Posted by Valerie Tutor on Saturday, July 11th, 2015 at 2:22pm.
WASHINGTON – June 29, 2015 – Pending home sales continued to rise in May, and they're now at their highest level in over nine years, according to the National Association of Realtors® (NAR). Northeast and West gains were offset by small decreases in the Midwest and South.
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings last month, climbed 0.9 percent to 112.6 in May from a slight downward revision of 111.6 in April. Year-to-year, it's now 10.4 percent above May 2014 (101.9). It has increased year-over-year for nine consecutive months and at its highest level since April 2006.
NAR Chief Economist Lawrence Yun says contract activity rose in May for the fifth straight month, increasing the likelihood that home sales are off to their best year since the downturn.
"The steady pace of solid job creation seen now for over a year has given the housing market a boost this spring," says Yun. "It's very encouraging to now see a broad-based recovery with all four major regions showing solid gains from a year ago."
Yun has one warning: This year's stronger sales amidst similar housing supply levels from a year ago have caused home prices to rise to an unhealthy and unsustainable pace.
"Housing affordability remains a pressing issue with home-price growth increasing around four times the pace of wages," adds Yun. "Without meaningful gains in new and existing supply, there's no question the goalpost will move further away for many renters wanting to become homeowners."
The PHSI in the Northeast increased 6.3 percent to 93.9 in May, and it's now 10.6 percent above a year ago. In the Midwest, the index declined 0.6 percent to 111.4, but it's still 7.8 percent above May 2014.
Pending home sales in the South decreased 0.8 percent to 127.8 in May but it's still 10.6 percent above last May. The index in the West rose 2.2 percent in May to 104.5 – 13.0 percent above a year ago.
Souce: Florida Realtors
Posted by Valerie Tutor on Wednesday, June 24th, 2015 at 8:56pm.
“Sunsets have been saturated with hues of color I didn’t know existed.”
The news-press recently covered a story about Southwest Florida local photographer, Andrew West, sharing his perspective of the beauty of Florida skies from behind his lens.
Summer storms are iconic in Southwest Florida. As a kid, my family and I would plan our days accordingly around the anticipated rains. We’d spend our mornings in the sun on a walk or at the beach. In the afternoons, we might take a trip to the grocery store, listening to the heavy rains on the store’s metal roof. It wouldn’t last long, after about an hour, you’d be greeted outside by cooler temperatures and steam rising from the pavement.
Perhaps my favorite way to pass the daily summertime storms was sitting and watching the view from my family’s kitchen window. Overlooking the San Carlos Bay, you could see skies darken with deep blues and oranges and the water turn almost florescent. The storms would roll in, providing quite the show, and sometimes, the summer storm’s edge would just barely touch the Sanibel Island’s shore.
Summer is one of the best times to be on Sanibel Island. Outside of the traditional “tourist season,” the island is free to roam. Traveling down the tree canopied roads by car is a breeze, the beach is your personal oasis, and bike paths are yours to conquer.
Also, in addition to providing cool, welcomed relief from the Florida sun, the summer rainy season produces some of the most stunning heat lightning and sunsets.
If you’re a local resident or maybe just planning a trip to the island, give me a call and let’s talk.
Courtesy of JRW News
Posted by Valerie Tutor on Monday, June 22nd, 2015 at 9:14pm.
Some days it feels like the islands exist in their own world, set apart from the rest country. Still, it’s always a good idea to check national trends every once in a while for a clue as to how the climate of the Captiva and Sanibel real estate market might be shifting.
Less than a week ago, Coldwell Banker released the results of a survey they have been conducting over the past ten years to gauge seller attitudes. The report states, “The recession not only changed the housing market, but it also changed the way home sellers approach the sale of their home.”
For instance, one of the most dramatic and continuous shifts in seller sentiment is the responses to this survey statement: “The offer I accepted was based on more on emotion than just money alone.” Since 2005, well before the most recent housing recession, the affirmative response to this statement has increased from 21% to 36%. More than a third of all home sellers surveyed stated that emotional connection to the house and the future buyer factored, in some way, higher than the price of the house alone.
Another important trend is that homes in the United States are more frequently selling within two weeks of going on the market. To this survey statement, 28% of all surveyed agreed, up from just 15% in 2005. Sellers need to be aware of this especially if they are still finalizing their next place of residence and hoping for a little time in between.
Other aspects of the home selling experience surveyed included whether the seller received multiple offers (slightly higher than 2005), whether the seller received an offer above asking price (slightly lower than 2005) and whether the seller accepted the first offer (slightly lower than 2005 levels).
Considering over 1,500 American home sellers were surveyed to achieve these insights into the market, the results are at least a clue for us to better understand the current market climate and what to expect in the next year of selling.
Source: JRW Properties
Posted by Valerie Tutor on Saturday, June 20th, 2015 at 9:34pm.
The whole John R Wood Properties crew had a blast last night for Margarita Monday at the Sundial Resort. Margaritas, appetizers, and live music from Sanibel Island’s very own Danny Morgan––what a night! After another day of helping people buy, sell, and look for Sanibel Island real estate, we couldn’t have asked for a better way to unwind.
We love what we do, and being able to do our work in paradise makes it even sweeter.
Courtesy of JRW News Blog
Posted by Valerie Tutor on Tuesday, June 9th, 2015 at 9:22pm.
The Sanibel Real Estate Market continues to be strong. More closings in May than last year and a stronger volume. One of the trends of interest is the increase in over million dollar sales. Our office listed a 4 million dollar bayfront and just closed it….It was sold in 31 days! Sanibel million dollar Condo sales have doubled. Those complexes that are valued over a million are getting the buyer interest. Customers buying expensive Real Estate is happening on a big scale with our John R Wood “brand” in Naples. Interesting that all of Lee County has only about 10% of the million dollar sales that Collier has.
Sanibel Sales May 2015
Residential Vacant Condominium
# sales 33 4 22
Avg Sale $939,947 $391,875 $869,852
My forecast is for continued price gains. I base that on a strong demand and a decreased inventory. I checked the Sanibel Inventory levels in 2011 which was the beginning of the recovery. Look at the difference in all categories!
Sanibel Inventory June 2011 vs 2015
Year Residential Vacant Condominium Commercial
2011 247 104 231 14
2015 112 72 94 6
More people want to experience the pleasant climate and all that Sanibel offers. Plus our unique island compared to the “rest” of Florida is so much better. Being better will keep interest up along with prices. Check out our Sanibel video at :www.SanibelRealEstateMarket.com/video
By Jay Richter, Managing Broker John R Wood Island Real Estate, Licensed Real Estate Instructor
I am a true Florida native and proud of my heritage growing up in South Florida on an 80 acre cattle ranch only two hours from Sanibel. Since the early 1960s, my family loved to spend our free time on Sanibel and Captiva, so I pretty much grew up here. After living and working all over South and Central Florida, my husband and I were thrilled to be able to move home to Sanibel Island.READ MORE