April 2024

7 U.S. Cities Defying Housing Market Malaise with Surging Price Growth

by Opportunities

While the housing market grapples with stagnation and fluctuating mortgage rates, certain U.S. cities are bucking the trend, experiencing robust home sales and remarkable price growth. These markets are characterized by a significant increase in demand and quick turnaround times for property listings.

Key Insights:

• Price Growth Outpaces National Average: Realtor.com’s analysis reveals that while home prices across the nation saw only a marginal 2% rise in March, the hottest markets experienced a substantial 5.3% annual increase. This disparity underscores the resilience of these markets amid broader market challenges.
• Regional Trends: The Northeast and Midwest regions dominate the list of hottest markets, comprising 13 and 7 metros, respectively. Cities like Manchester-Nashua, NH, and Rochester, NY, continue to lead in terms of housing market activity.
• Cooling of Price Growth: Despite the overall price growth in hot markets, the pace has slowed compared to previous periods. This moderation in price growth aligns with a shrinking overall demand for these markets, signaling a potential shift in market dynamics.
• Markets with Price Decline: Seven metros among the top 20 hottest markets witnessed a decline in median listing prices in March compared to the previous year. Areas like Bridgeport-Stamford, CT, and Norwich-New London, CT, experienced notable drops, offering some relief to prospective buyers.
• Factors Contributing to Price Decline: The decline in prices in certain markets can be attributed to factors such as the availability of smaller homes and a decrease in price per square foot. These trends indicate a shift towards more affordable housing options.
• Regional Disparities: The South and West regions have notably receded from the list of hottest markets, with fewer metros making the cut in recent months. This shift reflects a cooling off in once-red-hot Southern markets, allowing for market balance to take shape.

Amidst the broader housing market challenges, the resilience and dynamism of certain U.S. cities offer hope for both buyers and sellers. As price growth surges in these hot markets, buyers may find opportunities for investment and homeownership, while sellers stand to benefit from favorable market conditions.

Source:
Margaret Heidenry from realtor.com

Continuum Condo Closing Dominates Miami-Dade Weekly Sales

by Opportunities

Miami-Dade County’s condominium market witnessed a surge in sales and dollar volume over the past week, with a notable transaction at Continuum South Beach leading the pack. From April 15th to April 22nd, brokers finalized 160 condo sales totaling $156 million, reflecting a robust market performance.

Key Highlights:

• Increased Sales Volume: Last week’s condo sales marked a significant uptick from the previous period, with a total volume of $156 million compared to $141 million.
• Average Price and Price Per Square Foot: Despite the rise in sales volume, the average price for units sold decreased slightly to $977,219. However, the price per square foot saw an increase, reaching $651.
• Top Sale at Continuum South Beach: Continuum’s South Tower units 1902 and 1903 emerged as the top sale, closing at $10.9 million. This transaction underscores the allure of luxury waterfront properties in Miami Beach.
• Notable Transactions: Ritz-Carlton Residences unit 2905 in Sunny Isles Beach secured the second-highest closing at $6.7 million, reflecting the demand for upscale residences in premier locations.

Top 10 Sales Breakdown:

• Most Expensive: Continuum South Beach, units 1902 and 1903 | Price: $10,850,000 | $4,228 psf | Listing Agents: Eddy Martinez and Roland Ortiz | Buyer’s Agent: Carlo Dipasquale
• Least Expensive: Oceana Bal Harbour, unit 305 | Price: $3,100,000 | $1,819 psf | Listing Agents: Sheila Rojas and Timothy Allen | Buyer’s Agent: Timothy Allen
• Highest Price Per Square Foot: Continuum South Beach, units 1902 & 1903 | Price: $10,850,000 | $4,228 psf | Listing Agents: Eddy Martinez and Roland Ortiz | Buyer’s Agent: Carlo Dipasquale
• Lowest Price Per Square Foot: Bal Harbour Tower, unit 8E | Price: $3,100,000 | $960 psf | Listing Agent: Stuart Drossner | Buyer’s Agent: Stuart Drossner

The recent surge in Miami-Dade’s condominium market, exemplified by notable transactions like the one at Continuum South Beach, reflects ongoing demand for luxury residences in prime coastal areas. With a diverse range of properties available, buyers continue to seek out opportunities in Miami’s vibrant real estate landscape.

Source: Adam Farence from the real deal

5 Expert Moving Tips From a Seasoned Realtor

by Opportunities

With years of experience guiding families through the process of buying and selling homes, Realtor Krista Zobel from Lincoln, Nebraska, has honed a collection of invaluable moving tips. Drawing from her wealth of knowledge, she shares insights to help make transitions smoother and more manageable for her clients.

1. Opt for a DIY Approach to Maximize Control:
Zobel suggests going the do-it-yourself route for those looking to maintain control over their moving timeline and budget. Utilizing services like Penske Truck Rental offers reliability and flexibility, allowing movers to pack, load, and transport their belongings at their own pace.

