~~The real estate market in Florida continues to improve.  Since fewer foreclosures and short sales are hitting the market, prices are improving at a rapid rate.  The Florida Association of Realtors just reported that the median price for homes in Florida has gone up for 27 months in a row and from February of 2013 to February 2014, the statewide median price went up 10%.
This doesn’t mean that all homes went up 10%.  The largest gains were in the lower price ranges—pushed up by cash investors who continue to buy homes for rentals.  In St Lucie County, prices went up 13.6% while in Martin County, prices only went up 5.2% (still a healthy gain).  The median sale price in St Lucie County was $125,000 and in Martin County, the median price was $263,000.
Our home inventories are back to fairly normal levels with approximately a six month supply of homes.  More sellers are able to sell, now that prices have risen and they are no longer “under water.”  In addition, new home construction is booming in fifteen planned communities in our two counties.
Interest rates continue to be very attractive.  30 year fixed rate mortgages are still available at rates under 4.5% and qualified buyers can still buy homes with 3 ½% down on FHA mortgages.  Remembering  that the historical “norm” for home interest rates is about 6%, a 4.5% mortgage is a great reason to buy a home now!
If you’re thinking of buying or selling real estate in our area, we’d love to help you--and we always try to take great care of friends or relatives who are referred to us. Please give us a call anytime with real estate questions or if you need a painter, plumber, handyman, housekeeper, etc.  We will be happy to recommend the reliable people that we deal with.
Best regards, Gary and Nancy
P.S.  If you like searching for real estate on a smart phone or tablet, you would like our new Keller Williams app.  It is very user friendly and features great mapping and full size photos.  Just text KW2GYKC46 TO 87778.