News and Statistics

By Rich Barnhart

M

ost people only follow one or two
resources for their news and

frequently the only real estate data we
see is on a national level. When
evaluating real estate buy and sell
decisions it is important to look at various
resources including national, state and
local data. The following summary
should provide some valuable insight into

what is happening here in our back yard as well as
around the country.

S&P/Case-Shiller Home Indices –
Miami/Fort Lauderdale Up 7.1%

The S&P/Case-Shiller 20-City Composite Home Price Index
measures the value of residential real estate in 20 major
U.S. metropolitan areas.  Their most recent composite data
released on February 3rd showed national home price
gains of 5.7% year over year. The Miami/Fort Lauderdale
market outperformed the national market gaining 7.1%
over last year. 

REALTORS® Expect Greater Than 5% Increase in Florida

The January 2016 National Association of REALTORS®
Confidence Index is based on data collected in a monthly
survey of 3,596 REALTORS® across the country.  On
average real estate professionals expect median price
increases of 3.4% in the next 12 months, virtually
unchanged from last year.  REALTORS® in Florida are
again more optimistic, joining just 3 other states (Colorado,
Oregon and Washington) that expect median price
increases greater than 4% to 5%.

Local Waterfront - Broward County, 
Fort Lauderdale and The Landings

Getting more local, we pulled data from our local MLS
comparing 2014 with 2015 year over year sales for
“ocean-access” waterfront property. The best news is in the
single family waterfront segment with double digit
increases in median prices across the board. The condo
data tells a different story however, with only modest
increases in median prices for resale condominiums. The
key word here is “resale” since we believe that this
segment was hurt most by the increased competition of
new construction condos on the east side of town. Many
buyers last year who may have otherwise bought high-end
resale units chose to purchase new units instead.

Mortgage Rates Low, Rental Rates High

Another important factor to consider is that mortgage rates
remain at historically low rates with the average 30 year
fixed rate in Florida below 3.5% as of March 1st. This is
important since low rates should help maintain demand,
especially in our local waterfront neighborhoods where
virtually half of our transactions are financed, mostly with
jumbo loans. This is even more important for current
tenants who are paying some of the highest rents in the
country. Low mortgage rates and high rents make home
ownership especially attractive, at least in the short term.

Bottom line, the local real estate news is good. Enjoy it
while it lasts and make sure you review the local data with
your REALTOR® before making a buy or sell decision.  

I

Rich Barnhart, By the Sea Realty, Inc

954-351-7007  |www.bythesearealty.com

Real Estate

The Landings & Bay Colony

20