Listings and median home prices in Florida are both up during the second quarter of 2016, according to data collected by Florida Realtors. According to Florida Realtors, closed sales were up: single-family homes statewide totaled 76,748 in 2Q 2016, up 1.4 percent over the 2Q 2015 figure. This has good implications for the Florida economy.
“In the second quarter of 2016, Florida continued to add new jobs, which attracts new residents, encourages economic growth and strengthens the housing market,” says2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “Traditional housing sales increased statewide over the three-month period, while sales of distressed properties continued to decline. In another positive sign, new listings for single-family homes over the three-month-period rose 2.9 percent year-over-year, while new condo-townhouse listings rose 3.3 percent.”
Houses are still in demand in Florida. Now is a good time to buy due to a healthy economy and very low mortgage rates. The statewide median sales price for single-family existing homes in 2Q 2016 was $220,000, up 10 percent from the same time a year ago, Florida Realtors wrote.
“Existing home sale prices throughout most of Florida’s metro areas are continuing to exhibit robust year-over-year growth,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “This growth is attributable to simple economics, which is to say that demand is strong and supply is currently limited. The inventory of homes for sale at the more affordable end of the price spectrum – which includes the vast majority of distressed properties – continues to decline significantly, and new construction has not come close to making up the difference.”
As exemplified by increase of listings and median home prices in Florida, Florida real estate is thriving. Get in the market yourself and buy your dream home in Miami. RE/MAX Paradise has amazing single-family homes as well as apartments in many areas of the city.