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Florida Housing Market: Sales, Median Prices, New Listings Up in April 2018

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In April, Florida’s housing sector reported more closed sales, higher median prices and more new listings from owners ready to enter the market, according to the latest housing data released by Florida Realtors®.

“Not enough for-sale inventory, especially in the range for first-time homebuyers, is an ongoing challenge for many local housing markets,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “Pent-up demand continues to put upward pressure on prices. In April, sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes last month received 96.6 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95 percent (median percentage).

“But there is some positive news for buyers: New listings for single-family homes in April rose 9.8 percent year-over-year, while new townhouse-condo listings increased 8.3 percent. This trend will hopefully continue, which would help ease the too-tight inventory in many areas.”

Sales of single-family homes statewide totaled 24,804 last month, up 4.1 percent compared to April 2017. Meanwhile, the statewide median sales price for single-family existing homes was $253,895, up 8.1 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in April was $190,000, up 10.5 percent over the year-ago figure.

April was the 76th month in a row that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in March 2018 was $252,100, up 5.9 percent from the previous year; the national median existing condo price was $236,100. In California, the statewide median sales price for single-family existing homes in March was $564,830; in Massachusetts, it was $369,000; in Maryland, it was $283,405; and in New York, it was $260,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 11,236 last month, up 9.2 percent compared to a year ago. Closed sales data reflected dwindling short sales and foreclosures in April: Short sales for townhouse-condo properties dropped 27.5 percent and foreclosures fell 41.8 percent year-to-year; while short sales for single-family homes declined 48.8 percent and foreclosures fell 50.7 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“More often than not, the pace for Florida’s busy spring and summer home-buying season seems to be set in March and April,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “On the heels of a somewhat slow month of March this year, it’s good to see that state existing home sales rebounded quite nicely in April. With last month’s sales factored in, we’re ahead of last year’s pace of single-family home sales by about a half of a percent.

“Demand for single family homes remains strong across the state and this abundance of buyers continues to deplete active inventories and drive up prices.”

For-sale inventory in April remained tight, at a 3.8-months’ supply for single-family homes and 5.8-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.47 percent in March 2018, significantly up from the 4.05 percent averaged during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at media.floridarealtors.org and look under Latest Releases, or download the April 2018 data report PDFs under Market Data at media.floridarealtors.org/market-data

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 180,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at media.floridarealtors.org.

Florida Housing Market: Median Prices Continue to Rise in March 2018

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Not enough homes for sale continues to influence Florida’s housing market, as March’s tight inventory constrained sales and put upward pressure on median prices, according to the latest housing data released by Florida Realtors®. The statewide median sales price for single-family existing homes last month was $250,800, up 8.2 percent from the previous year, while the statewide median price for townhouse-condo properties was $183,000, up 7 percent over the year-ago figure.

“As the ongoing supply of for-sale homes continues to tighten, it can create a cycle of frustration for homebuyers, especially those trying to become a first-time homeowner,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “If move-up buyers can’t find a home in their desired price range, then they aren’t likely to leave their current home, which in turn makes entry-level properties even more scarce. Buyer demand is high, but the shortfall of inventory – particularly around $250,000 and under – is impacting affordability in many areas.

“Having a Realtor on your side, who knows your local area, can make all the difference when it comes to dealing with today’s complex market conditions.”

March was the 75th consecutive month that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in February 2018 was $243,400, up 5.9 percent from the previous year; the national median existing condo price was $227,300. In California, the statewide median sales price for single-family existing homes in February was $522,440; in Massachusetts, it was $350,000; in Maryland, it was $268,197; and in New York, it was $260,000.

Sales of single-family homes statewide totaled 25,020 last month, down 3.5 percent compared to March 2017, while statewide closed sales in Florida’s townhouse-condo market totaled 10,997 last month, down 1.8 percent compared to a year ago. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for single-family homes dropped 49.3 percent and foreclosures fell 53 percent year-to-year; short sales for townhouse-condo properties declined 51.7 percent and foreclosures fell 41.4 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Single-family home sales were down 3.5 percent year-over-year in March, the largest such drop in over a year – excluding, of course, last September when Irma briefly shut down the housing market,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “We shouldn’t ignore, however, that March of 2017 was an unusually strong month for closed sales, so from the start, the odds were already stacked against any substantial year-over-year sales growth taking place this March.

“Still, year-to-date, single-family home sales are down a little under 1 percent, so it will be important to watch the April numbers very closely when they come out next month. At that point, we’ll have a better idea if March was just a blip, or perhaps whether it was the beginning of a very gradual slowdown in sales growth that appears to become more inevitable the longer our statewide housing shortage persists.”

March’s for-sale inventory tightened even more with a 3.8-months’ supply for single-family homes and a 5.9-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.44 percent in March 2018, up from the 4.20 percent averaged during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center and look under Latest Releases, or download the March 2018 data report PDFs under Market Data by clicking here.