Singer Island Market Update – May 2016

wreg For Buyers , For Sellers , Marketing Reports , Real Estate , singer island Leave a Comment

2016 continues to track at a slower pace than last year with May only producing 16 condo re-sales.  This was a slight up-tick from May 2015 (13 re-sales) but the year-to-date percentage is off by 13%.  New listings for 2016 are also off by 8% from this time last year.

Let’s take a closer look at the results in oceanfront condominium re-sales for the first five months of 2016 on Singer Island:

  • There have been 74 condo re-sales on Singer Island through May 2016.  The sold prices averaged 93% of list price.
  • Year-to-date 64% of the condo re-sales were under $500K, with only 14% being in the $1 million plus range.
  • The average Days-On-Market (DOM) for the condos through May stood at 123 (approx. 4 months).
  • There were no short sales in May; as well as, none year-to-date.
  • The highest re-sale in May was Ocean’s Edge 1402 for $1,975,000; and the least expensive sale was Villas on the Ocean 110 at $125,000.
  • As of the end of May, condo inventory has decreased to 180 units.
  • Price per square foot of the older condos (built 1969-1989) decreased slightly to $292; and the price per square foot of the newer condos (built 2003-2008) also decreased to $576 through May 2016.

SI Sold YTD May 2015-Sold ChartSI Sold YTD May 2015-New Listings Chart

Hurricane Season Preparedness – 2016

As June 1st is the official start of Hurricane Season in Florida with it ending on November 30th. Once again it is time to take stock of emergency supplies and make sure evacuation plans are current.  NOAA’s Climate Prediction Center predicts that there is a 70 percent likelihood of 10 to 16 named storms (winds of 39 mph or higher), of which 4 to 8 could become hurricanes (winds of 74 mph or higher), including 1 to 4 major hurricanes (Category 3, 4 or 5; winds of 111 mph or higher). While a near-normal season is most likely with a 45 percent chance, there is also a 30 percent chance of an above-normal season and a 25 percent chance of a below-normal season. Included in the outlook is Hurricane Alex, a pre-season storm that formed over the far eastern Atlantic in January.

INFOGRAPHIC-2016-atlantic-hurricane-season-outlook-NOAA-052416-1920x1080-originalINFOGRAPHIC-2016-atlantic-hurricane-season-cyclone-names-NOAA-052416-1920x1080-original

“This is a more challenging hurricane season outlook than most because it’s difficult to determine whether there will be reinforcing or competing climate influences on tropical storm development,” said Gerry Bell, Ph.D., lead seasonal hurricane forecaster with NOAA’s Climate Prediction Center. “However, a near-normal prediction for this season suggests we could see more hurricane activity than we’ve seen in the last three years, which were below normal.”

“While seasonal forecasts may vary from year to year — some high, some low — it only takes one storm to significantly disrupt your life,” stated FEMA Deputy Administrator Joseph Nimmich.

The two most important items after a storm are water and ice. It is suggested residents should have a storm supply of three days’ worth of nonperishable food and a five-day water supply (one gallon per person per day) in the event of a hurricane. An even better goal is a five- to seven-day supply of nonperishable food and a seven-day water supply of three gallons per person per day.

Several points to keep in mind:

  • Keep spare cash handy in case ATMs aren’t working,
  • Hang onto at least one hardwire telephone in case cellular service goes out,
  • Keep your gas tank full,
  • Have a plan for your pet(s) since most emergency shelters won’t accept them,
  • Keep prescriptions filled and copies of them in a waterproof box or folder, along with other important documents such as birth records, insurance policies and records of home valuables,
  • Have a caretaker who can look in on your property after the storm.

For a more in-depth guide to disaster preparation, Mike Spranger, a storm-preparation expert at the University of Florida (UF), has published a 140-page handbook called the “Florida Homeowners Handbook to Prepare for Natural Hazards” (Free-online).

Hopefully, Mother Nature smiles favorably on us again this year; but, let’s be prepared in the event of a storm.

Our Market Update provides detailed information regarding condos newly listed, pending and sold on Singer Island for the current month.

Enjoy this information prepared just for you!

CALL us today if you are thinking about selling or buying! Your referral is our best compliment!

We are hopeful for another banner 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.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]. See All Realtor listings on our website: www.WalkerRealEstateGroup.com.

About the Author

wreg

Leave a Reply

Your email address will not be published. Required fields are marked *