Florida’s housing market reported more closed sales, higher median prices, more new listings and more pending sales in May, according to data released by Florida Realtors Wednesday.
Sales of single-family homes statewide totaled 27,850 last month, up 7.6% compared to May 2016.
“Buyer demand continues to fuel Florida’s housing market this month,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “As for-sale inventory continues to be tight, prospective buyers are responding by being prepared, pre-qualified and ready to make an offer when they find the right home. Realtors across the state report that many newly listed homes are selling quickly. In May, sellers of existing single-family homes received 96.4% (median%age) of their original listing price, while those selling townhouse-condo properties received 94.7% – a signal that the listed price is extremely close to market value.
The statewide median sales price for single-family existing homes last month was $239,000, up 7.7% from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in May was $178,000, up 8.1% over the year-ago figure. May was the 66th consecutive month that statewide median prices for both sectors rose year-over-year.
Looking at Florida’s townhouse-condo market, statewide closed sales totaled 11,538 last month, up 8% compared to May 2016. Closed sales data reflected fewer short sales and last month: Short sales for townhouse-condo properties declined 44.8% while short sales for single-family homes dropped 30.8%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“Closed sales of existing homes in the Sunshine State not only rebounded from a relatively flat April, they positively surged to record highs in May of 2017,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “To be more specific, May’s sale totals of 27,850 existing single family homes and 11,538 existing condos and townhomes were the most ever recorded (by Florida Realtors) for a single month in either property type category. In both cases, these totals were also markedly higher than the very strong number of sales racked up in May of 2016.”
Inventory remained tight in May with a 4-months’ supply for single-family homes and a 6-months’ supply for townhouse-condo properties, according to Florida Realtors.
