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The sun is shining on most of the Sunshine State’s housing market, as closed sales of single-family homes statewide totaled 17,772 last month, up 10.7 percent year-over-year, according to the latest data released by Florida Realtors.
The statewide median sales price for single-family existing homes last month was $176,000, up 3.5 percent from the previous year, while the statewide median price for townhouse-condo properties in November was $140,000, up 7.7 percent over the year-ago figure.
The trade group added that the closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo-townhouse properties declined 55.9 percent while short sales for single-family homes dropped 46.1 percent. Inventory was at a 5.3-months' supply in November for single-family homes and at a 6-month supply for townhouse-condo properties
"Florida's housing market hit a milestone in November: For three years now—36 months in a row—statewide median sales prices rose year-over-year for both single-family homes and townhouse-condo properties," said 2014 Florida Realtors President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and The Villages. "Realtors across the state continue to report increased buyer interest, while stability and consistency remain key trends for the housing sector. Statewide, the inventory [active listings] of single-family homes in November rose 2.3 percent year-over-year, while new townhouse-condo inventory remained stable at about the same level as last year."
However, there were some grey clouds in this environment. Statewide closed sales for Florida’s townhouse-condo market totaled 7,227 last month, down 5.4 percent compared to November 2013.
“Condo sales are down, but we've only seen four positive months this year, and the decline from last November is modest,” said Florida Realtors Chief Economist Dr. John Tuccillo. “There does appear to be a sweet spot in the condo market between $250,000 and $400,000, where sales are strong.”