Florida’s housing market reported rising median prices and more new listings in January, according to the latest housing data released by Florida Realtors®.
“There’s an ongoing shortage of housing inventory in many markets across Florida,” says Christine Hansen, 2018 president of Florida Realtors® and broker/owner with CENTURY 21 Hansen Realty in Fort Lauderdale. “January’s statewide homes sales reflected the tight supply, and, when combined with rising median sales prices, it puts pressure on potential homebuyers. Working with local REALTORS® can help buyers and sellers understand the factors influencing their local markets.
“On the buyer front, new pending sales for existing single-family homes in January ticked up slightly, 0.1 percent year-over-year; pending sales for townhouse-condo units increased 8.1 percent,” Hansen says. “On the sellers’ side, new listings for single-family homes rose 1.1 percent year-over-year, while new townhouse-condo listings increased 3.6 percent.”
Sales of single-family homes statewide totaled 16,564 last month, down 1.3 percent compared to January 2017. Meanwhile, the statewide median sales price for single-family existing homes was $240,000, up 9.1 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 January was $179,900, up 11.7 percent over the year-ago figure.
January marked 73 consecutive months that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year. 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 7,634 last month, up 5.9 percent compared to January 2017. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for condo-townhouse properties declined 32.5 percent and foreclosures fell 36.3 percent year-to-year; short sales for single-family homes dropped 46 percent and foreclosures fell 43 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“Florida Realtors®’ data shows sales of existing single-family homes in Florida were off to a slow start in the first month of 2018,” says Dr. Brad O’Connor, chief economist for Florida Realtors®. “However, it’s important to note that there was significant variation in this figure across different markets throughout the state—in fact, single-family home sales were actually up in 10 of the state’s 22 metropolitan statistical areas (MSAs).
“Lately, condo and townhouse sales growth has been outpacing that of single-family homes, and the reason is that the picture for condos and townhouses has been much more balanced,” O’Connor says. “The single-family home market, by contrast, continues to be held back by inadequate levels of new construction.”
January’s for-sale inventory remained tight with a 3.9-months’ supply for single-family homes and a 5.9-months’ supply for condo-townhouse properties, according to Florida Realtors®.
Source: Florida Realtors®
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