Sales of single-family homes in Florida totaled 25,020 last month, down 3.5% compared to March 2017, and sales of townhouses and condos totaled 10,997 last month, down 1.8% compared to a year earlier, the Florida Realtors reported Monday.
The statewide median sales price for single-family existing homes last month was $250,800, up 8.2% from the previous year, while the statewide median price for townhouse-condo properties was $183,000, up 7% over the year-ago figure.
“As the ongoing supply of for-sale homes continues to tighten, it can create a cycle of frustration for home buyers, especially those trying to become a first-time homeowner,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “If move-up buyers can’t find a home in their desired price range, then they aren’t likely to leave their current home, which in turn makes entry-level properties even more scarce. Buyer demand is high, but the shortfall of inventory – particularly around $250,000 and under – is impacting affordability in many areas.”
Closed sales data reflected fewer short sales and foreclosures last month: Short sales for single-family homes dropped 49.3% and foreclosures fell 53% year-to-year; short sales for townhouse-condo properties declined 51.7% and foreclosures fell 41.4% year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
March was the 75th consecutive month that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in February 2018 was $243,400, up 5.9% from the previous year; the national median existing condo price was $227,300. In California, the statewide median sales price for single-family existing homes in February was $522,440; in Massachusetts, it was $350,000; in Maryland, it was $268,197; and in New York, it was $260,000.
“Single-family home sales were down 3.5% year-over-year in March, the largest such drop in over a year – excluding, of course, last September when Irma briefly shut down the housing market,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “We shouldn’t ignore, however, that March of 2017 was an unusually strong month for closed sales, so from the start, the odds were already stacked against any substantial year-over-year sales growth taking place this March.
“Still, year-to-date, single-family home sales are down a little under 1%, so it will be important to watch the April numbers very closely when they come out next month. At that point, we’ll have a better idea if March was just a blip, or perhaps whether it was the beginning of a very gradual slowdown in sales growth that appears to become more inevitable the longer our statewide housing shortage persists.”
March’s for-sale inventory tightened even more with a 3.8-months’ supply for single-family homes and a 5.9-months’ supply for townhouse-condo properties, according to Florida Realtors.
