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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 Realtors® Education Foundation Awards $198,400 in Scholarships

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As high school seniors across Florida graduate this month and look ahead to college, costs are top-of-mind. But there’s good news from Florida Realtors® Education Foundation Inc., which has awarded scholarships to 132 well-deserving young people living in communities throughout the state. [Read more…] about Florida Realtors® Education Foundation Awards $198,400 in Scholarships

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.

Florida Realtors®, Canadian Real Estate Association Sign MoU

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Memorandum of Understanding to Encourage
Collaboration and Mutual Opportunities

Florida Realtors and the Canadian Real Estate Association (CREA) today signed a Memorandum of Understanding (MoU) for 2018. The MoU establishes the cooperation of the two Realtor organizations in developing a mutually beneficial relationship for their respective association members.

“As professionals in the real estate industry, we take pride in providing our knowledge and expertise to clients in Florida, Canada and throughout the world,” said 2018 Florida Realtors President-Elect Eric Sain. “Florida Realtors and CREA share common goals – we look forward to continuing our partnership and building more connections that increase business opportunities for all of our Realtor members.”

As part of the agreement, Florida Realtors and CREA “affirm the value of international collaboration and agree to exchange information in the general field of real estate, promote professionalism in the real estate industry and engage in other activities that provide mutual benefits.”

“The value of international collaboration cannot be overstated. This partnership will help Realtors in Canada and Florida who are interested in growing their cross-border referrals,” said CREA’s CEO Michael Bourque.

Added CREA President Barb Sukkau, “Our Realtors will have the ability to share relevant research and statistics with one another, making it much easier to respond to inquiries in each other’s respective markets.”

The MoU announcement took place this morning at The International Economic Forum of the Americas’ World Strategic Forum at the Biltmore Hotel in Coral Gables. Along with Sain, speakers at the event included Nicholas Rémillard, president and CEO, International Economic Forum of the Americas, and Susan Harper, Consul General of Canada in Miami. Realtors from across Florida and other forum participants also observed the ceremony.

Florida Realtors® Commemorates Fair Housing Act’s 50th Anniversary

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On this day, 50 years ago, fair housing became law when President Lyndon B. Johnson signed the Civil Rights Act of 1968. At that time, the president said the bill “proclaims that fair housing for all, all human beings who live in this country, is now part of the American way of life.”

Realtors® have long advocated for a free, open market that embraces fairness and equal opportunity for all buyers and sellers. Members of Florida Realtors strongly support the Fair Housing Act, which now prohibits discrimination concerning the sale, rental and financing of housing based on race, religion, national origin, sex, handicap and family status.

“Realtors in Florida and across the country recognize the importance of the Fair Housing Act,” says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “On its 50th anniversary, it’s a great time to reconfirm our commitment to upholding fair housing law, as well as our dedication to offering our professional services to all in their search for a home or property. Realtors work hard to help build strong communities and neighborhoods where all can live and prosper.”

To show Realtors’ support, Florida Realtors Diversity Committee created a Fair Housing Act 50th Anniversary button that will be given out to members at various Florida Realtors events throughout the year, including the 2018 Florida Realtors Convention & Trade Expo in August.

Over the years, the National Association of Realtors (NAR) has developed educational information on diversity and fair housing laws, programs and resources that have helped educate Realtors on the importance of inclusive housing practices and the promotion of diverse homeownership.

To help raise awareness of fair housing issues, NAR launched a yearlong commemoration of the Fair Housing Act’s 50th anniversary in 2018, encouraging members to advocate for housing opportunities in their communities and offering a variety of resources to support the effort. To find out more, go to NAR’s website at FairHousing.realtor.

NAR’s efforts will coordinate with multicultural real estate organizations featuring pioneers and leaders throughout the real estate industry. Some of these activities will be highlighted at the upcoming 2018 Realtors Legislative Meetings, May 14-19, 2018, in Washington, D.C., as well as a special event at the Smithsonian National Museum of African American History and Culture that week.

And for more information about the Fair Housing Act and its 50th anniversary, go to the National Fair Housing Alliance website, fhact50.org.

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.

