Fort Lauderdale Beach Real Estate

Jon C. Mumford, REALTOR-ASSOCIATE, CRS, ePRO, GRI, GREEN, RECS, SFR, SRES

Archive for August, 2008

July 2008 Sales Statistics

Posted by fortlauderdalebeachrealestate on August 25, 2008

New Listings

  • Single Family-2,042(13% lower than 07′, a year ago it was 17% lower)
  • Condo/Townhome-2,231(21% lower than 07′, a year ago it was 5% lower)
  • Total all property types-6,940(13% lower than 07′, a year ago 4% lower)

Total Available Inventory

  • Single Family-12,257(same as 07′, a year ago it was 17% higher)
  • Condo/Townhouse-15,530(7% lower than 07′, a year ago it was 28% higher)
  • Total all Property Types-36,941(4% lower than 07′, a year ago it was 25% higher)

Single Family Sold

  • 607 closed sales, 2% down from 07′, a year ago it was down 21%
  • Median sales price, $300,000, down 18% from last year

Condo/Townhome Sold

  • 561 closed sales, 1% lower from 07′, a year ago it was down 30%
  • Median sales price, $152,500, 16% down from 07′, a year ago it was down 30%

Pending Inventory or homes under contract

  • Single family homes are up 17% over 2007
  • Condos are up 21% over 2007

Given our current inventory and sales levels, if there were to be nothing else listed, we have a 20 month supply of single family homes on the market(up 2% from the previous month) and a 28 month supply of condos on the market(down 6% from the previous month)

Some very positive

Jon

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$7,500 Tax Credit-First Time Homebuyers

Posted by fortlauderdalebeachrealestate on August 19, 2008

One of the largest provisions of the 2008 Housing and Economic Recovery Act is a $7,500 tax credit for first time home buyers.  The definition of a 1st time home buyer is someone who has not owned real estate within the previous three years.  If you click on the link below you’ll be able to view all the details.  This is a wonderful opportunity for our first time buyers here in South Florida.  The credit is retroactive back to April 9, 2008 and will be available through July 1, 2009.  Frequently Asked Questions

Jon

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Good news in the South Florida real estate market? Yes!

Posted by fortlauderdalebeachrealestate on August 2, 2008

Guess what folks? Although average sale prices are down pretty much across the board, there is activity in our market. Single family pending sales or homes that have gone under contract are up 38% over 2007 and condo pending sales are up 14% over 2007. Add to that, inventory levels that are leveling off, or in some cases dropping and you’ve got positive signs in the real estate market in South Florida. Want to know what that means to you, drop me a line! We also have the housing bill that was just passed by the president, see below-

Jon

President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide.

The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes.
The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and an be used for purchases between April 9, 2008, and July 1, 2009.

The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits.

“These are all designed to help the housing and mortgage industries and boost the U.S. economy,” NAR President Dick Gaylord said in a statement. “NAR has been a leading advocate for many of these changes long before the current housing and economic downturn. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.”

Source: NAR, Associated Press (7/30/08)

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