Florida’s Strong Economy Continues to Motivate Real Estate Market

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Single-family home sales across the state of Florida totaled 18,033 for the month of February 2017, a small decrease of 0.5 percent in comparison to February 2016. While housing prices continue to rise and inventory shortages continued, Florida’s economy and housing market remain strong.

“Florida’s economy is growing, with more jobs being created,” said 2017 Florida REALTORS® President Maria Wells. “And a growing economy boosts the state’s housing sector as well. However, many local markets are reporting a low inventory of for-sale homes at a time of increasing buyer demand. For sellers, it’s a good time to list their home as they continue to get more of their original asking price at the closing table,” added Wells. Reports for February show sellers of existing single-family homes received 95.8 percent (median percentage) of their original listing price and sellers of townhouse-condo properties received 94.7 percent.

The statewide median sales price for existing single-family homes for February 2017 was $225,000, an increase of 12.5 percent from 2016, according to reports by the Florida REALTORS® research department in collaboration with local real estate professional boards and associations. The Florida median sales price for townhome/condominium properties in February 2017 was $167,500, up 11.7 percent over the statewide median sales price for February 2016.

The National Association of REALTORS® (NAR) reported the national median sales price for existing single-family homes in January 2017 was $230,400, marking an increase of 7.3 percent over the prior year.

The townhome/condominium market sales for the state of Florida totaled 7,949 in February 2017, an increase of 4.1 percent when compared to the total number of sales for February 2016. Closed sales included a lesser number of short sales and cash-only sales: short sales for this sector dropped by 39.6 percent, while short sales for single-family homes also dropped by 39.6 percent.

“Florida’s market for existing single-family homes in February continued to perform in line with what we’ve seen over the past year and a half,” said Florida REALTORS® Chief Economist Dr. Brad O’Connor. “Meanwhile, Florida’s condo and townhouse sales are off to a very good start in 2017. Coming off a 6.2 percent year-over-year increase in January, condo and townhouse sales rose 4.1 percent year-over-year in February. For perspective, the last time statewide condo and townhouse sales rose on a year-over-year basis for two consecutive months was in August and September 2015.”