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Florida Realtors Real Estate Trends: No home price bubble

ORLANDO, Fla. – Jan. 25, 2019 – To Realtors, homeowners and others who ask, "Are we in another house price bubble?" – the answer is "No," according to Dr. Len Kiefer, Freddie Mac deputy chief economist, who spoke to a crowd of more than 400 Realtors at the 2019 Florida Real Estate Trends summit Thursday during Florida Realtors Mid-Winter Business Meetings.

Kiefer said he and other analysts have been researching home price growth trends and other economic factors to answer the "bubble" question.

"Home prices are up, but that by itself is no indication of a bubble; you need an element of speculation or credit financing involved as well," he said. "We looked at credit, capacity and collateral. In the mortgage space, credit has not expanded in anything like we saw a decade ago. As a result, the default potential rate is pretty low. And we clearly don't see the types of financing products that pushed the dynamics then."

While incomes are up, they're not matching the pace of rising home prices, he noted.

Still, mortgage debt payments as a percentage of disposable income has declined significantly, largely due to lower mortgage interest rates.

"In the downturn, people were taking on a lot of debt, which in turn pushed up prices," Kiefer said. "Now, looking at total mortgage debt compared to equity, we're not seeing that kind of speculation or problem."

He added, "So, when I'm asked about a bubble, I do say no – but the way I pause before I say no has been extending a bit as home prices continue to rise more than incomes. However, in our view (Freddie Mac economists), house prices will moderate as mortgage rates rise."

So, what's ahead for the U.S. economy and housing market in 2019?

"Employment and a little bit of income growth will be key to supporting homebuyer demand," Kiefer said. "Inflation is going to drive the Federal Reserve policy. It's been pretty tame the past few months. We at Freddie Mac expect one to two rate hikes in 2019 as opposed to the four hikes in 2018, though that will be data-dependent."

The general U.S. economy should experience modest growth, he said, while mortgage interest rates should gradually rise throughout the rest of the year and be somewhere around 5 percent by the end of the year – about a 1/2 percentage point rise from the current rate.

"When interest rates rise, the housing market responds pretty negatively and home sales go down," Kiefer said. "But looking ahead to spring, we should see stabilization of home sales and modest growth in the U.S. economy. Our forecast nationally is for housing prices to moderate substantially over the next few years. However, one of the biggest challenges for the overall economy is a lack of new housing supply."

2019 economic forecast for Florida

Florida Realtors Chief Economist Dr. Brad O'Connor discussed the outlook for Florida's economy and housing market in the coming year. In terms of job growth, Florida has done better than the U.S. for the past few years (since 2013) and ended 2018 with an annual job growth rate of 3.3 percent compared to the U.S. figure of 1.9 percent, he said. The state's population growth has not yet returned to the 2 percent annual growth rate it had before the downturn, but the latest Census figures show a 1.5 percent population growth rate from 2017-2018, ranking Florida No. 5 among states.

Looking at Florida's price growth trends for single-family homes, the market is bifurcated, he noted.

"We're finding that different price tiers are definitely appreciating at different rates," O'Connor said. "The range up to $200,000 is up almost 12 percent (in price growth), while the range of $600,000 and over has less growth. There's a lack of affordable housing supply in the lower price tier, while the upper levels are almost a balanced market."

Lack of new housing supply is constraining the market and more construction is needed, he said. However, construction is hampered by a shortage of skilled construction workers, rising cost of materials, lack of land available and other factors.

In good news for Florida's housing market, active inventory at the end of 2018 was up compared to the end of 2017.

O'Connor added, "For perspective, it's not a significantly huge increase in active inventory: it's up 13.3 percent for existing single-family homes and up 8 percent for condo-townhouse properties. And, it's notable that the $200,000 to $300,000 price tier of housing inventory is up, which is the sweet spot for millennials. Despite the fact that we have slightly higher inventory, closed sales are also still rising (with the exception of December's data). Rising inventory is, so far, a good thing."

