Florida’s housing market continued its positive track in November, with more closed sales, more new listings, more pending sales and rising median prices according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 19,990 last month, up 1.3 percent compared to November 2016.
“In November, Florida’s housing market reflected the trends we’ve grown accustomed to seeing throughout this year,” said 2017 Florida Realtors President Maria Wells. “More owners decided to put their homes up for sale. New listings for single-family existing homes rose 1.8 percent year-over-year, while new listings for existing condo-townhouse properties rose 5.9 percent. However, even with the increase in new listings, inventory was still tight and buyer demand was great. Homes continued to sell quickly, resulting in increased pending sales – up 5.5 percent for single-family homes and up 9.3 percent for condo-townhouse units.
The statewide median sales price for single-family existing homes last month was $240,000, up 9.1 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties in November was $176,000, up 8.6 percent over the year-ago figure. November was the 71st consecutive month that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in October 2017 was $248,300, up 5.4 percent from the previous year; the national median existing condo price was $236,800. In California, the statewide median sales price for single-family existing homes in October was$546,430; in Massachusetts, it was $375,000; in Maryland, it was $281,466; andin New York, it was $249,900.
Looking at Florida’s condo-townhouse market, statewide closed sales totaled 8,235 last month, up 5.8 percent compared to November 2016. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for condo-townhouse properties declined 21.8 percent and foreclosures fell 41.7 percent year-to-year; short sales for single-family homes dropped 36 percent and foreclosures fell 45.9 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“How did Florida’s home resale market fare in November? Florida Realtors’ November statistics paint a picture of a market that looks a lot more like what we were seeing throughout 2016 and in 2017 prior to the hurricane, at least at the statewide level,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “Through November, total statewide dollar volume across all residential property types is sitting at about 105 billion dollars, compared to about 96 billion dollars at this time last year.
“How did we do it? Certainly not due to sales growth – thanks to Hurricane Irma, only one-and-a-half percent more homes have sold so far in 2017 compared to this point last year. The obvious driving force here is the continuing upward march of home prices.”
November’s for-sale inventory remained tight with a 3.8-months’ supply for single-family homes and a 5.7-months’ supply for condo-townhouse properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.92 percent in November 2017, up from the 3.77 percent averaged during the same month a year earlier.
For the full statewide housing activity reports, go to the Florida Realtors Research & Statistics section on floridarealtors.org.