The Florida housing market continues to stay strong on January of this year with total single-family home closed sales at 16,529, 2.7 percent year-over-year increased compared to the same month of last year.
"Florida's housing market remains on a steady path," said 2016 Florida Realtors® President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. "While inventory levels are tight, the months' supply of homes for sale remains stable and distressed property sales continue to fall. The current market offers a great opportunity for sellers, who are getting nearly 94 percent (for existing single-family homes) of their asking price at the closing table; existing townhouse-condo sellers are getting more than 93 percent of their asking price. And while mortgage rates are inching higher, they remain historically low, which gives consumers more buying power."
According to the press release of Florida Realtors in PR NewsWire, the statewide median price for a single-family home in Florida has increased by 13.7 percent year-over-year to $199,000 while townhouse-condo properties' median price gained 10.9 percent to $152,000 as compared to the same month last year.
"Overall, statewide sales growth remained slow in January, but it's important to note that this trend has not been uniform across all price points," said Florida Realtors Chief Economist Dr. Brad O'Connor. "Taking a closer look at the data, what we are seeing are large year-over-year declines in properties selling for less than$150,000. Sales in this price range, which comprised over a third of January's total sales, were down by nearly 17 percent compared to January 2015. Sales of homes in price tiers of $150,000 or more, on the other hand, were actually up over 14 percent, year-over-year.
Basing on the current sales pace, the inventory for single family homes in January is at 4.5-months' supply while townhouse-condo properties has 5.9 months' supply.
