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Ft Lauderdale Real Estate News 12/23/13


cash transactions account for 62.7% of all real estate deals on homes for sale in florida


RealtyTrac released its November 2013 U.S. Residential & Foreclosure Sales Report.

Overall, RealtyTrac says nationwide sales of all home types – single family, condos and townhomes – rose 1 percent month-to-month and 10 percent year-to-year.

The national median sales price of all residential properties – including both distressed and non-distressed sales – was $169,000 in November, up 1 percent from October and up 7 percent year-to-year. It’s the 19th consecutive month median home prices have increased on an annualized basis.

The median price of a distressed residential property – in foreclosure or bank owned – was $110,500 in November, or 39 percent below the median price of $181,500 for a non-distressed residential property.

“The housing market recovery continued to be driven by investors and other cash purchasers in November,” says Daren Blomquist, vice president at RealtyTrac. “Lenders are taking advantage of this environment to unload more of their bank-owned inventory and in-foreclosure inventory at the foreclosure auction. But … overall sales volume is declining and will continue to do so until more non-distressed sellers enter the market.”


Cash is king


• All-cash purchases accounted for 42 percent of all residential property sales in November, up from 38.8 percent in October and its highest level since RealtyTrac began tracking all-cash purchases in January 2011.

• States with the highest percentage of cash sales were Florida (62.7 percent), Georgia (51.3 percent), Nevada (51.0 percent), South Carolina (50.3 percent) and Michigan (49.0 percent).

• Institutional investor purchases represented 7.7 percent of all residential property sales in November, up from 7.1 percent in October and up from 6.3 percent a year ago.

• Markets with the highest share of institutional investor purchases included Columbus, Ohio, Phoenix, Atlanta, Jacksonville, Fla., and Cape Coral-Fort Myers, Fla.


Foreclosures


• Sales of bank-owned homes (REO) accounted for 10 percent of all residential property sales in November, up from 9.1 percent in October and 9.4 year-to-year. November marked the third consecutive month where REO sales increased from the previous month.

• Metro areas where REO sales accounted for at least 20 percent of all sales and increased from a year ago include Stockton, Calif.; Las Vegas; Cleveland; Riverside-San Bernardino, Calif.; and Phoenix.

• Sales to third-party investors at the foreclosure auction represented 1.3 percent of all residential property sales in November, up from 0.8 percent of sales in both the previous month and a year ago.

• Metro areas with the highest share of third party foreclosure auction sales were Miami (4.0 percent), Atlanta (3.9 percent), Jacksonville, Fla. (3.9 percent), Orlando (3.6 percent), and Las Vegas (3.6 percent).


Short sales


• Short sales represented 5.6 percent of all residential property sales in November, up from 5.4 percent the previous month but down from 6.5 percent in November 2012.

• States with the highest percentage of short sales were Nevada (16.6 percent), Florida (14.2 percent), Illinois (8.8 percent), Maryland (8.6 percent) and New Jersey (7.1 percent).

• Markets with the biggest annual increase in median prices included Detroit (up 39 percent), Sacramento (up 30 percent), Atlanta (up 28 percent) and San Francisco (up 27 percent).

© 2013 Florida Realtors®


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Intercoastal Realty

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(954) 785-8558 Office
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Jim Esposito

fort lauderdale homes for sale

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


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