2. Start Preparing Early and Declutter Before Listing:
Encouraging proactive preparation, Zobel advises beginning the sorting and decluttering process as soon as moving plans arise. Packing away non-essential items well in advance of listing a home helps create a more spacious and appealing environment for potential buyers.

3. Incorporate Breaks into the Moving Schedule:
Recognizing the physical and mental toll of moving, Zobel recommends incorporating breaks into the moving timeline to avoid burnout. Renting a moving truck for several days enables movers to load gradually, minimizing stress and fatigue during the transition.

4. Think Creatively for Moving Assistance:
Even with a DIY approach, Zobel emphasizes the value of seeking help when needed. From enlisting the support of off-duty firefighters for heavy lifting to rallying friends with the promise of pizza and drinks, creative solutions can ease the burden of moving day.

5. Take Time to Acknowledge Milestones:
Amidst the chaos of moving, Zobel emphasizes the importance of celebrating milestones along the way. By offering personalized closing gifts and encouraging clients to commemorate the transition, she underscores the significance of appreciating the journey.

With these expert tips in mind, navigating the moving process becomes more manageable and less daunting. Zobel’s insights not only streamline logistics but also foster a sense of appreciation for the milestones achieved throughout the transition to a new home.

Source:
Realtor.com Creative Studio by Margaret Heidenry

7 Cities with Abundant Listings Below $300K Amid High U.S. Home Prices

by Opportunities

Despite soaring home prices and persistent mortgage rate challenges, a recent Realtor.com® report highlights seven cities where budget-conscious homebuyers can still find affordable options below $300,000. These cities span various regions across the United States and offer increased listing availability compared to the previous year, providing a glimmer of hope for bargain hunters.

1. Overview of Affordable Markets: While the median listing price across the nation stands at $424,900, these seven metros boast median home prices below $300,000, signaling relative affordability amidst a competitive market. Prospective buyers can expect more choices, particularly in the lower price range, as the spring homebuying season progresses.

2. Key Findings: Birmingham, AL leads the pack with a 4% annual price increase to $290,000, accompanied by a notable 27.6% rise in listings. Conversely, Rochester, NY experienced a slight inventory decline of 4%, despite an 8.7% price increase to $277,000.

3. Snapshot of Affordable Markets: Each city offers unique opportunities, with Buffalo, NY boasting a median list price of $270,000 and Cleveland, OH featuring a median list price of $227,000. Sample listings, such as 2872 Norwood Blvd in Birmingham listed at $279,900, provide insights into available properties.

4. Potential Savings for Buyers: Amidst a landscape of elevated interest rates, the proliferation of lower-priced homes presents an opportunity for buyers to save significantly. Despite marginal price increases, the affordability of these markets, coupled with current mortgage rates, offers potential savings for households.

As the housing market navigates challenges posed by high interest rates, the emergence of more affordable housing options in these cities could stimulate activity and provide relief for budget-conscious buyers. The availability of listings below $300,000 underscores the resilience and diversity of the U.S. real estate market.

Source: Realtor.com by Margaret Heidenry

Fisher Island Closing Leads Miami-Dade Weekly Condo Sales: Top 10 Sales Range from $1.9M to $8.9M

by Opportunities

Miami-Dade County witnessed a surge in condo sales and dollar volume, highlighted by a significant closing on Fisher Island, according to data compiled from March 25th to April 1st. The top 10 sales during this period ranged from $1.9 million to $8.9 million, showcasing the diversity of the market.

1. Overall Market Performance:
Brokers closed 172 condo sales totaling $130 million, representing an uptick from the previous week’s figures. Despite the increase in sales volume, the average price per unit slightly decreased to $754,193, with the average price per square foot also experiencing a decline to $562.

2. Top Sale Highlights:
The highest-priced closing was Bayview unit 5224 on Fisher Island, fetching $8.9 million. This sale, which closed at $2,500 per square foot after 169 days on the market, was facilitated by Don Pingaro with Ocean Insiders and represented by Karla Abaunza with Luxury Living Realty.

3. Additional Top Sales:
One Ocean unit 308 at 1 Collins Avenue in Miami Beach secured the second-highest closing at $3.9 million, translating to $1,291 per square foot. Oren Alexander and Isaac Lustgarten with Official handled the listing, with Jaclyn Bild from Douglas Elliman representing the buyer.

4. Top 10 Sales Breakdown:
The top 10 sales encompassed a diverse range of properties, from the opulent Bayview unit to more affordable options like Grand Venetian unit 1702, priced at $1,912,500. Notably, Bayview unit 5224 also achieved the highest price per square foot, while Trump Tower I unit 3004 in Sunny Isles Beach secured the lowest price per square foot at $859.

The recent surge in condo sales, coupled with the diverse range of transactions, underscores the resilience and dynamism of Miami-Dade’s real estate market. These trends reflect continued investor interest and confidence in the region’s property market.

Source:
The Real Deal by Adam Farence