Florida’s housing market reported more closed sales, higher average prices, more pending sales, and fewer days on the market in the second quarter of 2015. Inventory was at a 4.6-months’ supply for single-family homes and 5.5-months for townhouse-condo properties.
This is according to the latest housing data released by Florida Realtors, confirming the tightening of the real estate market in Florida. Florida Realtors Chief Economist Dr John Tuccillo said homes are selling for higher prices in less time and at prices closer to the original list price, indicating the development of a sellers’ market.
Andrew Barbar, Florida Realtors President, said the figures is also a sign that the state’s housing market is continuing its positive momentum, with increased demand from buyers and fewer distressed property sales.
The statewide average sales price for single-family homes was $200,000 in the second quarter of 2015, an increase of 11.1% from the same period last year. The data from Florida Realtors Industry Data and Analysis department in partnership with local realtor boards and associations further puts the average price for townhouse-condo properties at $155,000, up 9.2% from the previous year.
New listings for single-family homes over the three-month period from April to June rose 4.6% year-on-year, while new townhouse-condo listings rose 1.6%. Closed sales of single-family homes statewide totalled 77,724, up 15% year-on-year. Statewide closed sales in the townhouse-condo market totalled 33,183, representing a 7.3% increase compared to the second quarter of 2014.
“Of note here is the drop in cash sales. We’ve spoken in the past of the retreat of bulk investors in Florida, but now we’re seeing less interest on the part of foreign buyers, who are discouraged by the appreciation of the dollar against their currencies. And, as noted before, the greatest pressures in the market are located at the low end of the price spectrum,” said Tuccillo.
The average number of days on the market in the second quarter of 2015 was 48 for single-family homes and 52 for townhouse-condo properties.