Florida’s housing market had higher pending sales, higher median prices
and a reduced inventory of homes for sale in September, according to the
latest housing data released by Florida Realtors®.
“Florida’s real estate market is no longer in recovery mode – stability
and growth gain solid footing,” said 2012 Florida Realtors President
Summer Greene, regional manager of Better Homes and Gardens Real Estate
Florida 1st in Fort Lauderdale. “Realtors across the state are reporting
consistent increases in home sales and median prices, and multiple
offers from buyers isn’t unusual. In fact, increasing buyer demand in
many local markets is creating inventory shortages – and that’s putting
pressure on prices. For sellers who may have been reluctant to enter the
market, it’s now time to reconsider. Conditions are turning to a
Statewide closed sales of existing single-family homes totaled 15,643 in
September, up 2 percent compared to the year-ago figure, according to
data from Florida Realtors Industry Data and Analysis department and
vendor partner 10K Research and Marketing. Closed sales typically occur
30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed by not yet
completed or closed – of existing single-family homes last month rose
40.1 percent over the previous September. The statewide median sales
price for single-family existing homes in September was $145,000, up 7.4
percent from a year ago.
According to the National Association of Realtors® (NAR), the national
median sales price for existing single-family homes in August 2012 was
$188,700, up 10.2 percent from the previous year. In California, the
statewide median sales price for single-family existing homes in August
was $343,820; in Massachusetts, it was $317,750; in Maryland, it was
$255,498; and in New York, it was $225,000.
The median is the midpoint; half the homes sold for more, half for less.
Housing industry analysts note that sales of foreclosures and other
distressed properties continue to downwardly distort the median price
because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of
townhomes-condos, a total of 7,329 units sold statewide last month, down
slightly (-2.9 percent) from those sold in September 2011. Meanwhile,
pending sales for townhome-condos in September increased 30.6 percent
compared to the year-ago figure. The statewide median for townhome-condo
properties was $105,736, up 18.8 percent over the previous year. NAR
reported that the national median existing condo price in August 2012
Last month, the inventory for single-family homes stood at a 5.2-months’
supply; inventory for townhome-condo properties was also at a
5.2-months’ supply, according to Florida Realtors. Industry analysts
note that a 5.5-months’ supply symbolically represents a market balanced
between buyers and sellers.
“The onward march of Florida's housing market continues,” said Florida
Realtors Chief Economist Dr. John Tuccillo. “Inventories have now tilted
to the point where we truly have a sellers’ market forming. Prices are
up smartly and have been for quite a while. It’s getting to the point
where Florida is the place to buy, but it may soon move out of reach for
The interest rate for a 30-year fixed-rate mortgage averaged 3.47
percent in September 2012, lower than the 4.11 percent averaged during
the same month a year earlier, according to Freddie Mac.
To see the full statewide housing activity report, go to Florida
Realtors website (www.floridarealtors.org) and click on the Research
page; then look under Latest Housing Data, Statewide Residential
Activity and get the September report. Or go to Florida Realtors Media
Center (http://media.floridarealtors.org/ and download the September
2012 data report PDF under Market Data.
© 2012 Florida Realtors®Naples Area PropertyBank Owned Property List
Downing Frye Realty