Sales Stats

REALTORS® Association
Of Indian River County, Inc.
MLS Statistics

Statistics developed by the REALTORS Association of Indian River County through its Multiple Listing Service and in conjunction with Florida REALTORS reflect the following for January 2020/2019. The Residential closed sales of single-family detached homes totaled 197 units for January 2020.  This compares to a total of 160 units in January 2019.  The median price of single-family detached homes sold by members of the REALTORS Association of Indian River County MLS for January 2020 was $240,000. This compares to a median price of $232,000 for January 2019.  Current active inventory of residential single-family detached homes total 1,405 for January 2020.  This compares to the active inventory of 1,660 for January 2019.

The Residential closed sales of condominium homes totaled 56 units for January 2020.  This compares to a total of 44 units in January 2019.  The median price of condominium homes sold by members of the REALTORS Association of Indian River County MLS for January 2020 was $161,638. This compares to a median price of $143,500 for January 2019.  Current active inventory of condominium homes total 539 for January 2020. This compares to the active inventory of 501 for January 2019.

Report Prepared on February 19, 2020

Click here for Single Family Housing details Indian River County_Single Family Homes_2020-01_Detail

Click here for Town Home and Condo details Indian River County_Townhouses and Condos_2020-01_Detail

U.S. Housing Supply Reaches All-Time Low

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U.S. Housing Supply Reaches All-Time Low

Realtor.com: Housing inventory dropped 13.6% in Jan. – the steepest year-over-year decline in over four years. The current supply of for-sale homes in the U.S. is the lowest it’s been since realtor.com began tracking it in 2012. It’s down 10%-20% in the four Fla. cities tracked.

SANTA CLARA, Calif. – National housing inventory declined 13.6% in January – the steepest year-over-year decrease in more than 4 years – pushing the supply of for-sale homes in the U.S. to the lowest level ever since realtor.com began tracking the data in 2012.

Based on realtor.com’s analysis, January’s steep year-over-year decline amounted to a national loss of 164,000 listings that tightens the housing shortage plaguing the U.S.

And based on realtor.com’s data, a dearth of for-sale homes shows no signs of easing in the near future as the volume of newly listed properties also declined by 10.6% since last year.

“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale,” says Danielle Hale, realtor.com’s chief economist. “With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”

Hales calls it a “challenging sign for the large numbers of millennial and Gen Z buyers coming into the housing market this homebuying season, as it implies the potential for rising prices and fast-selling homes – a competitive market.”

The supply shortage is found at every price tier throughout the U.S., but it’s especially pronounced at the entry-level. In January, properties priced under $200,000 declined by 19%, an acceleration compared to December’s decline of 18.1%.

The decline in inventory of mid-tier properties priced between $200,000 and $750,000 also accelerated, to a decline of 12% year-over-year, compared to December’s 10.2% decline. Even upper-tier properties priced at more than $750,000 declined by 5.9% year-over-year compared to December’s decline of 4.4%.

As inventory dropped, both listing prices and days-on-market reacted to the imbalance of supply and demand. The median U.S. listing price grew by 3.4% year-over-year, to $299,995 in January, while prices in 18 metros grew by more than 10%.

Of the 50 largest metros, 46 saw year-over-year gains in median listing prices, with Philadelphia as the nation’s standout with a 16.0% increase over last year. Additionally, with the lack of supply, homes are selling in an average of 86 days – two days more quickly than January of last year.

Florida housing markets’ year-to-year changes

  • Tampa-St. Petersburg-Clearwater: Active listings down 20.2%, with 4 fewer days on the market
  • Orlando-Kissimmee-Sanford: Active listings down 15.8%, with 6 fewer days on the market
  • Miami-Fort Lauderdale-West Palm Beach: Active listings down 11.2% with 3 fewer days on the market
  • Jacksonville: Active listings down 10.5% with 5 fewer days on the market

© 2020 Florida Realtors®

Single Family Housing Supply for Indian River County

Mike Lafferty - The Real Estate Guru

I was sitting with a few people this weekend and since I am the Broker for The Lafferty Group Real Estate, the #1 Boutique Real Estate shop in Vero Beach and Sebastian, FL, and the President Elect for the Realtors Association of Indian River County (“I’m kind of a big deal”~ Ron Burgundy) I was asked what the supply of listings are in the area and I was able to give close numbers,  but it really depends on price range so I ran these numbers for Single Family houses (no condos) and found this.

