Florida’s housing market wrapped up 2016 with more new listings, higher median prices and fewer sales of distressed properties compared to the year before, according to the data released Thursday by the Florida Realtors®.
Statewide closed sales of existing single-family homes totaled 62,192 in the fourth quarter of 2016, up 2.1% compared to the year-ago figure. The statewide median sales price for existing single-family homes for the quarter was $223,950, up 11.9% from 4Q 2015.
Sales of townhouse-condos totaled 24,394 units statewide in 4Q 2016, down 5% compared to the same period a year earlier. The closed sales data reflected fewer short sales statewide in the fourth quarter compared to the same time a year ago: Short sales for condo-townhouse properties declined 41.8 % while short sales for single-family homes dropped 37.5%. The statewide median price for townhouse-condo properties in 4Q 2016 was $164,182, up 8.6% over the previous year.
For the full year, statewide closed sales of existing single-family homes totaled 268,731, up 0.9% compared to the 2015 figure. New listings for existing single-family homes rose 2.2% in 2016 compared to 2015. The statewide median sales price for single-family existing homes in 2016 was $219,900, up 12.2% from the previous year.
Sales of townhouse-condos came in at a total of 107,953 units, down 4.2% from 2015. The closed sales data reflected fewer short sales statewide in 2016 compared to the previous year: Short sales for condo-townhouse properties declined 38.7% while short sales for single-family homes dropped 35.3%.
New listings for townhouse-condos for the year increased 2% compared to a year ago. The statewide median price for townhouse-condo properties in 2016 was $160,000, up 6.7% over the previous year.
At the end of 2016 and also for 4Q 2016, inventory for single-family homes stood at a 3.9-months’ supply, while inventory for townhouse-condo properties was at a 6-months’ supply, according to Florida Realtors.
“This past year was marked by tight housing inventory throughout Florida, particularly in the range of $200,000 and under,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Buyer interest was high and home sales likely would have been even stronger if there had been enough available for-sale supply to satisfy demand.”
“Throughout 2016, Florida’s housing markets consistently exhibited a solid rate of price growth coupled with relatively flat growth in sales compared to the previous year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “This tempered growth in sales was largely due to a shortage of homes for sale at the affordable end of the price spectrum – much of which was due to a rapid depletion of Florida’s remaining stock of distressed properties.
“Sales of non-distressed single-family homes, on the other hand, were up nearly 14% in 2016, and non-distressed condo and townhouse sales were up more than 5%. This increase in ‘traditional’ sales activity is a clear sign of good things to come for Florida’s housing markets in 2017.”
