Florida's housing market continues steady path in 4Q 2014

Posted on February 11, 2015 by Rory Mark Schmer from South Florida
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Florida's housing market continues steady path in 4Q 2014

ORLANDO, Fla. – Feb. 11, 2015 – Florida's housing market reported higher median prices and gains in inventory during the fourth quarter of 2014, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 62,080 in 4Q 2014, up 14.9 percent over the 4Q 2013 figure.

"The positive fundamentals of Florida's housing sector continued in the fourth quarter of 2014," said 2015 Florida Realtors President Andrew Barbar, "Our population continues to increase with about 800 people a day moving to the Sunshine State, while Florida's growing economy is creating new jobs and putting residents back to work."

The 4Q 2014 statewide median sales price for single-family existing homes was $180,000, up 5.9 percent from the same time a year ago, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.

The statewide median price for townhouse-condo properties during the fourth quarter was $143,000, up 7.9 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Statewide, inventory (active listings) for single-family homes over the three-month-period rose 1.2 percent year-over-year, while new townhouse-condo listings remained about the same (up 0.1 percent).

Looking at Florida's townhouse-condo market, statewide closed sales totaled 26,070 during 4Q 2014, up 4.8 percent compared to 4Q 2013. The closed sales data continued to reflect fewer short sales over the three-month period: Short sales for condo-townhouse properties declined 57 percent while short sales for single-family homes dropped 46.1 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

Considering buying, selling or renting Real Estate here in Miami-Dade, Broward or the Palm Beach Counties? We have resided here in South Florida for 45 plus years. Conducting Real Estate on a very high level! Making friends and building relationships.

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