2018 saw the real estate market return to Singer Island with a 10% increase in the number of re-sale units sold and a 27 percent increase in the sales volume compared to 2017. This validates our January 2017 prediction which stated “With 2017 setting a record pace in the stock market, lower unemployment, increased consumer confidence and 3%+ GDP, the only thing left for 2018 is real estate.” Adding to this increase in re-sales was the new condo opening of Vista Blue. In 2018, Vista Blue closed 46 units for a “new home” sales volume equal to 87% of the total re-sale volume.
Looking back on 2018, let’s recap the year in condominium re-sales on Singer Island and the comparison with 2017:
- There were 179 condominium re-sales on Singer Island in 2018, a 10% increase from 2017 (163), sales volume grew by 27%.
- Fifty-two percent of the re-sales (93) were below $500K; in 2017, 50% of the re-sales (82) were below $500K.
- Seventeen percent of the re-sales were over $1million as compared to 2017 which saw 13%.
- The highest re-sale for 2018 was the Ritz Carlton Townhome 401A at $3,550,000 ( a Walker Real Estate Group listing and sale).
- There were no short sales in 2018 compared to one in 2017.
- Condo inventory ended the year at 178 units; up from 165 the same time in 2016, a 8% increase.
- Price per square foot of the older condos (built 1969-1989) ended the year at $315; and the price per square foot of the newer condos (built 2003-2008) finished at $582. As a comparison, 2017 ended with the older condos selling at $317 per square foot and the newer condos at $551 per square foot.
CLICK HERE: Singer Island 4th Quarter 2018 Market Update
CLICK HERE: Singer Island December 2018 Market Update
2019 Market Forecast
Walker Real Estate Group wishes you a prosperous and healthy New Year.
Have you heard…..in recent weeks the housing market is weakening and there may be a recession coming…….
Have you heard……the next recession is unlikely to be triggered by the housing market, according to the panel of experts surveyed by Zillow earlier this year. The most likely trigger is the monetary policy – which is where fears about rising interest rates come in. Many economists say the housing market is likely to continue to ease gradually, rather than fall hard as it did a decade ago.
Have you heard……according to Ralph McLaughlin, deputy chief economist at CoreLogic Inc., the housing market is likely to come in for a soft landing – depending on whether buyers and sellers start to panic as the market continues to slow.
Have you heard……Laurence Yun, chief economist at the National Association of Realtors remarked that the “light turned off” in the second half of 2018 with a record drop in foreign purchases, hurting markets in Florida, California, Seattle and New York.
Where do we see the Real Estate market on Singer Island in 2019?
It is clear that we are in a changing market and sellers must position themselves for the “new market”. Condo values that rose sharply in recent years have leveled off. Expect to see more cautious, watchful buyers. The luxury condominium/second home market is discretionary; buyers today look hard at comparable market conditions, property appraisal values and renovations vs no renovations. Sellers must be flexible, knowledgeable and current on market values.
At the end of the day, rising mortgage rates may dampen demand for housing (nationally), people may spend less on other items in order to afford homes (nationally) but rates are just catching up with a robust economy and there’s no indication it will falter any time soon.
Since much of Singer Island real estate is a discretionary purchase, consumer confidence will play a large role with buyers and sellers, which may differ from the National statistics.
Walker Real Group brings our buyers and sellers up to date information enabling them to make informed decisions.
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!
The Walker Real Estate Group, as the #1 Sales Team on Singer Island, believes that 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 analysis of your home!
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].