According to the Florida Association of Realtors, prices for single family homes rose 15.9% from May 2012 to May 2013. The median price for a home in Florida is now $171,000. Fewer foreclosures are hitting the market and Florida’s inventory of available homes dropped by 23.7% during the same time.
Because of the dwindling inventory of homes, homebuilding is taking off again and the number of new home sales is up nationally by a whopping 29%. In our immediate area of Stuart and Port St Lucie, there are 14 new home communities currently building homes. The housing market truly drives our economy and it’s good to know that builders are hiring more and more construction workers every month.
A major story in the national news spotlight right now is rising rates for home mortgages. Rates for a 30 year fixed mortgage bottomed out at 3.4% last October and now have risen to 4.51%, on average. That’s almost a 1% gain in only 9 months. Doesn’t sound like much, but a 1% rise in mortgage rates results in more than a 10% rise in the monthly payment!
If you’re in the market for a home or condo, or if you have friends or relatives who are ready to buy, we suggest that you (or they) buy as soon as possible to avoid higher prices and higher interest rates. Please contact us for the best home values within any price range. There are homes and condos available in our area priced from under $100,000 to over $10 million. We have a home for almost any buyer—but all are going up in price because of increased demand and lower inventories.
Since our inventories are low, it’s a great time to get a property on the market and sold. If you know anyone who needs to sell a home or condo in our area, please have them contact us for a free, no-obligation market evaluation. Please contact us anytime with any real estate needs.
Gary and Nancy Gregg
Keller Williams Realty of the Treasure Coast