Florida’s housing market reported more closed sales, rising median
prices, increased pending sales, more new listings and a lower inventory
of homes for sale in April, according to the latest housing data
released by Florida Realtors®.
“Buyer demand is rising, but the inventory of homes continues to be
tight in many areas across Florida,” says 2013 Florida Realtors
President Dean Asher, broker-owner with Don Asher & Associates Inc.
in Orlando. “That’s putting some upward pressure on prices. April is the
16th month in a row that we’ve seen the statewide median sales prices
increase year-over-year for both single-family homes and for
townhome-condo properties.
“In another positive sign for Florida’s housing market, sellers received
over 93 percent of their original listing price in April, whether they
were selling a single-family home or a condo. Now is a good time for
sellers who have been waiting on the sidelines to enter the market.”
Statewide closed sales of existing single-family homes totaled 20,662 in
April, up 17.4 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
31.9 percent over the previous April. The statewide median sales price
for single-family existing homes last month was $165,000, up 14.2
percent from the previous year.
According to the National Association of Realtors (NAR), the national
median sales price for existing single-family homes in March 2013 was
$185,100, up 12.1 percent from the previous year. In California, the
statewide median sales price for single-family existing homes in March
was $378,960; in Massachusetts, it was $290,000; in Maryland, it was
$241,413; 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 11,183 units sold statewide last month, up
13.6 percent compared to April 2012. Meanwhile, pending sales for
townhouse-condos last month increased 22.7 percent compared to the
year-ago figure. The statewide median for townhouse-condo properties was
$128,000, up 16.4 percent over the previous year. NAR reported that the
national median existing condo price in March 2013 was $178,900.
The inventory for single-family homes stood at a 5.2-months’ supply in
April; inventory for townhouse-condos was at a 5.6-months’ supply,
according to Florida Realtors.
“To a certain extent, the real estate story remains the same: prices and
sales are up and inventory is low,” said Florida Realtors Chief
Economist Dr. John Tuccillo. “We are also seeing a continued
stabilization of the distressed property market with short sales down,
and foreclosure and REO (real estate owned) sales essentially unchanged.
But there is also a bit more to the story.”
He explained, “Because the government is selling foreclosed properties
in bulk and also using online auctions, our sales numbers actually
understate the vigor of the market. The increased importance of
government sales in this market is reflected in the continuing fall in
inventory in MLS listings.” MLS stands for multiple listing service.
According to Freddie Mac, the interest rate for a 30-year fixed-rate
mortgage averaged 3.45 percent in April 2013; lower than the 3.91
percent average during the same month a year earlier.
© 2013 Florida Realtors®
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