Housing Market Shows Rising Prices in February

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April 2014
 
1 — April Fool’s Day
13 — Palm Sunday
15– Tax Day
18 — Good Friday
20 — Easter
22 — Earth Day
23 — Administrative Professionals’ Day
25 — Arbor Day

Featured Listing
 
Pelican Bay – St. Tropez 
 
Beautifully upgraded 2BR/2BA plus Den unit with sunset views of the Gulf of Mexico and Clam pass. Gorgeous new kitchen cabinets with granite countertops and granite bath vanities and hardwood flooring! Enjoy all the amenities of Pelican Bay with its private beach, tennis, fitness and steps from the boardwalk tram to beach restaurants! Close to Waterside Shops & the famous Mercato shopping center! 
 
Offered at $585,000
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Bed/BA:  2BR/2BA
Year Built: 1988
Building Design: High Rise (8+)
2013 Taxes:  $3,025
MLS #: 214018001
Master HOA: $416 quarterly
HOA Fees: $1974 quarterly
Living Area: 1,290 
Total Area: 1,415
Water/Sewer: Central
Living/Dining: 24 x 16 x 13
Kitchen: 12.6 x 9
Den: 11 x 9.6 
Master Bedroom: 14.6 x 12.4
2nd Bedroom: 12 x 10
Porch: 16.6 x 11.8
Terrace: 15.6 x 6
Construction: Concrete Block/Stucco
 

Housing Market shows rising prices in February

An article from FloridaRealtors.org reported that, “higher median prices, more new listings, fewer days on the market and a stable level of inventory in February, according to the the latest housing data released by Florida Realtors.” A total of 15,826 were closed sales for single-family homes statewide, up 1.5 percent from February 2013. 
 
Distressed properties listed for sale are diminishing with a return of more of a traditional housing market. New listings for single-family homes in February rose 11.6 percent, while new townhome-condo listings rose 4.6 percent. 
 
“The statewide median sales prices for single-family existing homes last month was $165,000, up 10 percent from the previous year, according to data from Florida Realtors Industry Data & Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in February was $132,500, up 15.2 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.”
 
Also, according to the National Association of Realtors (NAR), “the national median sales prices for existing single-family homes in January 2014 was $188,900, up 10.4 percent from the previous year; the national median existing condo price was $188,700.” 
 
To read more of this article please visit www.floridarealtors.org
 

Study: U.S. housing recovery uneven across markets
 
“Over the next five years, the median price of single-family homes will approach the peach reached before the housing market tanked in 2006, predicts the Demand Institute, a nonprofit think tank run by The Conference Board and Nielsen.”
 
The institute predicts that some local markets will rebound faster than others, creating an unbalanced recovery.
 
The national median price is expected to grow at an annual rate of 2.1 percent from 2015 to 2018 driven primarily by new-household formation, according to the study. 
 
To read more of this article please visit www.floridarealtors.org 
 

Average 30-year mortgage rate falls to 4.32%

 
The average U.S. rates on fixed mortgages declined, getting closer to historically low levels. Freddie Mac said that the average rate for the 30-year loan fell to 4.32 percent from 4.37 percent. The average for the 15-year mortgage ease to 3.32 percent from 3.38 percent. 
 
“This increase was driven by speculation that the Federal Reserve would reduce its $85 billion-a-month bond purchases, which have helped keep long-term interest rates low. “
 
The National Association of Realtors reported, “that sales of U.S. existing homes slipped in February, the sixth decline in seven months as severe winter weather, rising prices and a tight supply of homes discouraged buyers.” 
 
There are still some signs that the market could pick up in the coming months. Sales improved in the South and West, where weather was less of a factor. 
 
To read more of this article please visit www.floridarealtors.org
 

Senate Passes Flood Insurance With House Amendments
 
On March 13, 2014, the United States Senate voted 72-22 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370). “The Senate acted quickly to pass the bill as amended by the House to avoid the need for a conference committee to reconcile any differences. The new bill further reins in and holds the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues.”
 
“As passed, the bill repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance. President Obama signed the bill into law on March 21, 2014. NAR had urged a swift vote in the Senate.”
 
To view the video click here.
 
This article was referenced from the realtor.org.
 

April Events in Naples
 
April 2nd — Dancing Under The Stars at Mercato 
 
April 4th — First Friday Arts Day at Waterside Shops
 
April 6th — Naples Music Festival, located on Third Street South. 239-434-6533
 
April 5th-6th — Marco Island Festival of the Arts, located at Veteran’s Park off North Collier Boulevard in Marco Island
 
April 10th — Evening on Fifth. Enjoy live music, shopping, dining, dancing on Fifth Avenue South. 
 
April 19th — Easter Egg Hunt at Naples Botanical, 9am to noon. Located at 4820 Bayshore Drive. 877-433-1874

 

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About yournapleshome

Karen is originally from Cape May County, New Jersey but considers herself a Floridian due to the many years she has resided in this sunny state! She has two children, Kimberly and Jennifer. Kimberly graduated form the University of Florida in 2000 and resides in Naples with her husband and two children. She works in education . Jennifer graduated from the University of Florida in 2006 and resides with her husband in Raleigh, North Carolina. She currently works for the Sweatlock Team as a marketing executive. The Sweatlock Team provides top-notch personable and professional real estate services, custom marketing for listings, efficient and honest service, fair representation, and a team that is ready to work for you! All combined with great expertise and impeccable service- a combination that can't be beat! Our clients are clients for life.
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