During the first quarter of 2016 we saw Florida home prices increase and there were more reported listings. Closed sales also increased slightly compared to the first quarter of 2015. The median home price for single-family existing homes rose 11.8 percent from a year prior, up to $203,500.
“In the first three months of 2016, traditional housing sales rose in Florida while distressed property sales continued to decline – which underscores stability in the state’s housing sector,” says 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “Another positive sign: New listings for single-family homes over the three-month-period rose 4.5 percent year-over-year, while new condo-townhouse listings rose 6.6 percent.”
The housing market in the Sunshine State is positive and healthy, indicated by many factors including the Florida home prices increase.
“This quarter marked the fourth consecutive quarter that the median sale price for single-family homes in Florida experienced an annual growth percentage in the double-digits,” says Florida Realtors Chief Economist Dr. Brad O’Connor.
“But I’d caution that the growth rate in the overall median sale price does not directly equate to the growth rate in the value of all homes,” O’Connor adds. “In truth, much of the increase in the median price statistic has been a result of the increasing scarcity of distressed homes and other properties that sell in the most affordable price ranges.
“For example, over the past couple of years, the median sale price among non-distressed homes has steadily been growing at a much more modest rate – in 1Q 2016, by just under 3 percent. This is much more akin to the traditional growth rates we were used to seeing 10 years ago.”
While maybe not perfect, there is no denying that the Florida real estate market is a healthy one. That is why we at RE/MAX Paradise encourage you to check out our homes in Miami today, where you can find a great investment and/or home!