We are now in the midst of summer with 90+ degree days, afternoon thundershowers, football training camps in session and schools opening in less than a month. Real estate activity continues to defy the summer doldrums with continued movement. July saw 14 re-sale closings ranging from the low $200s to close to $3 million; plus 19 new listings.
Let’s take a closer look at the results in condominium re-sales through July 2015 on Singer Island:
- There have been 129 condo re-sales on Singer Island through July 2015. The sold prices averaged 94% of list price.
- Year-to-date 50% of the condo re-sales were under $500K, with 19% being in the $1 million plus range.
- The average Days-on-Market (DOM) for the condos through July stood at 171 (approx. 5.7 months).
- There were no short sales in July.
- The highest re-sale in July was Ritz Carlton Residence 1704A for $2,825,000; and the least expensive sale was Phoenix Towers B-2C at $229,900.
- As of the end of July, condo inventory decreased slightly to 149 units.
- Price per square foot of the older condos (built 1969-1989) remained relatively steady at $284; and the price per square foot of the newer condos (built 2003-2008) decreased further to $524 through July 2015.
What is the Best Investment? – Real Estate!
A July 2015 survey conducted by Bankrate.com found that 27% of its participants said that real estate was the investment that made the most sense. For the first time in three years, real estate was the most popular investment option in a survey that accompanied Bankrate’s Financial Security Index. In 2013 and 2014 CD’s and other cash investments topped the list.
Wall Street generated little interest — only 17 percent said they’d buy stocks — even though stocks have been a relatively strong investment recently. The Standard & Poor’s 500 index jumped 7.7 percent year over year from mid-July.
“We’re not seeing the bunker mentality from individual investors to the same extent of the past few years,” says Greg McBride, CFA, Bankrate’s chief financial analyst. “But the preference for real estate over, say, the stock market, does beg the question of whether or not Americans are again viewing residential housing as a golden ticket.”
Gold and other precious metals followed at 14 percent, and bonds, with yields that have hovered near historical lows in the past year, came in last at 5 percent.
Bankrate’s survey was based on a national telephone poll conducted with 1000 investors between July 9 and 12. It has a margin of error of 3.6 percentage points.
Americans are likely encouraged by recent indicators showing the housing market’s strength. In May, sales of new homes grew 2.2 percent to the highest level in seven years, and April’s figures increased 8.1 percent from March, according to the U.S. Census. Buoyed by demand for single-family homes, existing-home sales also rose 5.1 percent in May, recording a 9.2 percent year-over-year gain, according to the National Association of Realtors.
Bankrate’s FSI survey broke down which groups preferred each investment by varying characteristics.
- By location: People living in the South preferred real estate and cash investments.
- By age: People between 30 and 49 favored real estate more than any other group, at 32 percent.
- By income level: Those earning between $30,000 and $49,999 were the most likely to choose real estate over the other options.
Our Market Update provides detailed information regarding condos newly listed, pending and sold on Singer Island for the current month.
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2015 has become another great year for the Walker Real Estate Group with over $33 million in transactions booked to-date. As the #1 Sales Team on Singer Island, our goal is to provide our customers a true concierge experience in all their real estate transactions. Trust, integrity and knowledge of the market are our number one priority.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].