Great news for Florida’s housing market: listings, median prices, and speed of sale are all on the rise according to data from Florida Realtors.
The median prices are something to behold. According to the report from Florida Realtors, median prices for townhome, condo, and single-family homes all rose year-over-year—“for the 27th month in a row.” That’s simply astonishing and great news for anyone still concerned that we’re not in some form of recovery.
Additionally, the data notes a reduction in distressed sales and a corresponding interest by families looking to sell their home traditionally. Thanks to that reduction, the report notes that there is a 11.6 percent increase year-over-year in single-family home listings and a 4.2 percent increase in townhouse/condo listings. Supply and price are both going up—which is a good thing for anyone in the real estate industry and for the housing market in general.
However, it should be noted that while this is good news for our year-over-year gains in the housing market, we are still below the national median in sales price (our $165,000 versus the national $188,900). That’s not terrible, but it does show that the value hasn’t quite caught up—but with a 27 month streak of showing improvement, we’re catching up quite nicely.
Florida Realtors states that, despite these other issues, sales are down for both single-family and townhouses/condos. Dr. John Tuccillo also notes that this is an image of a re-emerging normal market, noting that the weaker sales results in single-family homes and townhouses/condos are “solely the result of plummeting short sales,” meaning that more people are selling their homes for their value and helping stabilize the market.
And good for them, and for you. It’s nice to see us in recovery, gaining value in our real estate, and seeing some normalcy in what’s been a more chaotic world.