The Florida housing market has seen difficult times over the last few years but from what we see happening on the ground here at Bardell we look to be leading the recovery and out performing many of the US markets. 2010 and 2011 were challenging markets but 2012 saw a reduction in inventory and an increase in the median selling price of of almost 20%.
This year I expect to see the Disney / Four Corners market continue to improve and new construction looks set to make a strong comeback. Unlike most US housing markets we are heavily dependent on out of state and overseas investment but it’s encouraging to see that forecsts for the US housing market as a whole are looking up. Improving markets in the rest of the country (particular up and down the east coast) will undoubtably fuel the relocation / retirement markets and the pent up demand from the much coveted “bably boomers” is sure tosee increasing activity in the 55+ retirement communities around the Central Florida are.
Jan. 14, 2013 – CoreLogic released its CoreLogic Home Price Index (HPI) which looks at repeat sales. It found a 7.5 percent increase in 2012 – the largest home price increase since 2006.
In 2013, CoreLogic projects home prices to rise 6 percent due to greater affordability fueling steady demand, a lower level of real estate owned (REO) sales and a low inventory of unsold homes.
Housing made an impressive recovery in 2012
• Total homes sales increased 6 percent to 4.2 million in 2012, up from 3.9 million in 2011 for the first increase since 2005.
• Non-distressed homes sales increased 11 percent to 3.2 million.
• New sales increased 3 percent to nearly 300,000.
• Home price growth happened in many U.S. locations.
• REO sales declined more than 20 percent to 600,000, the third annual consecutive decline.
• Short sales rose 23 percent to 370,000 units, the highest level since the real estate downturn began.
• Serious delinquencies declined by nearly 300,000 loans in 2012, which drove the seriously delinquent rate down to 6.9 percent, from 7.4 percent in 2011. Since the January 2010 peak, serious delinquencies have declined by 1 million loans.
The housing market enters 2013 poised for further recovery
• Rising home prices will continue to slowly release pent-up supply as underwater borrowers are unlocked and opportunistic sellers begin to provide relief to tight inventories.
• Geographic diversity in home price growth will continue.
• CoreLogic expects continued market improvement in serious delinquencies.
• Despite improvements and a positive outlook for the coming year, uncertainty remains on the impact of qualified mortgage and qualified residential mortgage requirements.
© 2013 Florida Realtors®