Studying 100 markets, the paper from the College of Business at Florida Atlantic University analyzed the results. It comes as no surprise that housing demand rose substantially in 2021, with homes across the country selling for much more than previous data would suggest.
Buyers fleeing pricey coastal cities like New York and San Francisco, according to the study, are important contributors to the surge in Florida and elsewhere. Strong sellers markets have also been produced by rising demand and a limited supply.
Eight Florida markets rank among the top 50 nationally in a residential real estate category that, while lucrative for sellers, it doesn’t set well for the long term. The data point? Highest premium paid on an average home sale.
Note these are averages, and not specifically noted, and some may say included in the Jacksonville area. Ponte Vedra, and Ponte Vedra Beach, Florida where “The Players” tournament and “Nocatee” an extremely unique and one of the top twelve sought after communities in the nation! Has it’s own impressive data.
Naples Florida boasts that the Median Listing home price $590,000 up 31% Median home sold price: $545,000! Where as Nocatee Florida Median Listing home price in February 2021 $585,000 and February 2022 sold price is $790,000, approximately a 35% increase. Yes it’s true the St. John’s County Florida is a hot spot, shall I say an independent “Bubble in Northeast Florida” sustainable by their infrastructure, and rarely included separately in data completed by many major resources.
Note Boise, Idaho has seen the highest premium paid on an average home sale, according to Florida Atlantic University’s College of Business, with buyers paying a 78.4% premium over the expected home price.
With housing inventory at an all-time low, contract signings decreased 5.7% month over month in January—the third consecutive month for a drop, the National Association of REALTORS® reported Friday. NAR’s Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, is down 9.5% compared to a year earlier. All four major regions of the U.S. posted annual declines in activity. “Buyers are still having a difficult time finding a home,” says NAR Chief Economist Lawrence Yun.
Yun says home buyers also are contending with escalating home prices and rising mortgage rates, which have increased by more than a full percentage point over the last six months, according to Freddie Mac. “Given the situation in the market—mortgages, home costs, and inventory—it would not be surprising to see a retreat in housing demand,” Yun says.
NAR predicts economic conditions could be volatile in the coming months as the Federal Reserve ends its asset purchase program in March, which could drive up interest rates. Also, Russia’s conflict with Ukraine likely will lead to a crisis in global oil supply and further accelerate inflation, NAR notes. That said, “there’s also the possibility that investors may flee toward safer U.S. Treasury bonds, which may result in temporary short-term relief to interest rates,”Lawrence Yun Chief Economist and oversees the Research group at the NATIONAL ASSOCIATION OF REALTORS®“
Real estate property taxes are critical funding sources for local, state, and federal budgets. The pandemic continues to impact the country, but the average rate of property tax delinquency improved in 2021, falling to 5.9%, according to a new report from CoreLogic, which analyzes national and state real estate property tax delinquency levels spanning from 2011 to 2021.
Still, some areas of the country are seeing an increase in delinquency. “Increases and decreases in tax payment delinquency rates are often early indicators of further economic change,” researchers note.
The states with the highest average property tax delinquency rates in 2021 were:
New Jersey and Massachusetts (tied): 10.2%
Washington, D.C.: 10.1%
On the other hand, the states with the lowest average property tax delinquency rates in 2021 were: