Reef Daily | November 25 2024

Housing Market Update

Latest Market Data (November 25, 2024) 

Palm Springs market shows declining trends with an 8.7% year-over-year drop in median detached home prices. The Coachella Valley median price for detached homes has fallen to $634,990, marking a six-month decline.

Construction Activity 

A new 262,000-square-foot industrial complex called Two Palms is planned for East Tampa. The project will feature five buildings designed for small and mid-sized tenants, with construction starting in early 2025.

Mortgage Rates

Current rates as of November 25, 2024:

30-year Fixed: 6.98%

15-year Fixed: 6.24%

5/1 ARM: 6.41%

All loan terms have seen increases compared to last week, with 30-year and 15-year fixed rates both rising by 0.06 percentage points.

Notable Transactions

Commercial Highlights 

Foundry Commercial has acquired 20 acres from Citigroup Technology Inc. in East Tampa for $8 million. The land will be developed into the Two Palms industrial complex.

Market Indicators

Inventory Trends 

The Coachella Valley region reports 2,824 available housing units as of November 1, showing an increase in inventory, though still below pre-pandemic levels.

Regional Developments

West

Palm Springs homes are spending an average of 46 days on the market, indicating a market slowdown.

The city recorded 91 home sales over the past three months, showing a slight decrease from the previous year.

South 

Tampa Bay's industrial market shows strong demand, particularly in the East Tampa submarket, which is described as one of the tightest and most attractive areas in the region.

Sources/Read More:

Rates increase | Current mortgage rates for November 25, 2024

Nov. 25 Daily Briefing: Real estate report, Modernism auction, library find, and more

Orlando firm snaps up 20 acres from Citigroup for East Tampa industrial complex