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The quaint riverside city of Stuart has long been enticing people to its shores. Known as “Historic Downtown Stuart“, the emerging downtown area is developing its own vibe similar to Delray’s popular Atlanic Avenue. Here you can enjoy an afternoon by the waterfront listening to an outdoor concert, wine and dine in great restaurants, or just take a breather from the stress of work in one of several cafes and watering holes.

Demand for homes close to downtown Stuart has grown in recent years among home buyers seeking a downtown lifestyle, easy access to recreation, and neighborhoods with a strong historic bond. The greater Stuart area also offers a variety of housing options from gated subdivisions to equestrian and beach front properties. Recognizing Stuart’s desirability, strict controlled growth policies have been instituted to maintain the regions rural flavor and “family friendly” nature.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Fla.’s housing market continues on positive track in Feb.

Feb. existing-home sales slip but up strongly from year ago

ORLANDO, Fla. – March 21, 2012 – Pending sales and median prices rose, while the inventory of homes for sale dropped in Florida’s housing market in February, according to the latest housing data released by Florida Realtors®.

“Growing optimism about the economy, gains in the state’s jobs market and continued low mortgage rates are generating interest in Florida real estate,” says 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Increased statewide pending sales for both single family existing homes, up 36.1 percent, and for townhouse-condo properties, up 19.8 percent, show that buyers are encouraged by these positive signs.”

Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written.

The statewide median sales price for single-family existing homes in February was $134,000, up 7.2 percent from the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The statewide median for townhome-condo properties was $95,000, up 15.9 percent over Feb. 2011.

The national median sales price for existing single-family homes in January 2012 was $154,400, which is 2.6 percent below the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median sales price for single-family existing homes in January was $268,280; in Massachusetts, it was $265,000; and in Maryland, it was $219,500.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Statewide sales of existing single-family homes totaled 14,270 in February 2012, down 4.8 percent compared to the year-ago figure. Looking at Florida’s year-to-year comparison for sales of townhomes/condos, a total of 7,545 units sold statewide last month, down 16 percent from those sold in February 2011. NAR reported the national median existing condo price in January 2012 was $156,600.

In February, the months supply of inventory stood at 6.2 for single-family homes and at 6.3 for the condos/townhomes, according to Florida Realtors.

“The overall picture that these statistics show is of a stabilizing housing market,” said Florida Realtors Chief Economist Dr. John Tuccillo. “While closed sales are down, so are listings and so is inventory. These are signs of a market that’s moving from being a buyer’s market to a balanced market.

“For the past year, median sales prices have been slowly rising; and over a longer period of time, prices have really flattened out – again, signs of an improving housing market.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.89 percent in February 2012, down from the 4.95 percent average during the same month a year earlier, according to Freddie Mac.

To see the full statewide housing activity report, go to Florida Realtors Media Center and look under Latest Releases, or download the February data report PDF under Market Data.

© 2012 Florida Realtors®

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Florida ranked first in 2011 home sales to Canada

SARASOTA, Fla. – March 15, 2012 – The strength of the Canadian dollar, sustained low pricing in the U.S. housing market, and perceptions regarding the general economic outlook continue to encourage Canadians to purchase a home in the Sunbelt states.

According to the National Association of Realtors® (NAR) 2011 Profile of International Buying Activity, Florida and Arizona are top choices because of their favorable winter climate. In fact, 58 percent of all international sales in 2011 came from just four states: Florida at 31 percent, followed by California at a distant 12 percent, Texas accounted for nine percent and Arizona at six percent.

Even for international buyers it’s location, location, location. Forty-three percent of those surveyed report a favorable location as their clients’ most important factor when choosing where to purchase. That was followed by 27 percent who stated their clients’ top reason to buy in the U.S. was that they view U.S. real estate as a profitable investment.

Canadians specifically purchase due to a perceived positive return on their investment. They also showed a strong desire for a lakefront recreational location. In fact, eight percent of Florida re-sales were to Canadians in 2010. Similar culture, closeness to their native homeland and lack of a communication barrier are also factors steering Canadians to the lower 48 U.S. states.

The NAR profile also showed that in the 12-month-period ending March of 2011, Canadians accounted for 23 percent of all foreign buyers – the largest of any country. In a 2010 article, Canada’s largest daily newspaper The Globe and Mail reported that a vast majority of Canadians were paying cash for their purchase.

“There are few lenders who have a mortgage process tailored for Canadians looking to purchase a home in the U.S.,” said Sheila Blom, Florida mortgage market manager for M&I, a part of BMO Financial Group. “Our parent company is based in Toronto, so naturally we have relationship products specifically designed to meet the needs of Canadian customers for purchasing or refinancing their primary residence, second home or investment property in the U.S.”

© 2012 Florida Realtors®

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.