Florida Housing Enjoyed a Healthy January

The sun was shining on the Sunshine State’s housing market last month, as new data from Florida Realtors determined closed sales of single-family homes statewide totaled 16,529 last month, a 2.7 percent year-over-year rise.

However, closed sales on the state’s townhouse-condo market totaled 6,942 last month, a 4.8 percent drop compared to January 2015. However, the trade group noted that closed sales data reflected fewer short sales and cash-only sales in January, with traditional sales in Florida up 21 percent for single-family homes and up 7.1 percent for condo-townhouse properties.

The statewide median sales price for single-family existing homes last month was $199,000, up 13.7 percent from the previous year, while statewide median price for townhouse-condo properties in January was $152,000, up 10.9 percent over the year-ago figure. January saw the

50th consecutive month of year-over-year increases in the median sales prices for both single-family homes and for townhouse-condo properties.

"Florida's housing market remains on a steady path," said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. "While inventory levels are tight, the months' supply of homes for sale remains stable and distressed property sales continue to fall. The current market offers a great opportunity for sellers, who are getting nearly 94 percent (for existing single-family homes) of their asking price at the closing table; existing townhouse-condo sellers are getting more than 93 percent of their asking price. And while mortgage rates are inching higher, they remain historically low, which gives consumers more buying power."