Florida Bucks the National Real Estate Trend… Again!
Buying in in Florida is good for your real estate portfolio. Residential real estate continues to improve in all areas. If you’re deciding whether to buy in Florida or not, maybe some of these recent stats will help convince you!
From September 2019 statewide stats, here are the basics stats. The definition of “median” is the midpoint – half the homes sold for more, half for less. Single-family home sales are up 11.5% year-to-year, and the median price rose 5.3% to $256K. Condominium sales are also up 6.1%; median price up 5.8% to $193K.
According to Florida Realtors®, the housing market reported an increase in closed sales, higher median prices and an increased pending inventory compared to 2018. Additionally, sales of single-family homes statewide totaled 23,510 last month, up 11.5% from September 2018.
Florida Realtors President, Eric Sain describes it well, “Mortgage rates that remain historically low and strong economic trends continue to help fuel Florida’s housing market.”
As a reminder, “pending inventory” is the number of listed properties under contract at the end of the month. Pending inventory for existing single-family homes has increased 1.7%, year-over-year. Pending inventory for existing condo-townhouse properties was also up 0.9%. For 93 consecutive months, (that’s 7.75 years!), Florida median sales prices for both single-family homes and condo-townhouse properties have been on an upswing. This is an unprecedented trend.
And, there’s more!
According to the National Association Of Realtors® (NAR), the national median sales price for existing single-family homes in August 2019 was $280,700, which is up 4.7% from the previous year; the national median existing condo price was $257,600.
Florida Realtors Chief Economist Dr. Brad O’Connor says, “With inventory levels continuing to dwindle, low mortgage interest rates remain the major reason we are continuing to see strong sales and price growth throughout much of the state. And, with both sales and prices continuing to rise, it should come as no surprise that the dollar volume of sales throughout the state also increased significantly this September compared to September of last year. Statewide, closed sales of single-family homes totaled about $8 billion, a year-over-year increase of 17%. Dollar volume for sales of townhouses and condos, meanwhile, rose by 7.5% to about $2.4 billion.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.61% in September 2019. This was a notable drop from the 4.63% averaged during the same month in 2018.
You can easily view full statewide housing activity reports, go to Florida Realtors Https://Www.Floridarealtors.Org/ResearchAndStatistics/Florida-Market-Reports/Index.Cfm
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