“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…”
2014 was another good year for real estate in Palm Beach County with the average home value increasing at a steady rate of 6%. It came in with a roar, but by mid-summer settled down to a more normal pace. This more normal pace will continue into 2015 as both housing and economic indicators fall into line. There were 193 condominium re-sales on Singer Island in 2014, a slight decrease from 2013, although the sales volume increased by 1%.
Looking back on 2014, let’s recap the year in condominium re-sales on Singer Island and the comparison with 2013:
- Sixty percent of the sales (116) were below $500K; in 2013, 68% of the sales were below $500K.
- The average Days-on-Market (DOM) for 2014 sales is down to 164 (approximately 5 ½ months); this is an 18% decrease from the 2013 level of 199 days.
- The highest re-sale for 2014 was Ritz 1802A at $3,700,000 ($937/SF).
- There were only 4 short sales in 2014 compared to 14 in 2013; a sign of an improving economy.
- Condo inventory ended the year at 145 units; down from 172 the same time in 2013, a 16% decrease. This is in sharp contrast to the highs in early 2009 when the inventory hovered around 385 units.
- Price per square foot of the older condos (built 1969-1989) ended the year at $255; and the price per square foot of the newer condos (built 2003-2008) finished at $531. As a comparison, 2013 ended with the older condos selling at $240 per square foot and the newer condos at $483 per square foot.
CLICK HERE: Singer Island 4TH Quarter 2014 Market Update
CLICK HERE: Singer Island December 2014 Market Update
Florida’s Housing Outlook: 2015
Sales stabilization is the prediction for 2015 — the first full year of normal following a decade of extremes. Analysts predict Palm Beach County residential real estate could see price gains this year from 2.4 percent up to 6 percent. South Florida price gains are still expected to lead many parts of the nation as new home construction struggles to keep up with demand and developers run low on buildable lots. Palm Beach, Broward and Miami-Dade counties had three consecutive months of the nation’s highest price gains beginning in August, according to the Standard & Poor’s/Case-Shiller index.
The average 30-year fixed rate mortgage ended December with an interest rate of 3.87 percent, up from the previous week’s 3.83 percent, but still near 2014’s record lows, according to federal mortgage backer Freddie Mac. In December 2013, the 30-year fixed rate was 4.53 percent. 2015 is predicted to end with the rate at 5 percent.
Here are Realtor.com’s top 5 predictions for 2015:
- Millennials will drive household formations as a result of economic gains.
- Existing home sales will increase +8% as more buyers enter the market motivated by rising interest rates and prices.
- Home prices will gain 4 – 5% driven by low inventory levels and demand by improved employment opportunities.
- Mortgage rates will end the year at 5%, with increases beginning by April.
- Home affordability will decrease 5% to10% based on home price appreciation and increasing mortgage interest rates.
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!
2014 has been an excellent year for the Walker Real Estate Group; as the #1 Sales Team on Singer Island, our transaction volume for the year has been over $35 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].