October saw higher median prices, faster turnaround, and tight inventory for Florida’s housing market, Florida Realtors reported this week from Orlando, closing in on a nearly four-year stretch of steady price rises in home sales.
With statewide sales of existing single-family homes rising last month to a total of 22,147 — an increase of 1.2 percent over October 2014 — and median sales price for single-family existing homes at $198,995, up 12.4 percent from the previous year, townhouses and condominiums also fared well, with a median price in August of $150,000, up 7.2 percent over the year-ago figure, and with fewer short sales.
"October marked the 47th consecutive month that statewide median sales prices increased year-over-year for both single-family homes and townhouse-condo properties," Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton who currently serves as Florida Realtors president, said.
"Sellers received a higher percentage of their original list price, with single-family homes getting on average 94.3 percent and townhome-condos getting 93.3 percent,” Barbar said. “It also took less time for homes to sell in October. The state's housing market continues to benefit from more people moving to Florida, the increased job growth and stronger economy."
Data for October was provided by Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.
"The Florida real estate market is catching its breath after a frantic summer and early fall," John Tuccillo, chief economist with Florida Realtors, said. "One month's numbers do not make a trend, but the October numbers are signaling a return toward a more balanced market."
Florida Realtors, formerly known as the Florida Association of Realtors, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 140,000 members in 58 boards/associations.