How Did Residential Sales in 2016 Compare to Years Past?
Residential sales volume in 2016 totaled $5.3 billion with 19,264 sales in Lee County. Over the last six years reviewed, this was only second to 2015 which reported both higher volume and more transactions at $5.6 billion and 21,103 respectively. Second to 2015 in volume and transactions, 2016 recorded the highest average sales price over the six years reviewed at just over $276,000; this was an increase of 4% from 2015, 16% from 2014 and 25% from 2013. The average sales price has increased nearly $100,000 from 2011. Is it true that season brings more activity and higher sales prices? Well based on data over the last three years (provided below), the answer is clear. Now, June is not considered by most to be season, but the numbers below are based on a closing date, not the date which a property went under contract. So, using a one month average close, the months with the most executed contracts would be February to May; this time period also recorded a higher average sales price anywhere from 1% – 4% higher than the average annual sales price. This trend also held true for the six-year window observed (back to 2011). *Above numbers are from local MLS and are subject to change as local MLS updates, corrects or edits...FHA Lowers Mortgage Insurance Premiums
The United States Department of Housing and Urban Development (HUD) announced Monday that the mortgage insurance premiums on loans insured by the Federal Housing Administration (FHA) will be reduced by 25 basis points for loans closing on or after January 27, 2017. The most popular down payment for an FHA mortgage loan is 3.50%, which currently carries MIP of .85% annually. With the new change, MIP will be reduced to .60%, saving someone with a $200,000 mortgage approximately $500 annually. This will result in huge savings for FHA borrowers and will also help lower debt-to-income ratios, ultimately leading to higher affordability for FHA...Fox 4 Morning Blend Part 2
Thanks to Fox for Having us on the Morning Blend – Stay Tuned for Part 2 in January 2017!!
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