Florida Existing Home Sales and Prices
Florida’s housing market reported more closed sales, higher median prices and an increase in new listings in December, according to the latest housing data released by the Florida Realtors Association. December’s sales marks 37 months of consecutive gains in the statewide median sales prices, year-over-year, for both single-family homes and condominiums.
Statewide, sales of existing single-family homes totaled 22,214 last month, up 15.8% over December, 2013. The statewide existing home median price was $185,000, up 6.9% from a year ago. The median is the midpoint; half the homes sold for more, half for less. The rising prices, along with the renewed strength of the state’s housing market, are encouraging more homeowners to list their properties for sale. Statewide, active listings for single-family homes increased 2.9%. Properties also are taking less time to sell, another trend that is sparking sellers’ interest. In December, the median days on market was 54 days for single-family homes.
For all of 2014, statewide closed sales of existing single-family homes totaled 244,543, up 8.1% year-over-year. New listings rose 7.4% and the statewide median sales price for single-family existing homes was $178,000, up 5.3%.
Existing condominium sales in December totaled 9,466 statewide, up 11.3% from a year ago levels. The statewide median sales price for condos was $149,000. That was up 8.4% from a year ago. Active condo listings were up 3.4% and median days on market were at 55 days.
For all of 2014, statewide closed sales of existing condominiums totaled 108,354, down 1.2% year-over-year. New listings rose 2.2% and the statewide median sales price for condominiums was $140,000, up 9.8%.
The months supply of inventory at the end of December stood at 5.2 months for single-family homes and at 5.9 months for the condos. Realtors® around the state are reporting ongoing increased business activity as many buyers continue to scramble to buy their piece of paradise. Most are doing so because they have come to the realization that the current prices are still just too good to pass up and they need to take advantage of the discounted sales prices before things change again. With inventories declining in many areas, really good buying opportunities in the most desirable communities are getting much tougher to find.
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Gulf Coast Associates, Realtors