What's Happening in and around Palm-Aire

All of us at Wieder Realty would like to thank our friends, clients, and associates for a stupendous 2011. We were able to buy, sell and rent more than 300 transaction sides in 2011 and we could not have done it without the support of a wonderful group of individuals. 

We wish everyone a very happy new year and we hope that 2012 is even better than 2011 in every way possible.

Best wishes and Happy New Year!

-Randy Harden

Florida’s existing home and existing condo sales continued its positive upswing in November, according to the latest housing data released by Florida Realtors®. Existing home sales increased 11 percent last month with a total of 12,993 homes sold statewide compared to 11,664 homes sold in November 2010, according to Florida Realtors. 

Pending home sales rose strongly nationwide in October, increasing by 9.2 percent year-over-year, according to the October pending home sales report from the National Association of Realtors, released today. 

The Pending Home Sales Index, which measures signed real estate contracts for existing single-family homes, condominium and co-op units, rose to 93.3 in October from 84.5 in September. In October 2010, the index was 85.5. 

The Pending Home Sales Index in the South surged 8.6 percent to 99.5 in October and was 9.7 percent above October 2010's index. An index of 100 equals contract activity from 2001.

Here is updated inventory graph of the past 18 months of real estate active and pending. As you can see the autumn has shown a leveling out of properties to find some kind of normalcy. 

Sales in my local market (greater Fort Lauderdale) have seen an uptick since the Thanksgiving holiday as northern buyers begin to purchase property to enjoy the Florida winter.

The Conference Board Consumer Confidence Index, which declined in October, surged almost 15 points in November.

The Index now stands at 56.0, up from 40.9 in October. The Present Situation Index increased 11.2 points to 38.3 from 27.1. The Expectations Index, which gauges attitudes about the economy’s condition six months from now, went up 17.8 points to 67.8 from 50.0.

Those stating business conditions are “good” increased to 13.3 percent from 11.2 percent, while those stating business conditions are “bad” declined to 38.2 percent from 43.7 percent. Consumers’ appraisal of the labor market was also more upbeat.

Those claiming jobs are “plentiful” increased to 5.8 percent from 3.6 percent, while those saying jobs are “hard to get” decreased to 42.1 percent from 46.9 percent.

Sales of single-family homes and condominiums in Broward County rose 13 percent in the third quarter, according to a report from the Miami Association of Realtors. Sales prices saw a small increase as well, with a 3 percent jump in the median sales price of condos and a 1 percent rise in the median sales price of single-family homes. 

This matches what we have seen in our Pompano Beach marketplace with a rising number of sales while prices are still low.

• HERE ARE SOME FANTASTIC MORTGAGE RATES!
• 30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an average 0.7 point for the week ending November 23, 2011, down from last week when it averaged 4.00 percent. Last year at this time, the 30-year FRM averaged 4.40 percent. 

   

• 15-year FRM this week averaged 3.30 percent with an average 0.7 point, down from last week when it averaged 3.31 percent. A year ago at this time, the 15-year FRM averaged 3.77 percent.