2014: South Florida Real Estate Shoots Out Of The Cannon

According to EWM Realty’s President, Ron Shuffield, “combined inventories in Broward and Miami-Dade Counties grew by 24% last year. Most all of this growth occurred in the last half of 2013.”

With the optimum number of inventory supply as 6 to 12 months, Broward saw a 25% increase in the median price of a Condos Along The Beachsingle-family home last year, while the median price of a condo in Broward increased 27% during 2013. 

Our months of supply are low. Broward currently has only a 3.5 month supply of single-family home inventory and a 4.8 month supply of condominiums.

We have had double-digit annual median price increases for over 24 months for both single-family homes and condos in both Miami-Dade and Broward counties.  With the increasing inventories and new construction underway, median price increases will likely temper back in 2014 to single-digit levels. This is a great reason to get your home on the market now.

What about the luxury market?

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Why You Should Hire A Christie’s Affiliate To List Your Luxury Home

 Why–?

  •  The art world’s only real estate company.Art, beauty, provenance.chihuli-3
  • The world’s most desired homes.
  • Art, beauty, provenance. Selling the world’s most desired homes.
  • The brand that defines luxury real estate. Worldwide.
  • Bringing the world’s most desired luxury homes to the world’s most discerning.
  • Global expertise. Tailored service. Christie’s credibility.

EWM is exclusive affiliate of Christie’s International Real Estate.

  •  Fine Art. Fine Estates.
  •  Curating the world’s finest homes.

“The mother art is architecture. Without architecture of our own we have no soul of our own civilization” (Frank Lloyd Wright).

 Statistics

  •  The Christie’s International Real Estate network comprises approximately 135 global Affiliates with 25,000 real estate professionals in more than 40 countries.
  •  From Sydney to Stockholm, Denver to Dublin, the Christie’s International Real Estate network has 930 offices and more than 25,000 expert sales associates to cater to all luxury property buying and selling needs.
  • The power of the Christie’s brand attracts high-net-worth international visitors to the Christie’s International Real Estate web site. In 2012, non-U.S. traffic to the site increased by 55 percent year-over-year and originated from 218 countries.

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Weston Market Stats: How Does It Stack Up Nationally?

One of my favorite pastimes is to compare the trends of our local Weston market to our national market.

Our economy is slowly improving. There is a continued upswing of the Florida’s housing market; and according to the National Association of Realtors®, our limited inventory has continued to push up home prices.

“Statewide closed sales of existing single-family homes totaled 20,933 in August, up 12.5% compared to the year-ago figure . . . Meanwhile, pending sales – contracts signed but not yet completed or closed – for existing single-family homes rose 17.2% over the previous August. The statewide median sales price for single-family existing homes last month was $175,000, up 18.6 percent from the previous year.”

How does Weston stack up with regards to median-priced single-family homes? The median priced home was $504,000, up 6.1% over the same month last year – median prices are over twice the statewide statistics. Weston’s average price per square foot (single-family) is around $200.

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The Market Is Amazing . . . .Consider Weston, Florida

The housing market is one-fifth of our nation’s economy.  The good news is the housing market is in strong recovery.

As you know, the ‘cost’ of a home is determined by two major components:  The price of the home and the current mortgage rate. Both are on the rise.

It is time to sell.

It is time to buy.

Home values over the next five years will rise between 12.3% (most pessimistic) and 32.8% (most optimistic). However, according to our local newspaper, prices may soften due to shadow inventory coming to the market.

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Weston Is Rebounding . . . Not Bubbling . . .

The national Real Estate prognosticators are touting that the market is leveling because (1) supply is beginning to increase, (2) demand is decreasing in certain demographics (investors vs. individual homebuyers) and (3) mortgage rates are increasing.  I agree that the market is leveling; however, it is not bubbling as many of my colleagues fear.

Weston’s single family home sales are remarkable.  There are more CASH buyers than ever before.  Of the 364 closed single family home sales in Weston, 142 were purchased with cash, 193 were conventional, 19 were FHA, 3 were VA, and 17 were uncategorized.

Currently, there are fewer than 200 single family homes for sale and 192 pended properties.

Consider:

Category

Actives

Pended

High

$4,599,000

$3,100,000

Low

$250,000

$145,000

Average

$916,995

$486,966

Median

$647,500

$410,000

Compared to last month, inventory is down 2.2%, pended properties are up 8.1% and sales are up 1.6%.  Compared to the same time last year, inventory is down 22.9%, pended properties are up 10.8% and sales are up 13.5%.

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