In April, Florida’s housing sector reported more closed sales, higher median prices and more new listings from owners ready to enter the market, according to the latest housing data released by Florida Realtors.
“Not enough for-sale inventory, especially in the range for first-time home buyers, is an ongoing challenge for many local housing markets,” says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “Pent-up demand continues to put upward pressure on prices. In April, sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes last month received 96.6 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95 percent (median percentage).
“But there is some positive news for buyers: New listings for single-family homes in April rose 9.8 percent year-over-year, while new townhouse-condo listings increased 8.3 percent. This trend will hopefully continue, which would help ease the too-tight inventory in many areas,” she says.
Sales of single-family homes statewide totaled 24,804 last month, up 4.1% compared to April 2017. Meanwhile, the statewide median sales price for single-family existing homes was $253,895, up 8.1% 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 $190,000, up 10.5% over the year-ago figure.
April was the 76th month in a row that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year, according to the data.
Looking at Florida’s townhouse-condo market, statewide closed sales totaled 11,236 last month, up 9.2% compared to a year ago. Closed sales data reflected dwindling short sales and foreclosures in April: Short sales for townhouse-condo properties dropped 27.5% and foreclosures fell 41.8% year-to-year, while short sales for single-family homes declined 48.8% and foreclosures fell 50.7% year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written, Florida Realtors notes.
“More often than not, the pace for Florida’s busy spring and summer home-buying season seems to be set in March and April,” says Dr. Brad O’Connor, chief economist for Florida Realtors. “On the heels of a somewhat slow month of March this year, it’s good to see that state existing home sales rebounded quite nicely in April. With last month’s sales factored in, we’re ahead of last year’s pace of single-family home sales by about a half of a percent.
He adds, “Demand for single-family homes remains strong across the state, and this abundance of buyers continues to deplete active inventories and drive up prices.”
For-sale inventory in April remained tight, at a 3.8-months’ supply for single-family homes and 5.8-months’ supply for townhouse-condo properties, according to Florida Realtors.