Florida Housing Market Experiences Mixed Q1 Results

The first quarter saw mildly positive activity in Florida, with closed sales for single-family homes totaling 57,913, up a scant 0.3 percent on a year-over-year basis. But according to data from Florida Realtors, the Sunshine State’s condo-townhouse market was cloudy in the first quarter, with statewide closed sales totaling 24,534, a 6.1 percent year-over-year drop.

However, the distressed housing market shrank considerably: short sales for condo-townhouse properties declined 36.9 percent while short sales for single-family homes dropped 33.2 percent. On the flip side, traditional sales for condo-townhouse units were up 3.6 percent and traditional sales for single-family homes increased 15.9 percent year-over-year.

"In the first three months of 2016, traditional housing sales rose in Florida while distressed property sales continued to decline–which underscores stability in the state's housing sector," said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. "Another positive sign: New listings for single-family homes over the three-month-period rose 4.5 percent year-over-year, while new condo-townhouse listings rose 6.6 percent."

In terms of pricing, the statewide median sales price for single-family existing homes during the first quarter was $203,500, up 11.8 percent from the same time a year ago, while the median price for condo-townhouse properties during the quarter was $153,000, up 5.5 percent over the year-ago figure.