Housing Off To Solid Start In The Sunshine State

Posted by Patrick Barnard on May 14, 2014 No Comments
Categories : Residential Mortgage

The housing market in Florida fared well in the first quarter of this year, showing higher median prices, more new listings, fewer days on the market and a slight uptick in inventory, according to the latest housing data released by Florida Realtors.

Closed sales of single-family homes statewide totaled 50,251 in the quarter, up 2.3% over the Q1'13 figure. The median days on market was 58 days for single-family homes and 56 days for townhouse-condo properties. Inventory was at a 5.7-month supply for single-family homes and at a six-month supply for townhouse-condo properties, according to Florida Realtors.

‘The first three months of 2014 show a strong housing market in Florida, with diminishing distressed property sales,’ says Sherri Meadows, president of Florida Realtors for 2014. ‘More jobs are being created, putting more Florida residents back to work, and our population continues to increase. All of these factors are bolstering the state's economy and providing a solid foundation for a strong housing market.

‘Statewide, new listings for single-family homes over the three-month-period rose 12 percent year over year, while new townhouse-condo listings rose 8.2 percent. Home sellers, whether in the single-family home market or the townhouse-condo market, received more than 92 percent, on average, of their original listing price during the first quarter of this year.’

The statewide median sales price for single-family existing homes was $168,000, up 9.1% from the same time a year ago, according to the data. The statewide median price for townhouse-condo properties during the quarter was $135,000, up 16.9% over the year-ago figure. The median is the midpoint: Half the homes sold for more, and half sold for less.

Looking at Florida's townhome-condo market, statewide closed sales totaled 24,860 during the quarter, down 0.8% compared to Q1'13. The closed sales data reflected fewer short sales last month: Short sales for condo-townhome properties declined 55.8% while short sales for single-family homes dropped 52%.

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