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Florida’s Housing Market: New Listings, Median Prices Up in 1Q 2018

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Florida’s housing market reported slightly more new listings and higher median prices during the first quarter of 2018, according to the latest housing data released by Florida Realtors®. A shortfall of for-sale inventory continued to impact sales even as the number of owners listing their properties for sale inched up over the quarter; closed sales of single-family homes statewide totaled 60,204 in 1Q 2018, down slightly, 0.9 percent, from the 1Q 2017 figure.

“During the first three months of 2018, median sales prices for both existing single-family homes and for condo-townhouse properties rose in Florida, continuing a trend that we’ve been seeing for quite a while,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “Despite tight inventory levels, new listings for single-family homes over the three-month-period rose 1.1 percent year-over-year, while new condo-townhouse listings rose 2.9 percent.

“The state’s population continues to increase, our jobs outlook is strong and the economy is growing. In fact, Florida continues to be ranked as the second-best state in the U.S. to do business, according to the 2018 survey of CEOs from Chief Executive magazine.”

The statewide median sales price for single-family existing homes in 1Q 2018 was $248,000, up 9.7 percent from the same time a year ago, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties during the quarter was $180,000, up 7.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 27,088 during 1Q 2018, up 2.8 percent compared to 1Q 2017. The closed sales data reflected fewer short sales – and rising traditional sales – over the three-month period: Short sales for condo-townhouse properties declined 37.8 percent while short sales for single-family homes dropped 46.3 percent. Meanwhile, traditional sales for condo-townhouse units rose 5.6 percent and traditional sales for single-family homes increased 3.8 percent year-over-year. Closed sales typically occur 30 to 90 days after sales contracts are written.

“At the more affordable end of the pricing spectrum, Florida’s strong employment growth and the long-awaited emergence of the millennial buyer have increasingly driven demand – but there also remains a sizeable contingent of investors in this segment who are looking to capitalize on high rents,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “It’s the lack of both existing and new inventory in these price ranges that is really limiting this segment’s potential and keeping sales growth down. In many cities around the state, we’re starting to see pretty strong evidence that buyers who would have preferred single-family homes are giving up and opting to buy condos or townhouses instead.

“Buyers in the market for mid- to upper-tier single-family homes are having a much easier time of it, as they’re facing less competition, and there’s a relative abundance of both new construction and resale inventory available.”

In 1Q 2018, the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) was 45 days for single-family homes and 48 days for condo-townhouse properties.

Inventory was at a 3.8-months’ supply in the first quarter for single-family homes and at a 5.9-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 4.27 percent for 1Q 2017, up from the 4.17 percent average recorded during the same quarter 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 1Q 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’s Housing Market Ends 2016 With Price Gains,
 Fewer Sales of Distressed Properties

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Florida’s housing market wrapped up 2016 with more new listings, higher median prices and fewer sales of distressed properties compared to the year before, according to the latest housing data released by Florida Realtors®.

“This past year was marked by tight housing inventory throughout Florida, particularly in the range of $200,000 and under,” said 2017 Florida Realtors® President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Buyer interest was high and home sales likely would have been even stronger if there had been enough available for-sale supply to satisfy demand. Realtors across the state stand ready to help buyers and sellers understand their local housing market trends.

“Florida’s economy is in growth mode, more jobs are being created and mortgage interest rates, while rising, remain at historically low levels, which will continue to spark buyer demand in the coming months.”

Year-end 2016

Statewide closed sales of existing single-family homes totaled 268,731 in 2016, up 0.9 percent compared to the 2015 figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations.

New listings for existing single-family homes rose 2.2 percent in 2016 compared to 2015. The statewide median sales price for single-family existing homes in 2016 was $219,900, up 12.2 percent from the previous year.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 107,953 units sold statewide in 2016, down 4.2 percent from 2015. The closed sales data reflected fewer short sales statewide in 2016 compared to the previous year: Short sales for condo-townhouse properties declined 38.7 percent while short sales for single-family homes dropped 35.3 percent.

New listings for townhouse-condos for the year increased 2 percent compared to a year ago. The statewide median price for townhouse-condo properties in 2016 was $160,000, up 6.7 percent over the previous year.

At the end of 2016 and also for 4Q 2016, inventory for single-family homes stood at a 3.9-months’ supply, while inventory for townhouse-condo properties was at a 6-months’ supply, according to Florida Realtors.

“Throughout 2016, Florida’s housing markets consistently exhibited a solid rate of price growth coupled with relatively flat growth in sales compared to the previous year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “This tempered growth in sales was largely due to a shortage of homes for sale at the affordable end of the price spectrum – much of which was due to a rapid depletion of Florida’s remaining stock of distressed properties.

“Sales of non-distressed single-family homes, on the other hand, were up nearly 14 percent in 2016, and non-distressed condo and townhouse sales were up more than 5 percent. This increase in ‘traditional’ sales activity is a clear sign of good things to come for Florida’s housing markets in 2017.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.65 percent for 2016, down from the previous year’s average of 3.85 percent, according to Freddie Mac.

4Q 2016

Statewide closed sales of existing single-family homes totaled 62,192 in the fourth quarter of 2016, up 2.1 percent compared to the year-ago figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

The statewide median sales price for existing single-family homes for the quarter was $223,950, up 11.9 percent from 4Q 2015.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 24,394 units sold statewide in 4Q 2016, down 5 percent compared to the same period a year earlier. The closed sales data reflected fewer short sales statewide in the fourth quarter compared to the same time a year ago: Short sales for condo-townhouse properties declined 41.8 percent while short sales for single-family homes dropped 37.5 percent.

The statewide median price for townhouse-condo properties in 4Q 2016 was $164,182, up 8.6 percent over the previous year.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the 4Q and Year End 2016 data report PDFs under Market Data at: http://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 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.