Real Estate Leaders in Florida Named to SP200 Power List

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Florida Realtors® congratulates several leaders in Florida real estate for being named to the 2018 Swanepoel Power 200 list of the most powerful leaders in residential real estate.
Those recognized in the power rankings include:

  • Michael Saunders, founder and CEO of Michael Saunders & Company, at 94 on the list
  • Clark W. Toole III, president, Florida Companies, Coldwell Banker Residential Brokerage, who oversees NRT’s Florida operations, at 96
  • Mike Pappas, CEO, The Keyes Company, at 99
  • Rei Mesa, president and CEO, Berkshire Hathaway HomeServices Florida Realty, at 122
  • Teresa King Kinney, CEO, Miami Association of Realtors, at 123
  • Merri Jo Cowen, CEO, My Florida Regional MLS, at 140
  • Bill Martin, CEO, Florida Realtors, at 171
  • Dionna Hall, CEO, Realtors of the Palm Beaches & Greater Fort Lauderdale, at 188

The SP200 is produced and published annually by the Swanepoel T3 Group, the real estate consulting firm run by Stefan Swanepoel. The SP200 team invests more than 400 hours researching and analyzing bios, transaction and sales volume data, annual reports and other announcements and statistics from the past year.
According to the list, leaders are evaluated based on the office they hold, the decision-making power associated with that office, the financial resources at their disposal, their organization’s industry significance and geographical reach, public announcements about imminent changes, their tenure and their personal influence in the industry.
The Swanepoel T3 Group/T3 Sixty publishes several categories covering Corporate Executives, Power Brokers, Technology Executives, ORE (Organized Real Estate Leaders) Executives, Women Leaders, Emerging Leaders, Trendsetters, Social Influencers and the overall SP 200.

Florida Realtors Announces 2018 Legislative Priorities

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As the 2018 Florida legislative session begins, it offers a prime opportunity to resolve ongoing issues impacting property insurance, vacation rentals, affordable housing and business growth, according to Florida Realtors®, the state’s largest professional trade association.
“Every session, Florida Realtors stands ready to support homeownership initiatives and defend the private property rights of Floridians throughout the state,” says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “This Session is no different as we work to educate lawmakers on growing AOB abuses, private property rights associated with vacation rentals, affordable housing needs and the benefits of further reductions to Florida’s business rent tax.”
Florida Realtors’ top priorities for 2018 are:
Assignment of Benefits reform
AOB was designed to help property owners streamline repairs to their home. But a growing number of contractors, such as water remediation companies and roofers, have been inflating the cost of repairs. When insurers contest the claim, the contractors file a lawsuit. Insurers often settle the lawsuit but the litigation costs are passed on to all policyholders.
“Realtors are going to make it clear that drastic reform of the Assignment of Benefits process is needed to cut down on the abuse that drives up insurance premiums for property owners,” says 2018 Florida Realtors Public Policy Committee Vice Chair Tim Weisheyer. “In just 10 years we have seen 405 AOB cases balloon to 28,000, and the average AOB insurance claim is 50 percent more than non-AOB claims. These are sobering facts that really demonstrate the need for legislative action.”
Business rent tax reduction
The 2017 Legislature took a big first step in growing Florida’s economy by lowering the sales tax on rent to 5.8 percent. Small businesses, which make up almost 99 percent of all Florida employers, are disproportionately impacted by the tax. Further reductions to this tax will provide businesses with the capital needed to expand, hire, improve benefits and raise salaries.
“There is no doubt that last year’s reduction to the business rent tax will help small businesses throughout the state, but we still have a lot of work to do if we want to lift this burden off our economy,” says 2018 Florida Realtors President-Elect Eric Sain. “Millions of workers and their families benefit from a lower business rent tax and that’s why we are going to be back at it again this year, urging lawmakers to reduce it even further.”
Vacation rental fairness
Online platforms have significantly expanded the ability of homeowners to rent their property. In response, local governments around the state are establishing new ordinances, inspections and fees designed to discourage vacation rentals, often at the expense of private property rights.
“Innovative vacation rental tools have opened up new revenue sources for Floridians throughout the state, bringing increased flexibility and prosperity to their lives,” Sain explains. “Unfortunately, local governments see vacation rentals as a disruption to the community and are trying to discourage the practice by infringing on people’s property rights. We are urging the Legislature to step in and prevent property rights from being undermined.”
Increase affordable housing funds
A 2017 report from the National Association of Realtors® (NAR) ranks Florida as the sixth least affordable housing market in the nation – discouraging news for a state looking to grow its economy. To encourage people to move to Florida, build lives here and contribute to the economy, the state housing trust funds need to be directed to as many programs as possible to help people buy homes.
“In support of our original position from 1992, Realtors will continue to advocate for as much funding as possible for affordable housing,” says 2018 Florida Realtors Treasurer Cheryl Lambert. “These trust fund dollars positively impact our communities by giving thousands of Floridians the ability to achieve the American dream of homeownership.”

