Florida Home and Condo Real Estate
Market Sales 2012
May, 2012 - Florida’s housing market had
increased pending sales and higher median prices in April, along with a
greatly reduced inventory of homes and condos for sale, according to
Florida Realtors® latest housing data.
“Here in Florida, we’re seeing some strong numbers that show positive
momentum for the state’s housing recovery and our economy,” said 2012
Florida Realtors President Summer Greene, “Home prices continue to rise
in many markets. Inventory is down to extremely low levels while pending
sales are on the rise – almost 38 percent for single-family homes and 25
percent for townhomes and condos. It is not unusual to see multiple
“Now the challenge will be for appraisals to catch up. Overall, we are
very happy to see the market move in this direction and expect this
trend to continue.”
Pending sales refer to contracts that are signed but not yet completed
or closed; closed sales typically occur 30 to 90 days after sales
contracts are written. The statewide median sales price for
single-family existing homes in April was $144,350, up 10.2 percent from
the year-ago figure, according to data from Florida Realtors Industry
Data and Analysis department, and vendor partner 10K Research and
Marketing. The statewide median for townhome-condo properties was
$108,000, up 16.1 percent over April 2011.
The national median sales price for existing single-family homes in
March 2012 was $163,600, up 1.9 percent from the previous year,
according to the National Association of Realtors® (NAR). In California,
the statewide median sales price for single-family existing homes in
March was $291,080; in Massachusetts, it was $267,500; in Maryland, it
was $225,601; and in New York, it was $215,000.
The median is the midpoint; half the homes sold for more, half for less.
Housing industry analysts note that sales of foreclosures and other
distressed properties continue to downwardly distort the median price
because they generally sell at a discount relative to traditional homes.
Statewide sales of existing single-family homes totaled 17,544 in April,
down slightly, 0.7 percent, compared to the year-ago figure. Looking at
Florida’s year-to-year comparison for sales of townhomes/condos, a total
of 9,765 units sold statewide last month, down 4.9 percent from those
sold in April 2011. NAR reported the national median existing condo
price in March 2012 was $165,200.
In April, there was a 5.8-month supply of single-family homes in
inventory and a 5.7-month supply for townhomes/condos, according to
“The housing numbers for the state of Florida continue to signal
recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“Sales in 2012 are above where they were in 2011, a harbinger of a third
straight year of improvement. More importantly, pending sales are up
dramatically, and inventory is still falling. Financing constraints
still mean that a significant percentage of these will not lead to
closed sales, but with the numbers up, we are confident that closed
sales will continue to rise.
“The increase in both median and average prices suggests that investors
are having a strong impact on the market, soaking up lower priced
inventory and causing buyers to move up the price ladder.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.91
percent in April 2012, down from the 4.84 percent average during the
same month a year earlier, according to Freddie Mac.
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