Median Home Sales Prices in First Quarter 2020 Increase 11 Percent From Last Year, Reports ATTOM Data Solutions

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its First-Quarter 2020 U.S. Home Sales Report.

The report shows home sellers nationwide realized a home price gain of $67,100 on the typical sale, up from $66,264 in the fourth quarter of 2019 and up from $59,000 in the first quarter of last year.

That $67,100 typical home-seller profit represented a 33.7 percent return on investment compared to the original purchase price, down from the post-recession high of 34.4 percent in the fourth quarter of 2019 but up from 32.8 percent a year ago.

At the same time, the median price for single-family homes and condominiums rose to a new high of $265,900 in the first quarter of 2020, up 2.9 percent quarterly and 11.3 percent year-over-year. The annual increase was the largest since the third quarter of 2013.

“The national housing market continued at full throttle in the first quarter of 2020, setting new price and profit records as it entered its ninth straight year of gains," said Todd Teta, chief product officer at ATTOM Data Solutions. 

"After it looked like things were settling down last year, the market has again roared ahead, with significant increases. It is extremely important to note that the latest momentum is likely to hit a wall and reverse because of the drastic economic slowdown caused by the Coronavirus pandemic.

"Millions of Americans are newly unemployed, and most people are practicing social distancing, which could bring things to a halt just as the Spring buying season begins. Despite that cloud, the numbers for Q1 still do remain upbeat.”

Among 108 metropolitan statistical areas with at least 1,000 single-family home and condo sales in the first quarter of 2020, those in western states continued to reap the highest returns on investment, with concentrations on or near the west coast.

Metro areas with the highest home seller ROIs were in San Jose, CA (81.8 percent); San Francisco, CA (67.7 percent); Seattle, WA (63.6 percent); Spokane, WA (61.8 percent) and Boise, ID (59.1 percent).

Boise and Milwaukee lead major metros in home price appreciation

The U.S. median home price increased annually 11.3 percent in the first quarter of 2020, hitting a new high of $265,900.

The annual home-price appreciation in the first quarter far surpassed the 2.8 percent annual gain in the first quarter of 2019 and the 7.6 annual gain the first quarter of 2018.

CONTACTS:

Christine Stricker

949.748.8428

christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313

datareports@attomdata.com

ATTOM Data Solutions Finds Equity-rich Properties in First Quarter of 2020 Comprise 26 Percent of All Mortgaged Homes

Todd Teta

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS),  released its first-quarter 2020 U.S. Home Equity & Underwater Report.

The report which 14.5 million residential properties in the United States were considered equity-rich, meaning the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value.

 The count of equity-rich properties in the first quarter of 2020 represented 26.5 percent, or about one in four, of the 54.7 million mortgaged homes in the U.S.

That percentage was down slightly from the 26.7 percent level in the fourth quarter of 2019.

The report also shows that just 3.6 million, or one in 15, mortgaged homes in the first quarter of 2020 were considered seriously underwater, with a combined estimated balance of loans secured by the property at least 25 percent more than the property’s estimated market value.

 That figure represented 6.6 percent of all U.S. properties with a mortgage, up slightly from 6.4 percent in the prior quarter.

 The figures were derived from the last data recorded before the economic fallout from the Coronavirus pandemic began to sweep across the U.S., potentially damaging the nation’s housing market.

“Homeowners’ balance sheets generally remained strong in the first quarter of 2020 across the U.S., with about the same levels of equity-rich or seriously underwater mortgages as in the prior quarter," said Todd Teta, chief product officer with ATTOM Data Solutions.

 "In the latest marker of the ongoing housing market boom, mortgage payers were four times as likely to have homes worth considerably more than what they owed on their loans than considerably less."

Teta adds: “But as with other rosy first-quarter reports, this one needs to be taken in the context of the looming impact of the Coronavirus pandemic.

"With the potential for home values to fall, there is a significant chance that equity levels could drop over the coming months while underwater levels rise.”

CONTACTS:

Christine Stricker

949.748.8428

christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313

datareports@attomdata.com

Marcus & Millichap Brokers $788,000 Sale of 12-Unit Casita Bella Apartments in Titusille, FL

 

Andrew Birr

TITUSVILLE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Casita Bella, a 12-unit apartment property located in Titusville, FL, according to Justin W. West, regional manager of the firm’s Orlando office. The asset sold for $788,000.

Casey Babb

Andrew Birr, Casey Babb, CCIM, Luis Baez, CCIM, Ryan Wooden, and Shawn Rupp, investment specialists in Marcus & Millichap’s Orlando office, secured and represented the buyer, a private investor.

“Located in Brevard County on the “Space Coast,” the property is well positioned with proximity to the growing Space and Defense Industry in the surrounding area," says Andrew Birr.

  "It had a 92% economic occupancy at closing and provides our client with strong cash flow at a takeover 8% cap rate with an additional $100/month rental upside per unit. 

Ryan Wooden

"Our buyer intends to implement a light rehab and manage rents to market. Our team’s deep market knowledge and ability to evaluate assets quickly helped our client get under contract in less than a week on the market and ultimately win the deal."

Shawn Rupp

Casita Bella is located at 500 Rock Pit Rd in Titusville, FL. The property is made up of 12 fully occupied 2-bedroom/1-bathroom units approximately 860 square feet each.

Recent updates to the property include new A/C units and kitchen utilities for the units, new roofing, and coin laundry facilities.

CONTACT:

Justin W. West

Vice President

 Regional Manager

 Orlando, FL

(407) 557-3800

JLL closes sale of Miami, FL self-storage facility

Steve Mellon

HOUSTON, TX  – JLL Capital Markets announced today that it has closed the sale of 21st Century Self Storage, a 636-unit, climate-controlled self-storage facility along with a 26-space parking lot in Miami, Florida.

 JLL marketed the property on behalf of the seller, 21st Century Self Storage. Amsdell Companies/Compass Self Storage purchased the facility and assumed the existing debt.

 Originally constructed in the 1950s, the one-story building was converted into a self-storage facility in 2003 and has withstood decades of unpredictable Miami weather.

The 37,242-square-foot building houses a retail-focused office, 24-hour video surveillance and secure fencing.

The accompanying parking lot is located 50 yards south of 21st Century Self Storage. Situated at 200 NW 79th St., the facility is visible to more than 36,000 vehicles a day at its location at NW 79th Street and NW 2nd Avenue.

Brian Somoza

The property is 0.3 miles east of Interstate 95 and in a dense urban area with more than 197,000 residents living within three miles of the facility.

The JLL Capital Markets team was led by Managing Director Steve Mellon and Brian Somoza along with Executive Managing Director Manny de Zárraga.

 “There are more than 11,000 new multi-housing units either proposed or under construction within a three-mile radius of 21st Century Self Storage,” Mellon said. “There is an increasing demand for this product in the area, which is dense and growing.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

            Manny de Zárraga.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

CONTACT:

Kimberly Steele

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com