SebastianVero Beach MainlandBarrier Island
$0-100,00014
100,001-250,00099205
250,001-350,00065189
350,001-500,0002314323
500,001-1,000,0001393174
1,000,000+624174

This gives you a better look at supply by price range and where your competition will be.

If you have any questions give me a call.

View original post 3 more words

Single Family Housing Supply for Indian River County

I was sitting with a few people this weekend and since I am the Broker for The Lafferty Group Real Estate, the #1 Boutique Real Estate shop in Vero Beach and Sebastian, FL, and the President Elect for the Realtors Association of Indian River County (“I’m kind of a big deal”~ Ron Burgundy) I was asked what the supply of listings are in the area and I was able to give close numbers,  but it really depends on price range so I ran these numbers for Single Family houses (no condos) and found this.

 

Sebastian Vero Beach Mainland Barrier Island
$0-100,000 1 4 0
100,001-250,000 99 205 0
250,001-350,000 65 189 0
350,001-500,000 23 143 23
500,001-1,000,000 13 93 174
1,000,000+ 6 24 174

 

This gives you a better look at supply by price range and where your competition will be.

If you have any questions give me a call.

The Lafferty Report

Absorption Rate is one of, if not the best, indicator for the Real Estate Market.  The Absorption Rate is just what it says.  It’s the rate at which a home is absorbed into the Market.

These are the Absorption Rates for Single Family Homes (no condos) for the Vero Beach Barrier Island, Vero Beach Mainland and Sabastian, FL using 12 months of data.  By using the Absorption Rate and the Current number of listings you can also find the number of months of supply in any given market.

  • Barrier Island – Absorption rate is 33.42. That’s 33.42 single family homes being absorbed into the market every month for the last year.  With the current number of listings the supply of inventory is 9 months down from 10.55.  That means it will take 9 months to sell every listing on the island if no other listings enter the market (which won’t happen)
  • Mainland – Absorption Rate is 164.42 up from 162.4 with 5.13 months of supply up from 4.8
  • Sebastian – Absorption Rate is 68.33 up slightly from 68 with 4.5 months of Supply up from 4 months

Traditionally over 6 months of supply is a buyers market and under 6 months is a sellers market. So on a whole the Island is a buyers market, Vero Mainland and Sebastian are a sellers markets.

These rates are for all sales in the area, but could be calculated by neighborhood or price range to get a very specific Absorption Rate.  Every Realtor should be showing these rates to sellers and buyers.  If you are working with a Realtor I suggest you ask for this information.  If they don’t know how to do it call me.

The Lafferty Report

Absorption Rate is one of, if not the best, indicator for the Real Estate Market.  The Absorption Rate is just what it says.  It’s the rate at which a home is absorbed into the Market.

These are the Absorption Rates for Single Family Homes (no condos) for the Vero Beach Barrier Island, Vero Beach Mainland and Sabastian, FL using 12 months of data.  By using the Absorption Rate and the Current number of listings you can also find the number of months of supply in any given market.

  • Barrier Island – Absorption rate is 33. That’s 33 single family homes being absorbed into the market every month for the last year.  With the current number of listings the supply of inventory is 10.55 months.  That means it will take 10.55 months to sell every listing on the island if no other listings enter the market (which won’t happen)
  • Mainland – Absorption Rate is 162.4 with 4.8 months of supply
  • Sebastian – Absorption Rate is 68 with 4 months of Supply

Traditionally over 6 months of supply is a buyers market and under 6 months is a sellers market. So on a whole the Island is a buyers market, Vero Mainland and Sebastian are a sellers markets.

These rates are for all sales in the area, but could be calculated by neighborhood or price range to get a very specific Absorption Rate.  Every Realtor should be showing these rates to sellers and buyers.  If you are working with a Realtor I suggest you ask for this information.  If they don’t know how to do it call me.

Open Job Offer to Prince Harry and Meghan

Dear Prince Harry and Meghan,

I would like to congratulate you both on your decision to become financially independent in the next chapter of your life and to extend a job offer to both of you that will make your financial dreams a reality.

