Florida Housing Market – Hurricane Irma Impacts Sales, Data in September 2017

Orlando, FL – Oct. 20, 2017 (PRNewswire) Hurricane Irma, which made landfall in the Keys on Sept. 10 and continued up the state’s west coast, affected Florida’s housing market data in September, according to the latest housing data released by Florida Realtors®. Fewer sales, pending sales and new listings were reported, though median prices rose as a still-tight inventory of for-sale homes remained the norm in many areas. Sales of single-family homes statewide totaled 18,030 last month, down 20.4 percent compared to September 2016.

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“The impact from Hurricane Irma was wide-ranging across Florida, though the devastation and damage was certainly greater in some areas, such as the Keys and in Naples,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “But there were other consequences from Irma that disrupted the state’s economy and housing market as people took needed time for hurricane preparations and one of the largest evacuations in Florida’s history. Once Irma passed over the state, it took days or even longer to restore power to many areas, residents had to return from evacuations, and there was still debris cleanup, insurance claims and other issues to handle in the hurricane’s aftermath.

“It’s not surprising that Hurricane Irma had a negative impact on existing home and condominium sales across most local markets in September – but that’s a normal occurrence after a hurricane. To understand their housing market conditions, especially in times like this, consumers should work with a local Realtor, who can guide them through the complicated process of buying or selling a home.”

The statewide median sales price for single-family existing homes last month was $239,900, up 7.6 percent from the previous year, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in September was $173,000, up 8.1 percent over the year-ago figure. September was the 70th month-in-a-row that statewide median prices for both sectors rose year-over-year. 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 August 2017 was $255,500, up 5.6 percent from the previous year; the national median existing condo price was $237,600. In California, the statewide median sales price for single-family existing homes in August was $565,330; in Massachusetts, it was $398,125; in Maryland, it was $287,816; and in New York, it was $270,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 7,404 last month, down 15.9 percent compared to September 2016. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for townhouse-condo properties declined 57 percent and foreclosures fell 62.3 percent year-to-year; short sales for single-family homes dropped 60.8 percent and foreclosures fell 60 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Perhaps the most important thing to understand about this month’s sales numbers is that these declines in real estate activity are not in any way indicative of a decline in the demand for housing going forward, or any other structural change in Florida’s housing market dynamics, for that matter,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “This is the result of a temporary economic decline brought about by Irma before and after it passed through. We should expect to see similar temporary drops in restaurant and retail sales, job hiring and other economic indicators at the local level.”

O’Connor noted that, looking at housing and other data following the 2004 hurricanes in Florida, there is “strong evidence that Florida real estate always has willing buyers as long as the lights are on and infrastructure is back in place. In parts of the state that are already back to business as usual after Irma, we likely will see a similar rebound in the October numbers.”

Inventory remained constrained in September with a 3.8-months’ supply for single-family homes and a 5.5-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.81 percent in September 2017; it averaged 3.46 percent during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the September 2017 data report PDFs under Market Data at: http://media.floridarealtors.org/market-data

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 170,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Median Prices Continue to Rise in Florida’s Housing Market in April 2017

Orlando, FL – May 24, 2017 (PRNewswire) Rising median prices and constrained inventory remained a prevailing trend in Florida’s housing market in April, according to the latest housing data released by Florida Realtors®. The trend resulted in a loss of momentum for home sales: Sales of single-family homes statewide totaled 23,829 last month, easing slightly (-1.2 percent) when compared to April 2016.

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“Low inventory means fewer homes on the market and increased competition for those homes,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “It puts consumers in a position where they have to be prepared and ready to buy, as many Realtors around the state report seeing more instances of multiple offers. And, without more for-sale homes, median prices will continue to rise due to demand. In April, sellers of existing single-family homes received 96.2 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent – an indication that the listed price is extremely close to market value.

“Working with a local Realtor enables consumers to have the advice of an expert in their local housing market – someone who can guide them through their home search and help them find the right home that fits their budget and their lifestyle.”

The statewide median sales price for single-family existing homes last month was $234,900, up 10.3 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in April was $172,000, up 7.2 percent over the year-ago figure. April was the 65th month in a row that statewide median prices for both sectors rose year-over-year. 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 March 2017 was $237,800, up 6.6 percent from the previous year; the national median existing condo price was $224,700. In California, the statewide median sales price for single-family existing homes in March was $517,020; in Massachusetts, it was $350,000; in Maryland, it was $269,204; and in New York, it was $249,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 10,292 last month, down 4 percent compared to April 2016. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 38.5 percent while short sales for single-family homes also dropped 33.8 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Closed sales of single-family homes were down in 14 of Florida’s 22 metro areas compared to last April, and fell by 1.2 percent statewide – but there is no indication that demand is falling off,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “Rather, all signs continue to point to a market being held back by a shortage of homes for sale. As of the end of April, the statewide inventory of single-family homes for sale was down by nearly 5 percent compared to where it was a year ago.

“Additionally, single-family homes that did sell in April were snapped up as quickly as in any month in recent years. According to Florida Realtors median-time-to-sale metric, half of the single-family homes selling in April of last year went from listing to close in 90 days or less, but this April, that figure fell to 85 days or less – a 5.6 percent decline.”

He noted that the townhouse-condo market has been relatively more balanced than the single-family market from a statewide perspective for several months, but local markets experience more variance in townhouse-condo inventory levels.

April’s inventory remained constricted with a 4-months’ supply for single-family homes and a 6.1-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.05 percent in April 2017, up significantly from the 3.61 percent average recorded during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the April 2017 data report PDFs under Market Data at: http://media.floridarealtors.org/market-data

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at media.floridarealtors.org.

Florida’s Housing Market Continues to Show Rising Prices in February 2017

Orlando, FL – March 22, 2017 (PRNewswire) Florida’s housing market continued to report a tight supply of homes for sale and rising median prices in February, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide remained relatively flat last month, totaling 18,033, down only 0.5 percent compared to February 2016.

Florida Realtors

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

“In these kinds of market conditions, serious home buyers must be prepared to act fast, and work closely with a local Realtor to find the right home for their needs and their budget.”

The statewide median sales price for single-family existing homes last month was $225,000, up 12.5 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in February was $167,500, up 11.7 percent over the year-ago figure. February marked the 63rd month in a row that statewide median prices for both sectors rose year-over-year. 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 January 2016 was $230,400, up 7.3 percent from the previous year; the national median existing condo price was $217,400. In California, the statewide median sales price for single-family existing homes in January was $489,580; in Massachusetts, it was $330,000; in Maryland, it was $261,868; and in New York, it was $250,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 7,949 last month, up 4.1 percent compared to February 2016. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 39.6 percent while short sales for single-family homes also dropped 39.6 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“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. “Due primarily to fewer distressed properties on the market, sales of single-family homes edged down. However, non-distressed sales of single-family homes were up almost 10 percent year-over-year, showing that the traditional market – as opposed to the niche distressed market – is healthy and continues to grow.

“Meanwhile, Florida’s condo and townhouse sales are off to 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 of 2015.”

For the second consecutive month, inventory remained at a tight 4.2-months’ supply in February for single-family homes, and was at a 6.4-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.17 percent in February 2016, up significantly from the 3.66 percent average recorded during the same month a year earlier.

To see the full statewide housing activity reports click here or download the February 2017 data report PDFs under Market Data at: media.floridarealtors.org.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at media.floridarealtors.org.