The median sales price
for an existing single-family home in the state of Florida rose to $234,900,
appreciating 10.3% over the course of the 12-month period ending in April, 2017
according to the latest real estate statistics released by the research department
of the Florida Association of Realtors. Through that period the statewide
median price for condo, co-op and townhome properties increased 7.2% to
$172,000. April marked the 65th consecutive month the median price for both
housing sectors reported year-over-year appreciation.
Tight inventory of
properties on the market ramains the prevailing trend in Florida real estate,
resulting in a slight drop in total sales of single-family homes, which totaled
23,829 in April of 2017, a decrease of 1.2% when compared to April, 2016.
These stats are compiled
by the Florida Association of Realtors from MLS data supplied by local realtor
boards and associations. Median price represents the midpoint: half the homes
sold for more, half for less.
Florida Realtors
President Maria Wells is quoted as saying: "It puts consumers in a
position where they have to be prepared and ready to buy, as many Realtors
around the state report seeing more instances of multiple offers. And without
more for-sale homes median prices will continue to rise due to demand. In
April, sellers of existing single-family homes received (a median percentage
of)96.2% of their original listing price, while those selling townhouse and
condominium properties received 94.7% – an indication the listed price is
extremely close to market value.
"Working with a
local Realtor enables consumers to have the advice of an expert in their local
housing market – someone who can guide them through their home search and help
them find the right home that fits their budget and their lifestyle."
As usual property
appreciation in Florida significantly out-performed the U.S. average. According
to the latest report from the National Association of Realtors (NAR), the
median sales price for existing single-family homes in April 2017 was $246,100,
representing an annual increase of 6.1% on sales which decreased 2.4% to a
seasonally adjusted annual rate of 4,950,000. Median price for existing condos
was $234,600, a 5.6% rise over the previous annum.
Focusing on FortLauderdale and the surrounding neighborhoods, the median price for an existing
single family home in Broward County appreciated 6.5% over the last year, while
the median price for condos and townhomes increased 10.0%
Other stats reported show
closed sales of single-family homes declined in 14 of Florida's 22 metro areas
compared to the previous April, and dropped 1.2% statewide.
"There is no
indication demand is falling off," said Dr. Brad O'Connor, the Florida
Realtors Chief Economist. "Rather, all signs continue to point to a market
being held back by a shortage of homes for sale. As of the end of April, the
statewide inventory of single-family homes for sale was down nearly 5% compared
to where it was a year ago.
"Additionally,
single-family homes which did sell in April were snapped up as quickly as in
any month in recent years. According to Florida Realtors median-time-to-sale
metric, half the single-family homes selling in April of last year went from
listing to close in 90 days or less, but this April, that figure declined to 85
days or less – a 5.6% drop."
O'Connor also noted
condominium and townhome market has been relatively more balanced than the
single-family market from a statewide perspective, but local markets experience
more variance in their condo and townhouse inventory levels.
April's inventory
remained constricted with a 4-months' supply for single-family homes and a
6.1-months' supply for townhome and condominium, according to Florida Realtors.
Meanwhile the interest
rate for a 30-year fixed-rate mortgage averaged 4.05% in April of 2017
according to Freddie Mac, a fairly significan increase from the 3.61% average
reported during the same month the previous year.
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