded during the same month a year earlier.

Advertisements

Our Featured Property of the Week: 2312 SW 19th Terrace, Cape Coral

Looking to build your tropical dream home or make a smart property investment in an up and coming area?  The Gratia Group Featured Property of the Week is just for you!  This huge triple lot located at 2312 SW 19th Terrace in Cape Coral is in a highly desirable area of “The Cape” and is sure to sell fast.

This lot is ready to build on or hold as part of an investment portfolio.  With prices on land in Cape Coral, on the rise, it is the perfect time for investors to buy and create a high return on investment.  Situated in the highly sought after, southwest region of Cape Coral, our feature lot is located within walking distance to Trafalgar Elementary and Middle School.  Golfers will love this parcel as it is nestled in between The Royal Tee Golf & Country Club, as well as The Palmetto Pine Country Club!

To learn more about our Featured Property of the Week:  2312 SW 19th Terrace, Cape Coral contact a member of the Gratia Group Land Sales team at (239) 333-2221 or visit www.gratiagroup.com 

Gratia Group Acquires Zadooland.com and Adds Variety of New Land and Lots in Florida to Online Catalog

Land sales specialist, Gratia Group recently acquired Zadooland.com, allowing the firm to add a multitude of land parcels and available land for sale in Cape Coral and throughout Southwest Florida to their already robust catalog of lots and land for sale.

The acquisition of Zadooland.com has allowed Gratia Group the ability to offer more available land for sale to domestic and foreign investors including lots with direct Gulf of Mexico access, canal lots, freshwater lots and dry lots.  Many of the newly acquired lots are located in the most desirable areas of the Southwest Florida region with many lots available in close proximity to area schools, parks, shopping, dining and entertainment.

Southwest Florida is an up and coming area that is experiencing an uptrend in land sales after experiencing a down turn in the region during the housing crisis of 2008.  Unemployment rates are down and many national corporations including Hertz are relocating to the area.  Life in the region is easy going with access to some of the best fishing and beaches in Florida.

To learn more about Gratia Group and purchasing available land for sale in Florida contact a member of our expert land sales team at (239) 222-3331.

 

Diversify your Investment portfolio with Land Investments

With over 35% of investors admitting that land represents 1-20% of their current investment portfolio, recent land ownership surveys conducted show that land continues to be a solid investment for novice and seasoned investors alike.  Even better news, the survey stated that 21.3% of investor’s portfolios contain 21-40% land investments.

Land is a tangible investment that appreciates in value and in many areas is in limited supply making it a wise choice for investors looking to build an investment portfolio that continually grows and greats profit and ROI.  Considered a safe, long term investment the real estate market that comprises land is steadier that the real property market.  Investment properties that create a rental income require maintenance, property management and finding a worthy tenant for your property while land investments require little to none of these requirements.

To learn more about investing in land and the many benefits of adding land to your investment portfolio, contact a member of the Gratia Land Group Sales Team at (239) 333-2221.