In March, Florida’s housing market reported increased closed sales, more
pending sales, higher median prices and a reduced inventory of homes
for sale, according to the latest housing data released by Florida
Realtors®.
“Florida’s housing market continues to demonstrate its recovery – March
marks the 15th consecutive month that the statewide median sales prices
for both single-family homes and for townhouse-condo properties rose
year-over-year, according to Florida Realtors’ data,” said 2013 Florida
Realtors President Dean Asher, broker-owner with Don Asher &
Associates Inc. in Orlando. “The median price is up more than 15 percent
for both single-family homes and for townhouse-condos.
“Meanwhile, buyer demand is increasing, but supply continues to be
constrained in many areas. In March, the median days on market (the
midpoint of the number of days it took for a property to sell that
month) was 57 days for single-family homes and 61 days for townhouses
and condos. That means 50 percent of homes on the market in Florida sell
in two months or less.”
Statewide closed sales of existing single-family homes totaled 19,631 in
March, up 9 percent compared to the year-ago figure, according to data
from Florida Realtors Industry Data and Analysis department in
partnership with local Realtor boards/associations. Closed sales
typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed but not yet
completed or closed – for existing single-family homes last month rose
23.4 percent over the previous March. The statewide median sales price
for single-family existing homes last month was $160,000, up 15.2
percent from the previous year.
According to the National Association of Realtors® (NAR), the national
median sales price for existing single-family homes in February 2013 was
$173,800, up 11.3 percent from the previous year. In California, the
statewide median sales price for single-family existing homes in
February was $333,880; in Massachusetts, it was $278,000; in Maryland,
it was $224,048; and in New York, it was $220,000.
The median is the midpoint; half the homes sold for more, half for less.
Housing industry analysts note that sales of foreclosures and other
distressed properties downwardly distort the median price because they
generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of
townhouse-condos, a total of 9,957 units sold statewide last month, up
1.1 percent compared to March 2012. Meanwhile, pending sales for
townhouse-condos last month increased 10.6 percent compared to the
year-ago figure. The statewide median for townhouse-condo properties was
$120,000, up 15.9 percent over the previous year. NAR reported that the
national median existing condo price in February 2013 was $172,500.
The inventory for single-family homes stood at a 5.3-months’ supply in
March; inventory for townhouse-condos was at a 5.8-months’ supply,
according to Florida Realtors.
“We continue to be encouraged by the depth and breadth of the housing
recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“State numbers are up in virtually all important categories and down
where they should be down. Even with the difficulty of access to
financing for households, we still see the growth in the market
continuing for at least the next 18 months.
“Inventory remains an issue, but this is fast becoming a sellers’ market
and as sellers realize this, we expect inventories to rise as we
approach the last quarter of 2103. Over the long term, we need to
correct the imbalance between investors and owner-occupier households
that has developed because of financing issues if the market is to
prosper for a long time.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate
mortgage averaged 3.57 percent in March 2013, down from the 3.95 percent
average during the same month a year earlier.
To see the full statewide housing activity report, go to Florida Realtors website
and click on the Research page; then look under Latest Housing Data,
Statewide Residential Activity and get the March reports. Or go to Florida Realtors Media Center and download the March 2013 data report PDFs under Market Data.
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