“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…”
As we look ahead to 2016, it is only fitting to reflect on the year that is ending as well. For Walker Real Estate Group, it has been an especially momentous year marked by growth and outstanding sales. 2015 was another good year for real estate in Palm Beach County with the average property value increasing at a rate of 8.7%. According to Florida Realtors Chief Economist Dr. John Tuccillo, “For most of 2015, the Florida real estate market has outperformed the nation as a whole. In recent months, however, the Florida market rise has eased off a bit. There were 199 condominium re-sales on Singer Island in 2015, relatively unchanged from 2014, although the sales volume increased by 23%.
Looking back on 2015, let’s recap the year in condominium re-sales on Singer Island and the comparison with 2014:
- Fifty-two percent of the re-sales (104) were below $500K; in 2014, 60% of the sales were below $500K.
- Nineteen percent of the re-sales were over $1million as compared to 2014 which saw only 14%
- The average Days-on-Market (DOM) for 2015 sales is down to 158 (approximately 5¼ months); this is an 3% decrease from the 2014 level of 164 days.
- The highest re-sale for 2015 was Ritz TS12A at $8,800,000.
- There were 6 short sales in 2015 compared to 4 in 2014.
- Condo inventory ended the year at 186 units; up from 145 the same time in 2014, a 27% increase. 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 $278; and the price per square foot of the newer condos (built 2003-2008) finished at $588. As a comparison, 2014 ended with the older condos selling at $255 per square foot and the newer condos at $531 per square foot.
CLICK HERE: Singer Island 4th Quarter 2015 Market Update
CLICK HERE: Singer Island December 2015 Market Update
Florida’s Housing Outlook: 2016
Sales stabilization should continue for 2016 – Against the backdrop of an expanding state economy with growing employment, the number of home sales are expected to increase by 8-10 percent over 2015 and home values are predicted to rise by about 5 percent.
The average 30-year mortgage interest rate started 2015 at about 3.7 percent and remained under 4 percent for most of the year. Mortgage rates will increase gradually through 2016 in response to monetary tightening, and are expected to average 4.4 percent for the year.
Here are Realtor.com’s top 5 predictions for 2016:
- “Normal” is coming – Expect a healthy growth in home sales and prices, but at a slower pace than in 2015.
- Generational buying trends shape up – Millennials are expected to continue to be a major buying pool in 2016 with the majority of buyers between ages 25 and 34 expected to be first-time home buyers next year.
- New-home construction focuses more on affordability – Builders likely will shift to more affordable product to cater to the entry-level buyers.
- Higher mortgage rates – Mortgage rates will likely be volatile in 2016, depending on the Feds actions.
- Rents to go up even higher – rental costs are likely to only go up in the new year.
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!
2015 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 $41 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].