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Ft Lauderdale Real Estate News 03/28/14


national median price rises 4% for year, foreclosures down 19%


RealtyTrac released its February 2014 Residential & Foreclosure Sales Report. It finds that U.S. residential properties, including single-family homes, condominiums and townhomes, sold at an estimated annual pace of 5,083,241 in February – a 0.2 percent decrease from January, but up 7 percent year-to-year.

February marked the fourth consecutive month where foreclosure sales activity decreased month-to-month.

“Supply and demand have reached a bit of a standoff in this uneven real estate recovery,” says Daren Blomquist, vice president at RealtyTrac. “The supply of distressed properties – which buyers and investors have come to rely on over the past few years – is evaporating quickly in most markets – but that dwindling supply is not being adequately replenished by non-distressed homeowners listing their homes, or by new homes being built.”

Meanwhile, a key source of demand over the past two years – institutional investors purchasing single family homes as rentals – is starting to decline, Blomquist says, and “it’s not yet clear if that diminishing demand will be filled by first-time homebuyers and move-up buyers.”

The national median sales price of U.S. residential properties – including both distressed and non-distressed sales – was $164,667 in February, down 1 percent from the previous month but up 4 percent for the year. It was the 20th consecutive month where the median price increased or stayed flat year-to-year, but it was the second month-to-month decrease.

Short sales and distressed sales – in foreclosure or bank-owned – made up 16.9 percent of all U.S. sales in February, up from 16.1 percent of sales in January but down from 19.1 percent of sales in February 2013. The median price of distressed properties – in foreclosure or bank-owned – was 44 percent below the median price of non-distressed properties.

Short sales nationwide accounted for 5.7 percent of all sales, up from 5.5 percent in January but down from 6.9 percent year-to-year. Metro areas with the highest percentage of short sales included Las Vegas (17.0 percent), Orlando (16.8 percent), Tampa (14.9 percent), Memphis (14.5 percent), and Miami (12.3 percent). The percentage of short sales decreased from a year ago in all of these metros.

Sales of bank-owned properties nationwide accounted for 9.7 percent of sales, up from 9.3 percent in January but down from 11.1 percent a year ago. Metro areas with the highest percentage of bank-owned sales in February included Cleveland (29.8 percent), Stockton, Calif. (25.5 percent), Las Vegas (25.4 percent), Detroit (23.0 percent), and Jacksonville, Fla. (21.1 percent).

Sales at the public foreclosure auction accounted for 1.5 percent of all sales nationwide in February, up from 1.3 percent in January and up from 1.1 percent in February 2013.

• 97 percent of all sales at the foreclosure auction were all-cash

• 35 percent of foreclosure auction sales were to institutional investors

• 81 percent sold for $200,000 or less

Metro areas with the highest percentage of foreclosure auction sales in February included Lakeland, Fla., (6.9 percent), Columbus, Ohio (5.4 percent), Charlotte, N.C. (4.7 percent), Miami (4.7 percent), and Las Vegas (4.6 percent).

Institutional investors – entities that purchase at least 10 properties in a calendar year – accounted for 5.9 percent of all U.S. residential property sales in February, up from a revised 5.0 percent of sales in January but down from 7.2 percent of sales in February 2013.

February was the third consecutive month where the institutional investor share of sales declined on a year-over-year basis after 19 consecutive months of year-over-year increases.

• 91 percent of all institutional investor purchases in February were all-cash

• 17 percent were properties in foreclosure or bank-owned

• 81 percent were priced $200,000 or lower

• 63 percent were between 1,000 and 2,000 square feet

• 55 percent were built in 1990 or later

Among metropolitan statistical areas with a population of 500,000 or more, cities with the highest share of institutional investor purchases in February were Atlanta (25.2 percent), Columbus, Ohio, (21.4 percent), Knoxville, Tenn., (18.2 percent), Phoenix (15.2 percent), and Cape Coral-Fort Myers, Fla. (14.8 percent).

All-cash sales accounted for 43.3 percent of all U.S. residential sales in February, up from a revised 42.1 percent in January and up from 20.2 percent in February 2013. February was the eighth consecutive month were cash sales accounted for 35 percent or more of all sales nationwide.

• 12 percent of cash sales were to institutional investors

• 15 percent were in foreclosure or bank-owned

• 67 percent were priced $200,000 or lower

Metro areas with share of all-cash sales above 50 percent included Miami (71.3 percent), Tampa (65.9 percent), Orlando (62.3 percent), Las Vegas (59.5 percent), New York (57.1 percent), Atlanta (56.7 percent) and Detroit (56.0 percent).

ฉ 2014 Florida Realtorsฎ



median prices and foreclosure discounts
for south florida cities
as of 3/28/14

median sales prices and foreclosure discounts south florida cities


To see the February 2013 housing data reports
from the florida association of realtors
click on the links below:


Single Family February 2014


Condos February 2014



To see stats in indvidual markets:


Market Sales Activity February 2014





Click on Image to View The Latest
Metro Home Prices Report
from the National Association of Realtors


foreclosure single family east of Intracoastal


To see 2013 year end housing data reports
from the florida association of realtors
for statewide residential real estate activity
click on the links below:


Single Family 2013


Condos 2013



To see stats in indvidual markets:


Market Sales Activity








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Intercoastal Realty

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1500 East Las Olas Boulevard
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Jim Esposito

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(954) 785-8558 Office
(954) 336-3776 Mobile


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