Florida’s Housing Market Shows Strength in 1Q 2015
Florida’s housing market had more closed sales, higher median prices, more new listings, fewer days on the market and a slight uptick in inventory during the first quarter of 2015, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 59,599 in 1Q 2015 – 18.6 percent more the 1Q 2014 figure.
“In the first three months of 2015, distressed property sales continued to decline in Florida – a sign of the strong housing market,” says 2015 Florida Realtors President Andrew Barbar. “The state’s population is increasing, more jobs are available and the economy is growing.” To that point, Florida has just been ranked as the second-best state in the U.S. to do business, according to a survey of CEOs in a report from Chief Executive magazine.
“In another positive indicator for Florida’s housing market, new listings for single-family homes over the three-month-period rose 7.4 percent year-over-year, while new townhouse-condo listings rose 3.1 percent.”
The statewide median sales price for single-family existing homes in 1Q 2015 was $182,000, up 8.3 percent from the same time a year ago, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.
The statewide median price for townhouse-condo properties during the quarter was $145,000, up 7.4 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
In Florida’s townhouse-condo market, statewide closed sales totaled 26,637 during the first quarter of 2015, up 7.1 percent compared to 1Q 2014. The closed sales data reflected fewer short sales last month: Short sales for condo-townhome properties declined 48.4 percent while short sales for single-family homes dropped 33.5 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.
“The numbers in our quarterly report confirm the vibrancy of the housing market in Florida,” says Florida Realtors Chief Economist Dr. John Tuccillo. “Even the condo market, which had lagged the single-family market, has performed nicely. Of special note is the continued improvement in single-family sales and prices in all Florida metro areas. However, we are still concerned with tight inventory, particularly in the single-family market.”
In 1Q 2015, the median days on market (a midpoint for the number of days it took properties to sell) was 58 days for single-family homes and 56 days for townhouse-condo properties.
Inventory was at a 5.1-months’ supply in the first quarter for single-family homes and at a 6.1-months’ supply for townhouse-condo properties.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.72 percent for 1Q 2015, down from the 4.36 percent average recorded during the same quarter a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors’ website under “Research.”
Source: “Fla.’s housing market shows strength in 1Q 2015,” Florida Realtors®