The Florida real estate market is doing great!
According to the latest housing data released by Florida Realtors®, Florida‘s housing market reported more closed sales, higher median prices, more pending sales and fewer days on the market during the second quarter of 2015.
Sales of single-family homes were up from the second quarter of 2014. There were 77,724 closed single family home sales in the second quarter of 2015, which is up 15% from 2014’s second quarter.
“Florida’s housing market continued its positive momentum during the second quarter, with increased demand from buyers and fewer distressed property sales,” says 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. “In another positive indicator, new listings for single-family homes over the three-month-period rose 4.6 percent year-over-year, while new townhouse-condo listings rose 1.6 percent.”
The statewide median price of a sold home was also up from a year prior: in this second quarter of 2015, the median price of an existing single family home was $200,000. According to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/association, this was an 11.1% increase from 2014 at the same time of year.
According to an article by Florida Realtors, in 2Q 2015, the median days on market (the midpoint of the number of days it took for a property to sell during that time) was 48 days for single-family homes and 52 days for townhouse-condo properties.
“The second quarter statistics confirm the tightening of the real estate market in Florida,” says Florida Realtors Chief Economist Dr. John Tuccillo. “Homes are selling for higher prices in less time and at prices closer to the original list price. We clearly have a sellers’ market developing.
“Of note here is the drop in cash sales. We’ve spoken in the past of the retreat of bulk investors in Florida, but now we’re seeing less interest on the part of foreign buyers, who are discouraged by the appreciation of the dollar against their currencies. And, as noted before, the greatest pressures in the market are located at the low end of the price spectrum.”
While real estate is clearly a hot commodity in Florida right now, the tightened supply mean that there is no better time than right now for you to check out all that RE/MAX Paradise has to offer! Contact an agent today to find your dream home in Miami.