First, you would have to move to Vero Beach, Florida.  We have Polo and we don’t have a state tax which will be very important in your financial freedom.  Second, you will need to enroll in a local Real Estate Sales course (just like everyone else that moves to FL).  Now, as the Broker of The Lafferty Group Real Estate & Consulting I can offer to help you out.  Because your sphere of influence is very upscale I would be willing to pay for your classes and your dues to the Realtors Association of Indian River County which covers the State and National Dues.  Approximate cost is about $3,000.  You can pay me back from you first commission check which will come fast if you work your sphere of influence hard enough.  Our commission split is 80/20 meaning you get 80% of all your sales and we only charge you $45 each quarter for E&O insurance. You won’t have to do any floor time and I can get some of our other sales associates to let you do some of their open houses so you can get some first hand client contact.

I hope you will consider this offer and I look forward to helping “Team Royal” become financially independent as fast as possible.

Thanks and I look forward to hearing from you soon.

Mike Lafferty
Broker/Owner
The Lafferty Group Real Estate & Consulting

 

 

Buyer Traffic Remains High, Especially in the South

Study: A year-to-year comparison finds buyer traffic up 5.5% in the U.S., but it’s up 10.8% in the South – the strongest uptick out of the four areas studied. It’s “noteworthy given that (two regions) previously reported nearly year-long drops in traffic prior to August.”

NEW YORK – The weather may be getting chillier in many parts of the country, but that hasn’t deterred potential home buyers from touring homes for sale. Buyer traffic in October saw an uptick in all four major regions of the U.S. It was also the first annual increase for the month since 2017, according to the latest ShowingTime Showing Index report.

Overall, buyer traffic nationwide increased 5.5% year over year in October, the largest increase since March 2018. The South region – an area that includes Florida – saw the biggest uptick with that 10.8% year-over-year increase. Buyer traffic increased 3.8% in the Northeast, 1.5% in the Midwest and 8.6% in the West.

“We are seeing expected seasonal slowdowns in October, although this fall continues to be more active than last year in terms of showing traffic,” says Daniil Cherkasskiy, ShowingTime chief analytics officer. “The increase in showing activity in both the South and West regions is noteworthy given that both had previously reported nearly year-long drops in traffic prior to August.”

Lower mortgage rates may be drawing buyers out. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.68% last week, down from 4.75% a year ago.

On average, homebuyers tour a median of nine homes and look for a house over 10 weeks before they buy, according to the 2019 Profile of Home Buyers and Sellers report, produced by the National Association of Realtors®.

The ShowingTime Showing Index is compiled using data from property showings scheduled using ShowingTime products and services. The service facilitates more than 4 million showings each month.

Source: “Home Showings Increase Across U.S. for Third Consecutive Month,” RealTrends.com (Dec. 5, 2019) and ShowingTime

Decade In Review

We are 7 days into the new year and 7 days into a new decade.  I’ve read post after post of individuals reviewing how great that last year was or wasn’t.  How this year is going to be the year to “cut out all toxic people, make more money, go to the gym (which is packed with everybody in new sweat whisking shirts they got for Christmas), and focus on me.”  After reading all the posts I felt I needed to look back on the last Decade and after several hours of reflection while smoking a Monticristo #4 (Cuban cigar) and imbibing in a few rums (also Cuban) my thoughts on the last decade are this.

WHAT THE F@#& WAS THAT!!

I say that with an *.  The last two years have been great.  Business is good and I’m in a relationship with a great woman that makes me a better person (no need to put the next decade in jeopardy), but WTF.  I experienced more in 10 years than most do in 10 life times.

Here are just a few of the highlights:

Lost a House, (not once, but twice.  One in the Real Estate crisis and one in divorce), lived in 6 different houses, lost a great friend to cancer, lost a cousin to cancer, had a baby boy (before divorce), wrote a book “Storm Surge” available on Amazon, started a new book no title yet, became a contract Federal Investigator doing investigations on individuals getting Top Secret clearances, got my own Top Secret Clearance and spent time at NASA and Patrick AFB where I got lost and found myself next to a SpaceX launch pad with a rocket getting ready for launch, met the next Edward Snowden (stopped him), lost my contract, lost some friends, made some new great ones and traveled to new locations.

That’s just the highlights, but the one thing that really got to me was the fact I got FAT.

So starting this year I’m going to “get rid of toxic people in my life, go to the gym, make more money and focus on me”.

Can’t wait to see what kind of crazy things will happen in the next 10 years.