More Sales, Higher Prices in Florida Housing Market
Florida's housing market recorded an increased volume of sales and greater median prices, according to data released by Florida Realtors.
Last month saw 28,071 single-family home sales, up 0.8 percent from one year earlier. Statewide closed sales for the townhouse-condo market totaled 12,012 last month, up 4.1 percent compared to a year ago. The statewide median sales price for single-family existing homes was $255,000, up 6.7 percent year-over-year, while the statewide median price for townhouse-condo properties in May was $188,688, up 6 percent from one year earlier. May was the 77th consecutive month that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year.
“Strong demand from buyers, coupled with a lack of for-sale inventory, continues to have an impact on rising median prices in many local housing markets,” said 2018 Florida Realtors President Christine Hansen, Broker-Owner with Century 21 Hansen Realty in Fort Lauderdale. “Home sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in May received 96.7 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95.1 percent (median percentage).”
Hansen added that a welcome development in the local housing market was the greater number of properties for sale. “It appears that our tight inventory may be easing slightly,” she continued. “New listings for single-family homes in May rose 4.8 percent year-over-year, while new townhouse-condo listings increased six percent. If the trend continues, that could mean good news for buyers who have been waiting on the sidelines.”