Florida’s housing market reported more closed sales, higher median prices, increased pending sales and more new listings in January, according to the latest housing data released by Florida Realtors. Sales of single-family homes statewide totaled 16,779 last month, up 5.2 percent from January 2016.
Florida’s housing market continues to show positive momentum. While existing inventory remains tight, Realtors across the state are reporting interest from both buyers and sellers — and with interest rates expected to rise over the next few months, now is certainly a good time to take action. On the buyer front, new pending sales for existing single family homes in January increased 3.8 percent year-over-year; pending sales for townhouse-condo units increased 6.5 percent. On the sellers’ side, new listings for single-family homes rose 7.6 percent year-over-year, while new townhouse-condo listings ticked up 0.9 percent.
When market conditions are tight, consumers can get ahead by working with a Realtor who’s an expert in the local area. A Realtor will have the knowledge needed to help both buyers and sellers through the complex homebuying process.
Home sellers continued to get more of their original asking price at the closing table in January: Sellers of existing single-family homes received 95.6 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.6 percent (median percentage).
The statewide median sales price for single-family existing homes last month was $220,000, up 10.1 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/ associations. The statewide median price for townhouse-condo properties in January was $161,000, up 6.6 percent over the year-ago figure. January marked the 62nd month in a row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.
To learn more about the Florida Real Estate market contact 9 Core Realty today!