There has been a lot discussion and anticipation with regards to the real estate market outlook for 2015. Now that we have the entire-year numbers for real estate sales in Florida for 2014 are in, we can make better predictions. Of course, they all point towards a strong year ahead, but it’s exciting to analyze and interpret the data provided by the Florida Realtors Industry Data and Analysis department.
Improvement in sales is most notable on single-family homes, which rose 8.1 percent from the previous year, with 244,543 closed sales in 2014. New listings also made a significant jump, up 7.4 percent when compared to 2013.
There was a significant growth all around, and the good news is that it is one that is sustainable. Financial analysts don’t foresee any problems with this rate of growth; quite the opposite, many agree that this is exactly the amount of momentum that is necessary for a healthy economy.
“We close the book of 2014 sales on a very positive note,” said Florida Realtors Chief Economist, Dr. John Tuccillo. “The year marks the transition of the Florida real estate market for a rapid recovery to a path of steady growth. Virtually all the metrics for the market are moving in the right direction at levels that can be sustained.”
In addition to more closed homes and more listings, the interest rate for a 30-year fixed-rate mortgage went up only to 4.17 percent, according to Freddie Mac. Slightly higher than in 2013, but still at an enticing rate for homebuyers ready to make a move.
The combination of fair home values with low interest rates has been a key point for our homebuyers. Fair home values lead people to put their respective homes on the market, which gives homebuyers more options. If there’s a South Florida dream home you’ve been waiting for, now is the time to start researching. Talk to our real estate team who specializes in luxury homes in Palm Beach, and let us do the work for you.