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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 04-12-2013, 02:19 PM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,225,717 times
Reputation: 1999

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PER TCPalm newspaper today

Like the rest of Florida, the Treasure Coast’s housing market had more closed sales, higher median prices, increased pending sales, more new listings and fewer homes for sale in February, the latest data released by Florida Realtors show.

Compared with a year ago, Realtor sales of existing single-family homes increased from almost 24 percent to more than 30 percent in the three Treasure Coast counties, while statewide sales were up about 10 percent.

However, although the median price statewide increased 12.8 percent in February from a year earlier, only St. Lucie County’s 12.2 percent increase came close to that. Martin and Indian River counties had smaller increases. The median is the midpoint; half the homes sold for more, half for less.
“New listings have also increased, relieving some of the supply issues we have seen in the past few months,” said Mike Lafferty, president of the Realtors Association of Indian River County.

New listings, however, are still not keeping pace with sales, so the key factor is the continued decline in available inventory, the presidents of the three Realtor associations on the Treasure Coast agreed.
“The lower price ranges are particularly affected, causing buyers to bump up their offers,” said Donn Wonderling, president of the Realtor Association of St. Lucie. “This February, (sales volume) was up 80 percent over last year in the $100,000 to $150,000 range, and the $150,000 to $200,000 range was up 65 percent.”

Noting that the supply of single-family homes and townhomes/condos has dropped drastically during the past 12 months, Realtor Association of Martin County President Tom Baker said, “Median prices for both homes and condos have increased over the same period — an indicator that the demand/supply forces point to modest pricing appreciation.”

Lafferty, broker-CEO of The Lafferty Group Real Estate & Consulting in Vero Beach, said, “The numbers again show we are in full recovery mode. I think the real indicator is traditional sales (nonforeclosure or short sales) increased 35 percent from last February and the median sales price of those traditional sales increased 7.9 percent to $149,998.”

Baker, regional sales manager for The Keyes Company, said, “Interestingly, we are seeing a higher ratio of cash transactions as compared to financed transactions, especially in sales of townhomes and condos,” though Baker said he isn’t sure why.

Wonderling, regional sales manager for Boca Executive Realty, said, “The recovery is still a fragile recovery. Much of it is supply-side driven. I would be happier if we saw improvements on the demand side from new job growth.”

Wonderling said he also is concerned about the tightening of lending standards by the federal government “beyond what is reasonable. This is a terrible impediment to the recovery of the lending industry and the housing market.”
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Old 04-14-2013, 06:44 PM
 
1,257 posts, read 1,871,455 times
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That's good news. I will have to tell Donn I read the article.
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Old 04-15-2013, 09:36 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,225,717 times
Reputation: 1999
this is a national real estate group I watch all the time-- many of you should too. It's geared to Realtors and Mortgage Lenders, but they consistantly have the news before it even hits the papers. his particular one has to do with the market in general, and Fannie Mae and Freddie. Worth a look!


Piggybacks are Back! | The National Real Estate Post
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Old 04-15-2013, 04:03 PM
 
Location: Venice, FL
1,690 posts, read 2,804,487 times
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Great news. PSL can't recover soon enough!
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Old 04-15-2013, 08:45 PM
 
Location: New Jersey/Florida
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Read an article last week of foreclosures flooding the market again last week in the St. Lucie news, no mention of that in the article. Makes you wonder did they forget.
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Old 04-16-2013, 07:37 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,225,717 times
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I would like to see the article since I have MLS and haven't seen a "flood" of new homes on the market.
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Old 04-16-2013, 01:00 PM
 
194 posts, read 429,343 times
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There was an article about the statewide shadow inventory of homes in the Palm Beach Post on 4/7. St Lucie led the state with a 220% year over year increase of shadow inventory. It is not here yet but will come soon enough, hopefully in an orderly manner by the banks.
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Old 04-16-2013, 03:56 PM
 
Location: New Jersey/Florida
5,821 posts, read 12,651,955 times
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Quote:
Originally Posted by JimT7406 View Post
There was an article about the statewide shadow inventory of homes in the Palm Beach Post on 4/7. St Lucie led the state with a 220% year over year increase of shadow inventory. It is not here yet but will come soon enough, hopefully in an orderly manner by the banks.
Thanks Jim you saw it, I read it last Thursday 04/11/13 in the St. Lucie News. It was a big article. Most times realtors intentionally only find the good articles. I like to see both points of view. No need to run out and buy, buy, buy only if you want to. Come on realtors if your worth a grain of salt you should report this also.
Homes in foreclosure push up Treasure Coast inventory
  • By Paul Ivice
  • TCPalm
  • Posted March 28, 2013 at 6:30 p.m.
Sharp increases in the number of homes in the early stages of foreclosure pushed the Treasure Coast’s inventory of homes to more than double the level of a year ago, according to RealtyTrac’s first-ever U.S. Foreclosure Inventory Analysis, released Thursday.
The new report by California-based RealtyTrac (www.realtytrac.com) shows that during the first quarter of this year, the number of Treasure Coast homes in some stage of foreclosure — default notices, scheduled auctions and bank repossessions (commonly known as REOs) — increased by more than 148 percent from the same period in 2012, compared with an 80 percent increase statewide and 9 percent nationwide.
Nationwide, the inventory of homes scheduled for foreclosure auction decreased 25 percent and inventory of bank-owned homes decreased 3 percent, but a 59 percent jump in defaults spurred the overall increase.
On the Treasure Coast and throughout Florida, the category rations were similar but the numbers were much bigger and all in the negative.
Bank repossessions were up 55 percent on the Treasure Coast, but a tenfold increase in scheduled auctions in St. Lucie County caused auctions of Treasure Coast homes to nearly quadruple while defaults more than tripled.
Now due I have to post this from the different sources that it made news in, or is one enough?

Last edited by JERSEY MAN; 04-16-2013 at 05:02 PM..
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