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Housing Market Report-March

Housing Market Report-March

Housing Market Report-March

Homes sales graphic chart WASHINGTON (April 22, 2021) – Existing-home sales fell in March, marking two consecutive months of declines, according to the National Association of Realtors®. The month of March saw record-high home prices and gains. While each of the four major U.S. regions experienced month-over-month drops, all four areas welcomed year-over-year gains in home sales.

Total existing-home sales,1 https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 3.7% from February to a seasonally-adjusted annual rate of 6.01 million in March. Sales overall climbed year-over-year, up 12.3% from a year ago (5.35 million in March 2020).

“Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still actively in the market,” said Lawrence Yun, NAR’s chief economist.

“The sales for March would have been measurably higher, had there been more inventory,” he added. “Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising.”

Yun said although mortgage rates have risen a tick, they are still at a favorable level and the economic outlook is promising.

“At least half of the adult population has received a COVID-19 vaccination, according to reports, and recent housing starts and job creation data show encouraging dynamics of more supply and strong demand in the housing sector.”

The median existing-home price2 for all housing types in March was $329,100, up 17.2% from March 2020 ($280,700), as prices increased in every region. March’s national price jump marks 109 straight months of year-over-year gains.

Realtor.com®’s Market Hotness Index(link is external), measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in March were Manchester, N.H.; Concord, N.H.; Vallejo, Calif.; Burlington, N.C.; and Springfield, Ohio.

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage was 3.08% in March, up from 2.81% in February. The average commitment rate across all of 2020 was 3.11%.

Total housing inventory3 at the end of March amounted to 1.07 million units, up 3.9% from February’s inventory and down 28.2% from one year ago (1.49 million). Unsold inventory sits at a 2.1-month supply at the current sales pace, marginally up from February’s 2.0-month supply and down from the 3.3-month supply recorded in March 2020. Inventory numbers continue to represent near-historic lows; NAR first began tracking the single-family home supply in 1982.

“Without an increase in supply, the society wealth division will widen with homeowners enjoying sizable equity gains while renters will struggle to become homeowners,” Yun said.

Properties typically remained on the market for 18 days in March, down from 20 days in February and from 29 days in March 2020. Eighty-three percent of the homes sold in March 2021 were on the market for less than a month.

First-time buyers were responsible for 32% of sales in March, up from 31% in February and down from 34% in March 2020. NAR’s 2020 Profile of Home Buyers and Sellers – released in late 20204 – revealed that the annual share of first-time buyers was 31%.

Individual investors or second-home buyers, who account for many cash sales, purchased 15% of homes in March, down from 17% in February and up from 13% in March 2020. All-cash sales accounted for 23% of transactions in March, up from both 22% in February and from 19% in March 2020.

Distressed sales5 – foreclosures and short sales – represented less than 1% of sales in March, equal to February’s percentage but down from 3% in March 2020.

Single-family and Condo/Co-op Sales

Single-family home sales decreased to a seasonally-adjusted annual rate of 5.30 million in March, down 4.3% from 5.54 million in February, and up 10.4% from one year ago. The median existing single-family home price was $334,500 in March, up 18.4% from March 2020.

Existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of 710,000 units in March, up 1.4% from February and up 29.1% from one year ago. The median existing condo price was $289,000 in March, an increase of 9.6% from a year ago.

“NAR has made it a priority to be at the forefront of the anticipated economic revival,” said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty. “We will continue pushing for an increase in housing construction and inventory, with the goal of helping qualified buyers and countless families achieve the American Dream of homeownership.”

Regional Breakdown

In comparison to one year ago, median home prices rose in each of the four major regions.

March 2021 saw existing-home sales in the Northeast slip 1.3%, recording an annual rate of 760,000, a 16.9% jump from a year ago. The median price in the Northeast was $364,800, up 21.4% from March 2020.

Existing-home sales in the Midwest declined 2.3% to an annual rate of 1,280,000 in March, a 0.8% rise from a year ago. The median price in the Midwest was $248,200, a 13.5% increase from March 2020.

Existing-home sales in the South dropped 2.9%, recording an annual rate of 2,700,000 in March, up 15.9% from the same time one year ago. The median price in the South was $283,900, a 15.6% climb from a year ago.

