2014 Market Predictions by NAR’s Chief Economist

Lawrence Yun, chief economist for the National Association of Realtors, recently made his real estate market predictions for 2014 indicating that existing home sales prices should increase about 6%.  To read the full article from DSNews.com, please click here.

http://www.dsnews.com/articles/nar-chief-economist-reveals-2014-predictions-2013-11-11

Lawrence Yun, Chief Economist for NAR

Lawrence Yun, Chief Economist for NAR

Sold! 147 Ave B, Apalachicola

This great fixed-upper in Apalachicola in the South Side Historic District sold on October 23, 2013 for $295,000.  The home was located on two city lots with 2892 square feet, 5 bedrooms, 2  baths.  The new owner plans a complete renovation.

Rolstad

SOLD! 356 Patton Street, St. George Island

Congratulations to the Cox Family from Huntsville, Alabama who just purchased a bay home here on St. George Island!  This home with a dock and pool sold for $390,000.  The location is near the end of the point on Patton Street in the Gulf Beaches.

356 Patton Street

Franklin County’s Foreclosure Rate Lowest in Years

Franklin County’s foreclosure rate has dropped to 10%, while Florida’s overall rate is still high at 26%.  The national rate is now only 10%, too.

While the widespread housing market recovery continues, foreclosures have fallen to pre-housing bubble levels, according to RealtyTrac’s latest Housing Market Recovery Index released this week.   The foreclosure activity is 65% below its peak rate nationally.  But the recovery is happening at different speeds in various markets.

Southwest Florida is one area leading the recovery with rising prices fueled by cash purchases and investor buyers.  And Franklin County’s rate is comparable to the national average.  But other parts of Florida still have foreclosure activity much higher than the national rate.

Market Continues to Improve on St. George Island

The real estate market on St. George Island continues to improve based on the latest numbers through August 31 from the Multiple Listing Service of the Realtor Association of Franklin & Gulf Counties.  Residential sales activity (number of transaction closed)  increased 4% year to date over 2012.  Average sales prices increased 9% over 2012.  Days on Market (DOM) decreased 18%, and inventory decreased 9% over 2012.

Real Estate Market Continues to Improve on St. George Island

I’m happy to report the St. George Island real estate market continues its improvement.  To date, the average sales price on SGI is $418,566; in 2012 the average sales price was $381,146.  This is a 10% increase!  The “days on market” number continues to decrease.  In 2012, the average DOM was 281.  This year to date the average DOM is 225, a 20% decrease.  These statistics cover all sales on SGI (residential, lots & land, commercial) and are based on data provided by the MLS of the Realtor Association of Franklin & Gulf Counties.

Foreclosures Filings in Franklin County

This year through July, there were 102 new foreclosure cases filed here in Franklin County, according to Clerk of Court Marcia Johnson.  In 2012, a total of 180 cases were filed.  This is down from the peak here in Franklin County when annual filings were over 200.  Johnson also reported that only 21 cases were filed during 2005, her first year in office.  While the level of foreclosure filings remains somewhat high for the county, there are few new filings on St. George Island.  Currently, there are no active bank owned listings on St. George Island.  This is due, in part, to the active market on St. George and to the bank’s willingness to approve short sale transactions.

National Trends – When are buyers looking for real estate?

According to national real estate website Trulia.com, real estate searches pick up in January and peak in March.  There’s a dip in May and the searches peak, again, in July.  Activity online is then slow until December.  Here on St. George Island, our sales activity picks up in mid to late February and peaks in June.  Then, activity increases in the fall, usually from mid-October through December.  In all my years of selling real estate here on St. George Island, we typically write the most contracts in April-May-June.

Sales Activity Strong on St. George Island

Last week was busy!  Got two of my lot listings under contract and one of my buyers placed a house under contract.   The final May numbers are in, and there were 25 transactions closed on St. George Island, compared to only 19 in May 2012.  The total dollar volume sold in May was $10,132,500, the highest month since August 2006.

sea oats sunrise sgi (2)

Another Record Month for Sales on St George Island

May was another record month for real estate sales on St. George Island with 24 transactions closed.  There were 24 closed transactions in April, too.  The dollar volume for May sales was $9,960,500 with an average sales price of $415,020.

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