Florida Housing Market: Sales, Median Prices Rise in Oct. 2017

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The impact of Hurricane Irma on Florida’s housing market resolved by the end of October, according to the latest housing data released by Florida Realtors®. Sales, median prices, new listings and new pending sales rose even as the inventory of for-sale properties remained constrained in many areas. Sales of single-family homes statewide totaled 20,543 last month, up 2 percent compared to October 2016.
“Home purchases stalled by Hurricane Irma striking Florida in September resumed – and many of those sales closed in October,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Areas hit hardest by the hurricane will still take time to recover, but in other parts of the state, real estate activity has returned. Sellers were ready to put their homes on the market in October, with new listings for single-family existing homes up 9.8 percent year-over-year; new listings for existing condo-townhouse properties rose 14.6 percent.
“Wherever you are, there is a local Realtor who can help you understand local market conditions and prepare for a successful home sale or home purchase.”
The statewide median sales price for single-family existing homes last month was $235,558, up 7.1 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 condo-townhouse properties in October was $170,000, up 5.2 percent over the year-ago figure. October was the 70th month-in-a-row that statewide median prices for both sectors rose year-over-year. 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 September 2017 was $246,800, up 5.6 percent from the previous year; the national median existing condo price was $231,300. In California, the statewide median sales price for single-family existing homes in September was $555,410; in Massachusetts, it was $380,000; in Maryland, it was $277,746; and in New York, it was $257,500.
Looking at Florida’s condo-townhouse market, statewide closed sales totaled 8,116 last month, up 2.2 percent compared to October 2016. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for condo-townhouse properties declined 22.5 percent and foreclosures fell 42.8 percent year-to-year; short sales for single-family homes dropped 36.7 percent and foreclosures fell 42.3 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“Last month, we talked about how it’s not uncommon for Florida to see a quick rebound in sales of existing homes the month after a hurricane,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “And, according to the latest data, that’s exactly what happened in the Sunshine State in October. Both single-family home and condo-townhouse sales rose, boosted in part by closings that otherwise would have been completed in September if not for delays brought about by Hurricane Irma.
“Because of the length of the home-selling process, we’ll likely see some reverberations of Irma’s impact statewide for a couple more months, but October’s statistics are very encouraging.”
October’s for-sale inventory remained tight with a 3.8-months’ supply for single-family homes and a 5.6-months’ supply for condo-townhouse properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.90 percent in October 2017; it averaged 3.47 percent 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 October 2017 data report PDFs under Market Data at media.floridarealtors.org/market-data.