Existing-home sales in the West fell 8.0% from the month prior, posting an annual rate of 1,270,000 in March, a 15.5% rise from a year ago. The median price in the West was $493,300, up 16.8% from March 2020.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

# # #

For local information, please contact the local association of Realtors® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for March is scheduled for release on April 29, and Existing-Home Sales for April will be released May 21; release times are 10:00 a.m. ET.


1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

3 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

4 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.

5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at nar.realtor.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Escape to Paradise, Permanently – Deer Island

Escape to Paradise, Permanently – Deer Island

Escape to Paradise, Permanently – Deer Island

“If you go anywhere, even paradise, you will miss your home,” quoted Malala Yousafzai. However, what if your place of residence happened to be situated inside an island paradise? Amidst the Harris Chain of Lakes lies Central Florida’s best kept secret: a 400-acre secluded hidden gem called Deer Island. Its breathtaking location offers the perfect combination of experiencing a tranquil private home life and adventurous outdoor activities for the entire community.

 

The new construction homes built on the island are highly customizable to best suit your personal tastes thanks to Dream Finders Homes, the largest privately held home builder in the nation. Single-family homes in Deer Island start from the $270K’s, making them affordable without compromising quality. Not only will you ravish in the luxury of obtaining a home designed tailored to your own unique tastes, but just a brisk walk from the picturesque island’s residential area lies the Deer Island Country Club.

The new construction homes built on the island are highly customizable to best suit your personal tastes thanks to Dream Finders Homes, the largest privately held home builder in the nation. Single-family homes in Deer Island start from the $270K’s, making them affordable without compromising quality. Not only will you ravish in the luxury of obtaining a home designed tailored to your own unique tastes, but just a brisk walk from the picturesque island’s residential area lies the Deer Island Country Club.

View of Deer Island Florida
Surrounded by wildlife, outdoor living in Deer Island is paradise for golfers, boaters, and those with an appreciation for nature. Built in 1994, Deer Island Country Club’s golf course is the perfect setting for players of any skill-level to socialize while enjoying some exercise. Whilst non-golf activities are still continuously expanding, residents and visitors may now indulge in additional activity-filled pastimes in the country club’s pickleball and tennis courts or by taking a splash in their exquisite resort-style pool.
Deer Island Florida Dock
Surrounded by wildlife, outdoor living in Deer Island is paradise for golfers, boaters, and those with an appreciation for nature. Built in 1994, Deer Island Country Club’s golf course is the perfect setting for players of any skill-level to socialize while enjoying some exercise. Whilst non-golf activities are still continuously expanding, residents and visitors may now indulge in additional activity-filled pastimes in the country club’s pickleball and tennis courts or by taking a splash in their exquisite resort-style pool.
Deer Island Florida Dock
Deer Island Florida Clubhouse
Deer Island Florida Clubhouse Big View
Deer Island’s natural habitat is just around 45 minutes away from Orlando’s famous world-class attractions and just 75 minutes away from New Smyrna Beach and St. Johns River. From the island’s prime location to its affordable custom housing, it is undeniably the ideal place for you and your family to call home.

If you have any real estate questions pertaining to the Central Florida area, please call Bardell Real Estate at (863) 424-2309. We are here to help!

Deer Island Florida Clubhouse

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

January Homes Sales Recap

January Homes Sales Recap

January Homes Sales Recap

​WASHINGTON (February 19, 2021) – January Homes Sales Recap Marks two consecutive months of growth, according to the National Association of Realtors®. From a month-over-month perspective, buying activity varied in the major regions. Year-over-year, all four areas recorded double-digit gains in January.

Total existing-home sales,1 https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.6% from December to a seasonally-adjusted annual rate of 6.69 million in January. Sales in total climbed year-over-year, up 23.7% from a year ago (5.41 million in January 2020).

“Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market,” said Lawrence Yun, NAR’s chief economist. “Sales easily could have been even 20% higher if there had been more inventory and more choices.”

The median existing-home price2 for all housing types in January was $303,900, up 14.1% from January 2020 ($266,300), as prices increased in every region. January’s national price jump marks 107 straight months of year-over-year gains.

Whereas much of the economy has suffered due to COVID-19, the housing sector has been one of the few bright spots, according to Yun. In NAR’s latest quarterly report, released last week, home prices in every tracked U.S. metro area increased during the fourth quarter of 2020.

“Home sales are continuing to play a part in propping up the economy,” Yun said. “With additional stimulus likely to pass and several vaccines now available, the housing outlook looks solid for this year.”

