“Keeping your finger on the pulse of the market is critical when looking to buy or sell your home.” The Walker Real Estate Group brings their customer base “Just the Facts” enabling them to make knowledgeable decisions with regard to the real estate world around us…”
2016 was an exceptionally unusual year in real estate; the presidential elections and unsettling world events produced uncertainty in the markets. Now that much of it is behind us, we expect to see a more robust outlook for 2017. If consumer confidence is any kind of indicator (see article below), we should see a positive trend as the year progresses. There were 29 condominium re-sales on Singer Island in 1st quarter of 2017, a 24% decrease from 38 re-sales for the same period in 2016. In 2017, the newer condos accounted for 14% of the re-sales as compared to the 1st quarter 2016 when they were 10% of the re-sales.
Let’s recap the 1st quarter in condominium re-sales on Singer Island and the comparison with 2016:
- Approximately fifty percent of the sales (15) were below $500K; in 2016, 61% of the sales were below $500K.
- The average Days-on-Market (DOM) for these sales increased to 117 (approximately 4 months) compared to 105 days for this period last year.
- The highest re-sale this quarter was Ocean’s Edge 1801 at $3,740,000 ($789/SF).
- There were no short sales in this period.
- Condo inventory ended the quarter at 194 units; up slightly from last year.
- Price per square foot of the older condos (built 1969-1989) ended the quarter at $314, a 2% increase over the same period in 2016. The price per square foot of the newer condos (built 2003-2008) finished at $607, a 10% increase compared to the 1st quarter of 2016.
CLICK HERE: Singer Island 1st Quarter 2017 Market Update
CLICK HERE: Singer Island March 2017 Market Update
Consumer Confidence Hits 17-Year High
The Conference Board Consumer Confidence Index improved sharply in March after increasing in February. The Index now stands at 125.6, up from 116.1 in February. The Present Situation Index rose from 134.4 to 143.1, and the Expectations Index that gauges attitudes about the short-term future increased from 103.9 last month to 113.8.
“Consumer confidence increased sharply in March to its highest level since December 2000,” says Lynn Franco, director of economic indicators at The Conference Board. “Consumers’ assessment of current business and labor market conditions improved considerably. Consumers also expressed much greater optimism regarding the short-term outlook for business, jobs and personal income prospects.” Franco says that means “Consumers feel current economic conditions have improved over the recent period, and their renewed optimism suggests the possibility of some upside to the prospects for economic growth in the coming months.”
Consumers’ appraisal of current conditions improved considerably in March. The percentage saying business conditions are “good” increased from 28.3 percent to 32.2 percent, while those saying business conditions are “bad” decreased from 13.4 percent to 12.9 percent.
Consumers’ assessment of the labor market was also more positive. The percentage of consumers stating jobs are “plentiful” rose from 26.9 percent to 31.7 percent, while those claiming jobs are “hard to get” decreased moderately, from 19.9 percent to 19.5 percent.
Consumers were also significantly more optimistic about the short-term outlook. The percentage of consumers expecting business conditions to improve over the next six months increased from 23.9 percent to 27.1 percent, while those expecting business conditions to worsen declined from 10.5 percent to 8.4 percent.
Consumers’ outlook for the future labor market was also more upbeat. The proportion expecting more jobs in the months ahead increased from 20.9 percent to 24.8 percent, while those anticipating fewer jobs declined from 13.6 percent to 12.2 percent.
The percentage of consumers expecting their incomes to increase improved from 19.2 percent to 21.5 percent, while the proportion expecting a decrease declined from 8.1 percent to 7.0 percent.
All good news for the real estate market going forward.
The Walker Real Estate Group keeps an eye on the pulse of the market and informs its customers of the trends so they can make better decisions whether it’s buying, selling or just renting their Singer Island property. We are the Number One source for “What’s Happening” on the Island!
We are hopeful for a banner year for the Walker Real Estate Group; as the #1 Sales Team on Singer Island. Providing our customers a true concierge experience has been a major factor in our success. Trust, integrity and knowledge of the market is our number one priority.
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For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Info@WalkerRealEstateGroup.com.