In December, Florida saw some changes in the housing market. Inventory tightened, homes spent fewer days on the market, and median home and condo prices rose.
“Florida’s housing market continues to show strength,” says 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi Associates in Miami to Florida Realtors. “December marked over four years – 49 months – of consecutive gains in statewide median sales prices, year-over-year, for both single-family homes and for townhouse-condo properties. Mortgage rates remain low, which is encouraging many buyers to make their move now to enter the housing market.
“Properties also are taking less time to sell, which is a trend of interest to sellers as well as buyers,” says Veissi. “In December, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 47 days for single-family homes and 49 days for townhouses and condos. That means 50 percent of homes on the market in Florida sell in less than two months.”
For existing single-family homes, median prices went up 11.6 percent from a year earlier. The statewide median price for townhouse-condo properties in December was $156,500, up 5 percent over the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.
“Florida’s real estate markets remained quite healthy in December,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “Closed sales remain strong and prices continue to rise. Inventory levels of single-family homes dropped to an annual low for 2015 at the end of December to just under 100,000 active listings.
“Months’ supply of inventory likewise came in low, at 4.3-months supply for single-family homes and 5.4 months for condos and townhomes. At the state level, these figures would imply a seller’s market for single family homes and a balanced market for condos and townhomes.”
This is great news for Florida markets- and you if you are looking to buy or sell a home. The market is healthy and growing, and home and condo prices are on the rise, so don’t wait and contact RE/MAX Paradise today for properties available in Miami today!