Yun says he expects more jobs to return, which will spur homebuying in the coming months. He predicts existing-home sales will reach at least 6.5 million in 2021, even as he says mortgage rates are likely to inch higher due to the rising budget deficit and higher inflation.

Total housing inventory3 at the end of January amounted to 1.04 million units, down 1.9% from December and down 25.7% from one year ago (1.40 million). Unsold inventory sits at a 1.9-month supply at the current sales pace, equal to December’s supply and down from the 3.1-month amount recorded in January 2020. NAR first began tracking the single-family home supply in 1982.

Properties typically remained on the market for 21 days in January, seasonally even with December and down from 43 days in January 2020. Seventy-one percent of the homes sold in January 2021 were on the market for less than a month.

First-time buyers were responsible for 33% of sales in January, up from 31% in December 2020 and from 32% in January 2020. NAR’s 2020 Profile of Home Buyers and Sellers – released in late 20204 – revealed that the annual share of first-time buyers was 31%.

Individual investors or second-home buyers, who account for many cash sales, purchased 15% of homes in January, up modestly from 14% in December 2020, but down from 17% in January 2020. All-cash sales accounted for 19% of transactions in January, unchanged from December but down from 21% in January 2020.

Distressed sales5 – foreclosures and short sales – represented less than 1% of sales in January, equal to December’s percentage but down from 2% in January 2020.

“This year, more than ever, we are prepared and eager to help families and neighbors secure housing,” said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty. “NAR is working to close the racial homeownership gap, secure equal access to housing for all Americans and address housing affordability issues plaguing communities across the country.”

Oppler, citing NAR’s recent Snapshot of Race and Home Buying in America, which reported wide differences in homeownership rates across racial groups, said more work is needed.

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage was 2.74% in January, up from 2.68% in December. The average commitment rate across all of 2020 was 3.11%.

Single-family and Condo/Co-op Sales

Single-family home sales rose at a seasonally-adjusted annual rate of 5.93 million in January, up 0.2% from 5.92 million in December, and up 23.0% from one year ago. The median existing single-family home price was $308,300 in January, up 14.8% from January 2020.

Existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of 760,000 units in January, up 4.1% from December and up 28.8% from one year ago. The median existing condo price was $269,600 in January, an increase of 8.6% from a year ago.

Regional Breakdown

Compared to one year prior, median home prices rose at double-digit rates in each of the four major regions.

January 2021 witnessed existing-home sales in the Northeast fall 2.2%, recording an annual rate of 870,000, a 24.3% increase from a year ago. The median price in the Northeast was $361,400, up 15.8% from January 2020.

Existing-home sales in the Midwest inched up 1.9% to an annual rate of 1,570,000 in January, a 22.7% jump from a year ago. The median price in the Midwest was $227,800, a 14.7% increase from January 2020.

Existing-home sales in the South grew 3.2%, posting an annual rate of 2,940,000 in January, up 25.1% from the same time one year ago. The median price in the South was $263,300, a 14.6% climb from a year ago.

Existing-home sales in the West fell 4.4% from the month prior, recording an annual rate of 1,310,000 in January, a 21.3% increase from a year ago. The median price in the West was $461,800, up 16.1% from January 2020.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

# # #

For local information, please contact the local association of Realtors® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for January is scheduled for release on February 25, and Existing-Home Sales for February will be released March 22; release times are 10:00 a.m. ET.


1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

3 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

4 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.

5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at nar.realtor.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

It may be the right time to sell!

It may be the right time to sell!

It may be the right time to sell!

Time to sell your home time clockThings are coming to a boil in the market for U.S. homes, and it may be the right time to sell.

In October, prices for houses across the U.S. registered the fifth-largest monthly gain since 1996 and the strongest in 15 years. The heat is coming from a mix of factors, including limited inventory, suburban migration and rock-bottom interest rates.

According to a recent report from the Federal Housing Finance Agency, U.S. home prices rose 7.8% in the 12 months ended September 30, the fastest climb in more than a decade. The typical U.S. home appreciated by 1% in October alone, to $262,604, the best monthly gain since the summer and fall of 2005.

“This is some of the fastest home price appreciation in the modern era,” says Jeff Tucker, a senior economist at Zillow, which compiled the data on October’s spike. “I don’t think this pace of appreciation can go on forever. It’s just too hot.”

