According to Florida Realtor’s latest data from the third quarter of 2015, Florida’s real estate market reported more closed sales, higher median prices, fewer average days on the market as well as tightening supply.
There were 71,141 closed sales of single-family homes. This was up 14.7% over the third quarter of 2014.
“Over the past three months, distressed property sales continued to decline in Florida, a sign of the state’s strong housing market,” said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. “Realtors across the state are reporting increased demand from buyers, while sellers are receiving more of their original asking price: 94.4 percent for single-family existing homes in the third quarter and 93.2 percent for townhouses and condos.”
“And, it also took less time to make the sale in 3Q 2015 compared to a year ago – a median of 46 days for single-family homes and 53 days for townhouse-condos.”
According to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/association, median sales prices were up 9.8 percent from a year before. The statewide median home price for a single-family home is $199,000.
“It’s been a solid quarter for residential real estate in Florida, which is now exceeding the nation in sales and price growth,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Even the condominium market, which had trailed single-family homes, is moving in a positive direction. We are seeing a sellers’ market developing, but with prices and interest rates rising, the market should become more balanced in 2016.”
Interest rates are also down from 2014. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.95 percent for this third quarter, down from the 4.14 percent average recorded during the same quarter a year earlier.
If you own a home in the Sunshine State, you have probably been wondering about Florida’s real estate market. According to these recent reports, the market is doing very well, especially if you are looking to sell. RE/MAX Paradise is ready to help you with sales, purchases and questions regarding homes in Miami!