Cash sales are falling nationwide, but rising in Florida, up to 47.8% of all real estate transactions. FL, NY, NJ, AL & MI are the top states for cash sales. South Palm Beach County cash sales are 58.1%, top market in the U.S. This trend is driven by both retirees and investors who make up a majority of buyers. Sarasota, Ft. Myers & Miami are also in the top five spots along with Detroit at fourth. Surprisingly Southeast Florida still has 1 & 2 bedroom, 55+ retirement condos available below $100,000.
Monthly Archives: August 2015
Florida housing remains strong as demand continues to fuel new home sales. The Florida Realtor’s Association also reported pending home sales up 6.5% and multi-family sales up 3.8%. This bodes well for sellers as we move closer to winter. Typically slow summer sales have kicked off early as snowbirds who want to be away from colder northern states during the cold frozen months seek a refuge before season begins at Thanksgiving. Inventory is low with resale at a 4 month supply, less in South Florida. It is definitely a seller’s market. New home builders confidence index is at it;s highest point, 61, since 2005.
Realty Trac reported new foreclosures are at the lowest point since 2005 and banks are releasing pent up properties at near retail prices at the highest level since 2007. With lender requirements stiffened since 2007, there have been very few delinquencies on loans originated since 2009. This has also created a large pool of lender reserves and many like FHA are expected to lend more aggressively.