Florida Realtors’ data: Single-family home sales up 26.9% year-over-year, median sales price up 15.6%; condo sales up 30.3%, median price up 15.9%. Chief Economist O’Connor: Strong and persistent demand, coupled with worsening inventory shortages, continued to drive up home values.

ORLANDO, Fla. by Marla Martin – Florida’s housing market continued to be a bright spot for the state’s economy in October, even as the coronavirus pandemic showed no signs of easing. More closed sales, more new pending sales, higher median prices and more new listings were recorded statewide last month compared to October 2019, according to Florida Realtors® latest housing data. Single-family existing home sales rose 26.9% compared to a year ago.

“2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said.1 And he’s right: most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages. 

But, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country. And experts estimate that these conditions are likely to last well into the new year. Fannie Mae Senior VP and Chief Economist Doug Duncan predicts that existing home sales will ultimately “be up a percent or more in 2021.” He believes home prices will continue to rise due to limited inventory, but he is confident the Federal Reserve will keep interest rates low into the future, which will be “very good for households.”2

Market conditions like fewer available listings, changing criteria for desired homes, and record-low mortgage rates are changing the way people buy and sell homes, most likely in a lasting way. But this sustained activity, even in the uncertainty that is 2020, proves that our country still views real estate as a sound investment. The only question now is how you can take advantage of the housing market’s “new normal.” 

Floridians passed Realtor-supported Amendment 5, giving sellers up to three years – an increase from two – to transfer accrued property tax benefits to a new home.

TALLAHASSEE, Fla. – After passage of a Florida constitutional amendment this year on property taxes, Floridians now have three years – an increase from two years – to transfer (port) any accrued property tax benefits to a new home.

But it’s not usually a full three years, just as it wasn’t a full two years under the previous version of the law.

Sellers who plan to port tax assessment savings to a new home think that if they sold their first home in November, they now have three full years to buy a home and port the savings. But since “years” in the law refers to Florida tax years, the first “year” ends the following Jan. 1 – two months later. In this case, that November seller would have two years and two months to port tax savings.

By Kerry Smith

Inventory remains tight, but realtor.com’s weekly housing report suggests that supply may be slowly moving a bit closer to demand as more current owners decide to move.

SANTA CLARA, Calif. – Despite the continued trend of record low inventory and unheard of price gains, the long overdue seasonal slowdown may be finally taking hold, according to realtor.com’s Weekly Housing Report for the week ending Oct. 24.

The report found continued improvement in newly listed homes and a slight softening in buyer interest. It’s not a market turnaround, but it suggests that a more balanced market between buyers and sellers might be on the far horizon.

It could also be a slight relief for some buyers looking for a home during the last two months of 2020.

Kitson & Partners announced that sales have surpassed 900 new homes in Babcock Ranch, America’s first solar-powered town located just northeast of Fort Myers on Babcock Ranch Road/State Road 31.

Babcock Ranch recently commenced vertical construction at Crescent B Commons, the 82,640-square-foot Publix-anchored shopping center underway at a new entrance to Babcock Ranch about one mile south of the signature Babcock Ranch bridge.

Babcock Ranch began marketing new homes in 2017, with the first residents moving into the town in January 2018. Today, Babcock Ranch offers homes from nine homebuilders in seven neighborhoods.

Kitson & Partners created Babcock Ranch with respect for the natural environment and the philosophy that smart growth and sustainability work hand in hand. 

View Homes For Sale in Babcock Ranch...

London Bay Homes has announced the $18.5 million sale of its luxury 7,640-square-foot home on Admiralty Parade West in Port Royal, Naples.

A California-based buyer responded to the home’s sophisticated style and idyllic waterfront location, with views across Admiralty Bay to Keewaydin Island. The custom-built estate was born of a developer-led creative dream collaboration with Jon Kukk Architecture & Design, Michael Scott of Romanza Interior Design and Landscape Architect Christian Andrea of Architectural Land Design. The five-bedroom, five full and two half-bath home features a VIP guest suite, multifunction bonus room, and a pair of personalized studies.

View all Homes For Sale in Port Royal, Naples...

Naples, Fla. (October 23, 2020) - Best September on Record for Naples Housing Market

Performance in several key housing areas was at a 20-year high in the Naples area compared to activity reported during any other September on record, according to the September 2020 Market Report, released by the Naples Area Board of Realtors (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

As such, closed sales increased 52.9% to 1,096 closed sales in September from 717 closed sales in September 2019. 
Pending sales activity also increased by 83.4% to 1,509 pending sales in September from 823 in September 2019. 
Median closed prices for September increased 18.2% to $384,000 from $325,000 in September 2019. 

By Richard D. DeBoest

STUART, Fla. – Question: We live in a high-rise condominium. A growing number, but still much less than a majority of owners, want the association to install electric charging stations in our garages for all owners to be able to charge electric cars, if and when they convert to such cars. They do not view this as a change to common property requiring a vote but a change in technology for powering vehicles, much like adding internet capability in the common areas of the building which was approved by the board as a needed but rather inexpensive upgrade of our amenities.

They also view electric car charging stations as adding value to all units in the building. How should the board proceed in handling this issue? – P.T., Naples

We all want to be good neighbors. But when it comes to selling your home, it’s not just about “keeping up with the Joneses.” It’s about outshining them at every opportunity!

If you’re looking to sell your home fast and for the most money possible, you’ll need a strategy to set it apart from all the other listings competing for buyers in your area. That’s why we’ve outlined our proven, five-step plan for serious sellers. 

Use these five tactics to help your listing get noticed, win over buyers, and net a higher sales price than your neighbors!

September, 26 2020 - According to the Bonita Springs-Estero REALTORS® (BER), inventory challenges continue as buyer demand increases in the Bonita Springs and Estero residential real estate market. 

While the number of new listings has increased over this time last year, there is still not enough inventory to satisfy the current demand.  Also, as new listings came to market in July, the number of pending sales also increased compared to July 2019.  “Coupled with inventory shortages and increased accurate pricing, we’re also seeing a decrease in the days on market,” stated Dena Wilcoxen, 2020 BER President.  She added, “ And, the increase in pending sales indicates a shift in the market to more buyer demand; REALTORS® are now having to inquire about expired listings to keep up with the demand.”  In July 2020, pending sales increased by over 60% vs. July 2019.