Florida’s housing market continued to report a tight supply of homes for sale and rising median prices in February, according to the latest housing data released by Florida Realtors®.
Sales of single-family homes statewide remained relatively flat last month, totaling 18,033, down 0.5% compared to February 2016.
“Florida’s economy is growing, with more jobs being created,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “And a growing economy boosts the state’s housing sector as well. However, many local markets are reporting low inventory of for-sale homes at a time of increasing buyer demand.”
The statewide median sales price for single-family existing homes last month was $225,000, up 12.5% 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 February was $167,500, up 11.7% over the year-ago figure. February marked the 63rd month in a row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.
Looking at Florida’s townhouse-condo market, statewide closed sales totaled 7,949 last month, up 4.1% compared to February 2016. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 39.6% while short sales for single-family homes also dropped 39.6%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“Florida’s market for existing single-family homes in February continued to perform in line with what we’ve seen over the past year and a half,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Due primarily to fewer distressed properties on the market, sales of single-family homes edged down. However, non-distressed sales of single-family homes were up almost 10 percent year-over-year, showing that the traditional market – as opposed to the niche distressed market – is healthy and continues to grow.
For the second consecutive month, inventory remained at a tight 4.2-months’ supply in February for single-family homes, and was at a 6.4-months’ supply for townhouse-condo properties, according to Florida Realtors.