Florida’s Affordable Housing Programs: Real People, Real Stories, Real Impact

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Florida Realtors®, the state’s largest professional trade association, has launched a new video and study to demonstrate the positive impact affordable housing programs have on Floridians and their communities. These resources give Florida’s lawmakers a clear picture of the return on investment of the funds they appropriate to the State Housing Initiatives Partnership Program (SHIP) and the State Apartment Incentive Loan (SAIL) program.
“The state and local government housing trust funds do so much good for so many, but it is not always easy to see their direct impact both on people and the economy,” says 2017 Florida Realtors Secretary Cheryl Lambert, who also served as the immediate past chair of the state association’s Attainable/Workforce Housing Committee. “This is all about educating our legislators on the true value of these trust funds. We know they have hard decisions to make, and that’s why it’s important they see first-hand the effect of those decisions.”
The video, called “True Stories of Florida’s Affordable Housing Trust Funds,” features several Floridians who talk about the obstacles and tragedies they faced in their lives and how finding an affordable home helped them achieve stability. They include a previously homeless woman in West Pam Beach, a U.S. Army veteran in Clearwater, a senior in Hernando and a law enforcement officer in Tallahassee.
“Each of these stories is heartbreaking – but also triumphant when you consider how far these people have come and how they were able to use these programs to rebuild their lives,” says Lambert.
The affordable housing study, which was commissioned by Florida Realtors and conducted by the Florida State University Center for Economic Forecasting and Analyses, breaks down the economic impact of the SHIP and SAIL programs for each of Florida’s 67 counties from 2006 – 2016. Of the $1.3 billion appropriated for these programs during that timeframe, $12.54 billion was generated in sales and revenues, 94,149 people were employed and $2.97 billion in wages was earned. This means that for every dollar the Legislature appropriated over those 10 years, $9.5 was generated by SHIP and SAIL programs in economic activity for the state.
The study also projects the economic impact of these programs all the way through to 2030, with results showing an average of 4,178 jobs a year, $1.02 billion in economic output each year and $274 million a year in earned wages.
“We wanted the video to focus on the human side of the these affordable housing programs because that is what really matters in the end,” says Lambert. “But we knew the economic impact results would have a story to tell as well. All I can say is wow, what an impressive story it ended up being.”
The State Housing Initiatives Partnership Program provides very low, low and moderate income families with assistance to purchase a home, money to repair or replace a home and many other types of housing assistance. The State Apartment Incentive Loan program provides low-interest loans on a competitive basis to affordable housing developers each year.

Florida Realtors: Flood Insurance Needed Now More Than Ever

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Calling on Floridians to Urge U.S. House to Extend National Flood Insurance Program

Mass destruction caused by Hurricane Harvey and floodwaters in Texas and Louisiana. Severe flooding due to heavy rains in Southwest Florida. The devastating aftermath on people’s lives and livelihoods is a shocking reminder of what can happen when disaster strikes – and the critical need for the National Flood Insurance Program (NFIP).
“The National Flood Insurance Program is all that stands between families and disaster – but it’s set to expire Sept. 30, 2017, if Congress doesn’t act,” says Florida Realtors® President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “This is of critical concern for Floridians since we represent nearly 40 percent of all NFIP policies in the U.S. Florida’s Realtors are joining with colleagues across the country to urge Congress to extend the flood insurance program. If we don’t have an extraordinary response from Realtors, we will not make a strong statement to Congress. This isn’t just an issue for waterfront homes, either. Flooding can occur due to storm surge and heavy rain – we must protect Florida’s citizens.”
Of the nearly 5 million homes and businesses covered by the NFIP around the nation, about 1.8 million are in the Sunshine State, according to the Florida Division of Emergency Management. Florida has over 20.1 million residents, and 80 percent of them live or conduct business along or near its coastline. Many other Floridians live or do business near the state’s rivers and other inland floodplains, and are also concerned about protecting their lives and property from future flooding. In fact, 97.9 percent of all Florida communities participate in the National Flood Insurance Program.
Lawmakers are back in Washington, D.C., today. Hopefully, Congress will reauthorize the NFIP before Sept. 30 to avoid a disruption in flood insurance coverage.
If the program lapses, the NFIP can’t issue new policies or even renew existing ones. The last time Congress allowed that to happen, about 40,000 home sales a month were put on hold, according to the National Association of Realtors®.
Wells has been active in the NFIP reauthorization effort working with NAR and directly with lawmakers.
“This is a volatile issue for our state and Florida’s voice needs to be strong,” says Wells. “Realtors in Florida and across the country are working together with property owners to urge Congress to extend the National Flood Insurance Program as quickly as possible. Without flood insurance, our communities are unprotected and at risk, with devastating consequences to people and their lives, homes and businesses.”
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 170,000 members in 54 boards/associations