With current data showing that Florida is outpacing the nation in terms of home sales and employment growth, he forecasts that 2019 should see about a 1 percent growth in home sales and maybe 3 to 4 percent price growth. That's in contrast to the National Association of Realtors' (NAR) forecast for national home and condo sales to remain relatively flat in 2019.

Florida's water issues

While the housing market and economy were the focus of the first half of the event, the second half focused on Florida's water quality issues.

"We may not be the solution, but we can be a big part of raising awareness and educating ourselves and others about Florida's water quality issues," said 2019 Florida Realtors President Eric Sain, Water quality experts speaking at the summit included Dr. Paul Julian, Office of Ecosystems Projects, Florida Department of Environmental Protection (DEP); Dr. Greg DeAngelo, deputy director, Division of Environmental Assessment and Restoration, DEP; and Dr. Kate Hubbard, research scientist, Florida Fish and Wildlife Conservation Commission-Fish and Wildlife Research Institute (FWC-FWRI).

Hubbard, who leads the harmful algal bloom monitoring and research program, provided an overview of red tide and explained how the monitoring and research program works. Red tide is a marine (seawater) harmful algal bloom while blue-green algae is a freshwater bloom.

"The toxins in red tide kill fish, birds, sea turtles, manatees and dolphins," she explained. "Then there are health impacts on humans, Filtering shellfish, like clams, oysters and mussels, accumulate the toxins and can cause neurotoxic shellfish poisoning in human consumers. This toxin also is carried in aerosol form in sea spray and causes respiratory irritation in humans."

Red tide blooms begin 10-40 miles offshore, in deep water, Hubbard said. It is ecologically flexible, with a high tolerance for different temperatures and levels of salinity. It also can use many different sources to fuel its growth, including dead fish.

"A huge network of people helps in monitoring and researching red tide," she said. "Red tide has been occurring for centuries. Strategies to improve resilience and mitigation are continually being evaluated, created and implemented."

Realtors and others can check on red tide on a daily basis by going to myfwc.com/redtidestatus.

The Miami Association of Realtors®was the title sponsor for the 2019 Florida Real Estate Trends event; co-sponsors included the Realtors®of the Palm Beaches and Greater Fort Lauderdale; the Northeast Florida Association of Realtors®; Orlando Regional Realtor®Association; and the Royal Palm Coast Realtor®Association.

© 2019 Florida Realtors®

Flagler County / Palm Coast Saltwater Canal Home Sales Report - January 2018

Robert "Bobby" Keith, Realtor - 386-793-1426

     In January 2018, a total of 9 homes on the Saltwater Canal sold in Flagler County.  The average sales price for last months Saltwater Canal Homes in Palm Coast / Flagler County was $333,778 while the average days on market was 106 days.

     Compared to the same time last year, January 2017,  8 homes on the Saltwater Canal sold in Flagler County. The average sales price then was $321,313 while the average days on market was 59.

     The top home sale in January 2018 was 14 Cormorant Court in the Palm Harbor neighborhood of Palm Coast, selling at $412,000.

     The deal of the month was 305 Flagler Ave North, in Flagler Beach, selling at $210,000. 

     Here's a breakdown of last months sales activity on the saltwater canal in Flagler County.

Palm Harbor / Palm Coast

14 Cormorant Court - $412,000

10 Crow Court - $400,000

1 Charles Court - $381,000

36 Clearview Court North - $321,000

14 Felicia Court - $260,000

6 Cool Water Court - $260,000

 

Flagler Beach

614 Cumberland Drive - $385,000

148 Lantana Avenue - $375,000

305 Flagler Avenue North - $210,000

     Thank you for checking out this Months Sales Report for the Saltwater Canal Homes in Flagler County.  All information is believed to be true and accurate, but not guaranteed.  The source for the information above is from the Flagler County MLS.  This is not intended to be an estimate of any ones home value.  To find your homes value in this market, give me a call and we will schedule a free valuation on your property or have one sent to your email based off information you tell me and information from the property appraisers office within 24 hours.