Leading the way are non-coastal states out West; Idaho jumped the most, with a year-over-year increase of 14.4%. That surge was fueled by Boise, where values have surged for decades, as the city offers the amenities of West Coast hot spots like Seattle but at a more affordable price. Since 1991, the median Boise home has appreciated 391%, according to the FHFA, one of the biggest jumps in the country.

Trailing Idaho is Arizona, with an 11.1% year-over-year gain, but for different reasons: Snowbirds are flocking to Florida. Washington State (10.8%) and Utah (10.7%) follow close behind. At the bottom of the list are Alaska and Hawaii, though even in those places homes have gained about 5%.

Orlando Real Estate Market Trends

According to the national real estate brokerage, Redfin, the Orlando housing market is very competitive. Homes in Orlando receive 3 offers on average and sell in around 17 days. The average sale price of a home in Orlando was $284,000 last month, up 7.1% since last year. The average sale price per square foot in Orlando is $163, up 7.9% since last year. Hot homes can sell for around list price and go pending in just 5 days.

LISTING PRICES

According to Realtor.com November 2020 market report, Orlando is a seller’s market report, which means that more people are looking to buy than there are homes available.

  • The median list price of homes in Orlando, FL was $275K, trending up 1.9% year-over-year.
  • The median listing price per square foot was $165.
  • The median sale price was $277K.
  • Sale-to-List Price Ratio: 98.64% — a seller would always prefer scenarios that can yield a ratio of 100% or higher while a buyer would prefer a sale to ask price ratio that’s closer to 90%.
  • On average, homes in Orlando, FL sell after 57 days on the market.
  • The trend for median days on market in Orlando, FL has gone down since last month, and slightly down since last year.
  • Lake Nona South has a median listing price of $564.5K, making it the most expensive neighborhood.
  • South Semoran is the most affordable neighborhood, with a median listing price of $120K.

Time to sell your Home?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

5824 Loma Vista Dr is Sold

5824 Loma Vista Dr is Sold

5824 LOMA VISTA DRIVE W, DAVENPORT, FL

Just Sold

$ Click for current price
4 BEDROOMS | 2 full baths BATHROOMS | 1688 SqFt

Located in the quiet community of Loma Vista just minutes from the shops and restaurants at Champions Gate and Posner Park. This furnished four bedroom pool home has been a successful vacation rental but would make a great family home or snowbird retreat. Bright, open floor plan with the master bedroom on one side of the home and three bedrooms sharing the house bathroom on the other. A fully equipped kitchen with ample cabinet space and dining area completes the accommodation. Sliding patio doors lead outside to a large covered lanai complete with sky-lights making it a great place for dining during the day and entertaining at night – and the inground pool can only be described as HUGE!! Close to I4 and all the Central Florida attractions and low, low HOA fees this needs to be on your list.

 

2609 Emerald Island is Sold

2609 Emerald Island is Sold

2609 EMERALD ISLAND BOULEVARD, KISSIMMEE, FL

Just Sold

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Bardell Real Estate

Bardell Real Estate
863-424-2309

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$ Click for current price
4 BEDROOMS | 3 full baths BATHROOMS | 1960 SqFt

2609 Emerald Island is Sold Located in the popular Emerald Isle Resort this fully furnished, turn-key pool home has been meticulously maintained by the current owner. Walking into this Cape San Blas model it’s easy to see why the open floor plan with lots of natural light has been such a hit for vacationers and permanent residents. At the front of the home the living / dining combo provides plenty of space to relax and entertain and an archway leads through to the fully equipped kitchen at the very heart of the home. The split floor plan has a generous master bedroom with large en-suite to one side and a hallway leading to a second bedroom with en-suite bathroom to the other. Bedrooms three and four share the house bathroom which doubles as a pool bath providing direct access outside. The family room with sliding patio doors provide access to the south facing, extended pool deck with heated in-ground pool. Mature planting at either side creates a quiet oasis to relax in the Florida sunshine and enjoy the wide open space at the rear of the home (no immediate rear neighbors). Upgrades include a new roof installed in 2018, the pool resurfaced in 2019 and earlier this year all the pool equipment (heater, pump and filter) were replaced and the exterior of the home repainted. Community facilities include a manned gate house, community clubhouse, Tiki bar, swimming pool, fitness center, hot tub, playgrounds, volleyball, tennis course and more. Just minutes from world class shopping, dining and all the Central Florida attractions if you are looking for a move in ready home with premier resort amenities close to Disney…..this is it !!2609 Emerald Island is Sold