Florida Home Prices On The Rise

Florida Home Prices On The Rise

  The housing market in Florida has more new listings, higher median prices, and fewer all cash sales in September than last year. Low inventory continues to impact the housing market having closed sales on single family homes down .5 percent and condo-townhouse sales 3.9 percent from last year. Although the closed sales are down, sellers are getting a higher price point. 

 Florida's economy is growing, resulting in improving jobs and income for workers across the state. It puts would-be-buyers who are ready to enter the market with a lack of inventory and limited choices which is leading to higher prices. This has especially had an impact on those houses priced in the mid $200,000's and under. 

 More recently we are seeing home sellers get their original asking price at the closing table.  Single family home sellers received 96.2 percent of original asking prices while townhouse-condo prices are up to 94.8 percent of asking prices on a median average. 

 Single family home prices are up 11.3 percent from last years sales prices and townhouse-condo prices are up 6.7 percent from last year. Earlier I mentioned the number of closed sales in September was essentially the same as last year, but it is what makes up the sales that is different. Distressed sales made up only 10 percent of single family home sales compared to 19.4 percent last year and cash sales went down to 28 percent this year from 34 percent. 

 All of these factors have resulted in higher prices , and it is important that these trends continue if we want to return to what most in the Real Estate business see as normalcy in the market. 

                                                                                                                                                                              Source:  Floridarealtors.org

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Dante Escobar Headshot
Phone: 863-259-9307
Dated: November 2nd 2016
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