Robert "Bobby" Keith, Realtor 386-793-1426

October 2015 Palm Coast - Flagler County Saltwater Canal Home Sales Report

Palm Coast - Flagler County Saltwater Canal Homes Sales Report

In October, we saw a total of 8 Homes on the Saltwater Canal that sold in Flagler County.  The average sales price for this months Saltwater Canal Homes was $349,438while the average days on market was 94 days.  The top sale of the month was on the Intracoastal Waterway, 96 Hawk Lane located in Flagler Beach, selling at $580,000.  The deal of the month was 29 Clinton Court N in the Palm Harbor subdivision in Palm Coast selling at $167,500

Here's a break down of the market activities for homes on the Saltwater Canal in Palm Coast - Flagler County.

Palm Harbor - Palm Coast

36 Cold Springs Court - $240,000

29 Clinton Court N  - $167,500

22 Cottagegate Court - $390,000

7 Flintstone Court - $440,000

18 Cortes Court - $360,000

73 Comanche Court - $425,000

7 Crandell Court - $193,000

Flagler Beach

96 Hawks Lane - $580,000

Thanks for checking out this months Sales Report for the Saltwater Canal Homes in Flagler County.  All info is believed to be true and accurate, but not guaranteed.  The source for the information is from the Flagler County MLS.  This is not intenede to be a estimate of any ones home value. 

To get a Free Home Valuation and find out your homes true value, contact the Saltwater Canal Homes Team of Flagler County.

Robert "Bobby" Keith 386-793-1426

Please subscribe to our blog for updates on the Saltwater Canal area in Flagler County.

March 2015 Palm Coast - Flagler County Saltwater Canal Homes Sales Report

March 2015 Palm Coast - Flagler County Saltwater Canal Homes Sales Report

It's spring, and just like the weather, this real estate market is heating up!  In the month of March, a total of 18 saltwater canal homes have sold in Palm Coast and Flagler Beach.  The average sales price for this months Saltwater Canal Homes was $348,000 while the average days on market was 96 days.  The top sale of the month was 80 Club House Drive, selling at $645,000.  80 Club House Drive is located in the Palm Harbor neighborhood of Palm Coast.  The deal of the month was 11 Cherry Court, also located in Palm Harbor.  11 Cherry Court is a 2/2 and sold for $159,000. 

Here's a break down of the market activity for homes on the Saltwater Canal in Palm Coast - Flagler County.

Palm Coast Saltwater Canal Homes Sales Report

2 Flametree Ct - $440,000

22 Fanwood Ct - $280,000

80 Club House Dr - $645,000

16 Chickasaw Ct - $425,000

13 Coleridge Ct - $225,000

37 Comanche Ct - $250,000

36 Cleveland Ct - $262,000

11 Cherry Ct - $159,000

22 Cottagegate Ct - $352,500

2 Clement Ct - $240,000

9 Colonia Ct - $287,000

55 Comanche Ct - $372,500

31 Farraday Ln - $230,000

12 Crazy Horse Ct - $455,000

Sanctuary Saltwater Canal Homes Sales Report

26 Old Oak Dr S - $631,000

Flagler Beach Saltwater Canal Homes Sales Report

304 12th St. N - $275,000

167 Lantana Ave - $290,000

276 Ocean Palm Dr - $445,000

Thanks for checking out this Sales Report for the Saltwater Canal Homes in Flagler County.  All information is believed to be true and accurate, but not guaranteed.  The source for the information is from the Flagler County MLS.  This is not intended to be a estimate of any ones home value.  To get a Free Home Valuation and find out your homes value, contact the Saltwater Canal Homes Team of Flagler County.

Bobby Keith - 386-793-1426

Subscribe to our blog for updates on the area.