2012-08-07 06:06:37 -
/EINPresswire.com/ Trends in the Key West real estate market over the past year have been outperforming national sales. An increase in sales and a significant decrease in foreclosure filings are two of the indications of market strength in the Southernmost City.
Latest reports on Key West real estate reveal "Mile 0" as the launch pad for U.S. housing recovery.
The Key Lime pie is no longer the only thing coming out of Key West that has economists and investors drooling. The most recent round of housing data shows an even stronger real estate market than expected, which means even more home buyers and homeowners will soon be relaxing on their porches and balconies, enjoying their own slice of the American Dream
and being able to great a great night's sleep knowing their financial future is in much better shape.
The Housing Recovery is Undeniable
Despite some pessimists still trying to dig up any startling, negative signs they can to create sensational headlines the numbers clearly point to the U.S. having passed the bottom of the real estate crisis last year. It has taken some analysts a little while to wake up to it due to a lag in data and reports being released but that only suggests we are on much stronger ground today than anyone is giving credit for.
It is understandable that the average American is confused about the current state of the housing market, especially with such a variety of different indices and reports. The important thing is that they are all coming out positive.
The nationwide housing recovery according to the most recent digits:
•S&P/ Case-Shiller Home Price Indices reveal 2.2% increase in average U.S. home price
•FHFA Index of homes with government backed mortgages shows 3.7% home price rise
•June Zillow Home Value Index reflects 4 consecutive months of home value increases
•DataQuick reported a 6% year-over-year home price lift as of July 5th 2012
•The National Association of Realtors announced home prices up 7.9% since last year
•New homes sales are up 15.1% year-over-year
These figures may not show the incredible jump in home values some homeowners are desperately wishing for but they are significant. Plus, it is crucial that the housing recovery remain on solid footing and sustainable, rather than take us on another rollercoaster ride. As these statistics kick in and fuel more home buying and investment the real estate sector will in turn bring about a wider economic recovery, creating more jobs, increasing earnings and generating much needed growth in other sectors as well.
Trending Now: Key West Real Estate
For those pleased by the above statistics, what's been happening in Key West, FL is even more impressive and shines a light on the direction of the national real estate market.
What everyone has really been looking for is a slowing of foreclosures and an increase in sales. According to the leading foreclosure data compiler RealtyTrac there was only 1 foreclosure filing received for every 4,250 housing units in Key West in June 2012.
While other markets may not have cleared as much of their troubled mortgages yet, this definitely marks a great turning point. Though, while foreclosure notices do continue to be issued the actual number of completed foreclosures is declining with banks open about how much more willing they are to grant principal reduction loan modifications and approve short sales that put big checks to cover relocation expenses in borrower's hands.
Rudy Molinet, Key West Realtor of the Year and broker/ owner of Marquis Properties Realty says "the moment I really knew the market had turned was selling a historic local home in just 5 days last July" and "we now have plenty of qualified buyers and could really use the additional inventory to meet the renewed demand."
According to the latest statistics from the Key West Association of Realtors released in June, housing inventory has fallen almost 25% and the average days on market for Key West properties has dropped to just 117 days, which is well below the 6 month marketing time expected in a normally healthy market and less than half of the time it took properties to sell last year.
This report also showed property prices rising 10.2% between January 1st and June 30th 2012, while data compiler Trulia shows a 13.4% spike in median home price for the period between April and June from last year and an 11.2% increase in the average price per square foot year-over-year.
This certainly signals a great time to buy real estate in Key West, FL and not just for the great diving or spectacular sunshine and hypnotic sunsets either.
Those interested in learning more about Key West real estate or what types of properties are currently available will find regular market reports at www.rudymolinet.com
as well as updates on new trends and expert advice on buying and selling homes.
About Rudy Molinet - Marquis Properties Realty
Marquis Properties Realty is a "boutique" real estate firm located in the heart of Old Town Key West, co-owned by Broker Rudy Molinet and his husband Realtor Harry Hoehn. The agency specializes in historic homes in Old Town, Truman Annex and the Casa Marina district. The firm's sales figures reflect a consistent record for highest total sales city wide for 2010, 2011 and YTD 2012. Company Broker Rudy Molinet was awarded Realtor of the Year 2010 by his peers. The office phone number is (305) 295-6565, and Rudy's direct line is (305) 240-1090. Company website: www.rudymolinet.com
Marquis Properties Realty
PR courtesy of Online PR Media.