ORLANDO, Fla. – Jan. 24, 2018 – Florida's housing market reported more closed sales and higher median prices in December, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 22,903 last month, up 2.6 percent compared to December 2016.
"Florida's housing market continued to experience tight inventory of for-sale homes in December, and that's definitely impacting the market," said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. "Last month, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for 72 months in row. For sellers, that's good news; however, rising prices and tight inventory are putting pressure on first-time homebuyers and those who may be looking for their next 'move-up' home.
"Any consumer looking to buy or sell a home in Florida should consult a local Realtor, who can who can help them understand local market conditions and be prepared to act when the time is right."
In fact, sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in December received 96.3 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95.1 percent (median percentage).
The statewide median sales price for single-family existing homes last month was $244,185, up 8 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Thestatewide median price for condo-townhouse properties in December was $180,000, up 7.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors®(NAR), the national median sales price for existing single-family homes in November 2017 was $, up percent from the previous year; the national median existing condo price was $546,820; in Massachusetts, it was $384,000; in Maryland, it was $280,570; and in New York, it was ®Chief Economist Dr. Brad O'Connor.
December's for-sale inventory remained tight with a 3.6-months' supply for single-family homes and a 5.6-months' supply for condo-townhouse properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.95 percent in December 2017, down from the 4.20 percent averaged during the same month a year earlier.
For the full statewide housing activity reports, go to the Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors' website.
© 2018 Florida Realtors®