Florida's housing market began this year on a bright start with more closed sales plus higher median prices, according to data released by Florida Realtors.
Statewide median sales prices for both single-family homes and condo-townhouse properties in January rose year-over-year for the 97th consecutive month. The statewide median sales price for single-family existing homes was $265,000, up six percent from the previous year, and statewide median price for condo-townhouse units was $200,000, up 9.6 percent year-over-year.
"Many of the same market conditions we saw over the past few months–like favorable mortgage rates, buyer demand and low inventories–have continued into 2020," said 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner of Florida Suncoast Real Estate Inc. in Bradenton. "Lack of inventory continues to put pressure on home prices. However, new pending sales increased 12.4 percent for single-family existing homes last month and new pending sales for condo-townhouse units rose 14.3 percent."
Florida Realtors Chief Economist Brad O'Connor added that the state’s housing market evolved significantly over the previous 12 months.
"Market conditions–particularly interest rates–have been very favorable for home sales over the past several months," he said. "Remember, however, that part of these January year-over-year increases is due to January 2019 being fairly weak in terms of sales. Back then the stock market had been undergoing some major fluctuations and we were in the midst of a federal government shutdown. Mortgage rates were only really beginning to fall at that point, so they were not yet benefiting buyers who were closing at that time."
O’Connor also pointed out that "single-family inventory at the end of January was down 16.4 percent year-over-year, while condo and townhouse inventory was down 11.7 percent."