Singer Island – 2nd Quarter 2013 Market Update

wreg For Buyers , For Sellers , Marketing Reports , singer island 2 Comments

Once again 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…”

Completing the first half of 2013, we see positive indications that the real estate market is moving in a positive direction.   Nationwide the market has seen a 12.1% increase in sales over this period last year; statewide we have seen an increase of 18.7%.  The same holds true for Singer Island.

Click HERE: Singer Island Re-Sales 2nd Quarter 2013.

Re-sales have been in an upward trend over the past 12 months with a peak of 24 condos sold in April.  Year-to date, there have been 114 condos sold, a 19% increase over the same period last year.  The vast majority (79%) of the sales were below $600K.  The square foot price for units sold has also increased.  For analysis purposes, we separated units sold in “older condos” (built prior to 2000) and “newer condos” (built after 2000).  For the first half of 2013, the average square foot price of “older condos” was $235, a 9.3% increase over the prior year; and the “newer condos” averaged $491/SF, a 30% increase.

Singer Island Sold last 12 mos
Singe Island Inventory last 12 mos

Two additional indicators are Days-on-Market (DOM) and Inventory.  DOM actually increased from an average of 214 to 227 days for this reporting period; approximately 7½ months.  As seen from the above chart, inventory has been steadily decreasing as it is being absorbed over the past 12 months; a plus for sellers.

Watch the Walker real estate blog over the coming months as we explore:

•the impact of rising interest rates, even though they are still at historic lows;
•increasing property values and associated property tax increase;
•decreasing condo inventory and its impact on condo pricing; and
•the uncomfortable predicament the “first-time homebuyers find themselves in and their impact on the rest of home buying market.

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 its buying, seller or just renting their Singer Island property.  We are the Number One source for “What’s Happening” on the island!

2013 has been an excellent year, thus far, for the Walker Real Estate Group; as the #1 Sales Team on Singer Island, our sales volume for the first six months has been over $21 million.  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.

Call US today for a free confidential interview!

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].

Recipients of the 2012 Ritz Carlton Residences© Singer Island Power Broker Award

Director – Master Broker Forum (Jeannie)

About the Author

wreg

Comments 2

  1. Jane Dahlke-Ferry

    As a retired Realtor doing just referral sales now I can really appreciate the fabulous job Walker Real Estate Group did for us when bought our condo. Jeannie Walker went over and above for us when I had to go in the hospital. She made sure that the project we were in the middle of was completed with meticulous care. Jeannie was always in contact with us as it progressed. We were really relaxed because we knew she was taking care of it.

  2. Jane Dahlke-Ferry

    As a retired Realtor doing referral work now I can really appreciate the fabulous job Walker Real Estate Group did for us when we bought our condo. Jeannie Walker went over and above for us when I had to go in the hospital. She made sure that the project we were in the middle of was completed with meticulous care. Jeannie was always in contact with us as it progressed. We were really relaxed because we knew she was taking care of it.

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