Recent Florida Housing Data Shows Sales and Prices Up

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Recent Florida housing market data reported by Florida REALTORS® shows new pending sales, new home listings, overall sales, and median prices all increased for October, despite continued inventory shortages. The number of sales for single-family homes totaled 20,543 for October in Florida, an increase of 2 percent in comparison to October of last year.

“Home purchases stalled by Hurricane Irma striking Florida in September resumed – and many of those sales closed in October,” said 2017 Florida REALTORS® President Maria Wells. “Areas hit hardest by the hurricane will still take time to recover, but in other parts of the state, real estate activity has returned. Sellers were ready to put their homes on the market in October, with new listings for existing single-family homes up 9.8 percent year-over-year; new listings for existing condo-townhouse properties rose 14.6 percent,” added Wells.

The median sales price for single-family existing homes in Florida for October 2017 was $235,558, representing an increase of 7.1 percent in comparison to October 2016, according to the Florida REALTORS® Research Department in partnership with local REALTOR® boards and associations. The median price for condominium home and townhouse properties across the state of Florida in October 2017 was $170,000, representing an increase of 5.2 percent in comparison to the number for October 2016. October was the 70th consecutive month that Florida housing median prices for both the single-family home sector and the condominium home/townhome sector showed increases year-over-year.

According to reports by the National Association of REALTORS® (NAR), the national median sales price for existing single-family homes in September showed a 5.6 percent increase over the prior year.

When reviewing reports with regard to Florida’s condominium home/townhome market specifically, statewide closed sales finished with a total of 8,116 in October 2017 – representing an increase of 2 percent in comparison to totals for October 2016. Closed sales indicated a lower number of short sales and foreclosures for October 2017. Short sales for condominium home/townhome properties decreased by 22.5 percent and the number of foreclosures decreased by 42.8 percent year-to-year. The number of short sales for single-family homes decreased by 36.7 percent and the number of foreclosures decreased by 42.3 percent year-to-year.

Florida REALTORS® Chief Economist Dr. Brad O’Connor pointed out, “Last month, we talked about how it’s not uncommon for Florida to see a quick rebound in sales of existing homes the month after a hurricane,” but there were still some slight apprehensions and the speed of recovery has been more rapid than expected.

Southwest Florida housing continues to exhibit positive growth in several areas of the regional economy and, though the effects of Hurricane Irma could be seen in certain economic indicators for September, the area is bouncing back quickly with regard to the housing market and economy overall. Collier County in particular has reported a 1 percent increase in closed sales for October 2017 in comparison to the number of closed sales for October 2016. Market reports had shown a 30 percent decrease (month/month) in September, the month during which Hurricane Irma affected the area, so the 1 percent increase for October is a welcomed improvement and a positive indicator that repairs are moving quickly, homes are getting back on the market and the market remains strong.