“Keeping a 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…”
As we enter the fourth quarter of 2014, we see continual improvement in the real estate market. Inventories are shrinking and prices are increasing. There have been a lot of mixed signals in the news as all of the housing indicators are not in alignment. There were 145 condominium re-sales on Singer Island in the first nine months of 2014. The increase in square foot price and steep reduction in inventory have impacted sales; with a 5% drop in sales volume and 15% decrease in sales transactions compared to the same time last year.
Let’s recap the first nine months of the year in condominium re-sales on Singer Island and compare with the same period in 2013:
- Breaking down the 9-month period, condominium re-sales are divided into three categories; sales less than $500K, sales between $500K to $1M, and those sales above $1M; there were 86 (59%) , 35 (24%) and 24 (17%), respectively.
- The average Days-on-Market (DOM) for these sales continue to drop, down to 165 (approximately 5½ months); in 2013 DOM averaged 211 days (approximately 7 months).
- The highest re-sale in the 3rd quarter was Oasis Singer Island 11B at $2,100,000.
- Condo inventory ended September at 137 units; a trend that continues in a downward spiral.
- There were no short sales in the 3rd quarter.
- Price per square foot of the older condos (built 1969-1989) ended the quarter at $251; and the price per square foot of the newer condos (built 2003-2008) finished at $546. This represents a 6.8% increase in older condo sales value and a 11.7% increase in newer condo sales value from this period last year. (This does not represent “developer sales”, such as the Ritz Carlton Residences.)
CLICK HERE: Singer Island 3rd Quarter 2014 Market Update
CLICK HERE: Singer Island September 2014 Market Update
Canadian Buyers Continue Their Migration to Palm Beach County
How many places can boast of warm sandy beaches in the middle of winter? There is the Number one reason why Southeast Florida, including Palm Beach County sees its disproportional share of Canadian visitors. Add to this, relatively cheap real estate prices and ease of air flight access and one has the perfect environment for the Canadian real estate purchaser.
Canadians spent $2.2 billion on Florida real state last year, easily making them the number one international buyer of property in the state; and as the chart shows, they were the overall favorite for Palm Beach County.
About 89% of Canadians pay cash, since US financing is still difficult to obtain. Additionally, nearly half of Canadians bought condos and 38% bought a detached home according to the recent survey done by the National Association of Realtors for Florida. The survey also found 40% of Canadians buying last year purchased in a resort with another 33% buying suburban property. The majority of Canadians, 53%, plan to use their Florida home as a vacation property; another 14% plan to rent it out for investment purposes while 17% will do both. Only 7% of Canadians bought a home for pure retirement purposes.
There’s no country that even comes close to Canada when it comes to buying real estate in Florida, with No. 2 United Kingdom accounting for 7% of all international purchases. Canada has been number one for seven straight years, cooling on Florida real estate after a 2011 peak but rebounding since.
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, seller or just renting their Singer Island property. We are the Number One source for “What’s Happening” on the island!
2014 has become another excellent 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.
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].