Despite inventory squeeze, sales rise 0.8%.
Higher median prices and fewer all-cash sales marked Florida’s housing market in December, according to data released by Florida Realtors® Tuesday. Sales of single-family homes statewide totaled 22,332 last month, up 0.8% from December 2015.
“The trend of tight housing supply continued to have an impact on Florida’s housing market in December,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Last month, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for 61 months in row. While that’s good news for sellers, it’s continuing to put pressure on inventory for first-time home buyers and those who may be looking for their next ‘move-up’ home.
Home sellers continued to get more of their original asking price at the closing table in December: Sellers of existing single-family homes received 96% (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7% (median percentage).
The statewide median sales price for single-family existing homes last month was $226,000, up 9.2% 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 December was $166,900, up 7.7% over the year-ago figure.
In Florida’s townhouse-condo market, statewide closed sales totaled 8,673 last month, down 5.2% compared to December 2015. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 45% while short sales for single-family homes dropped 39.2%.
“Florida’s markets for existing homes closed out the year in December with a performance very much in line with what we saw over the previous 11 months of 2016,” said Florida Realtors® Chief Economist Brad O’Connor. “At the local level, single family home sales increased in 15 of Florida’s 22 metro areas, while condo and townhouse sales rose in only five of these markets. And, as has been the case all year, the lack of significant sales growth in much of the state has had a lot more to do with a shortfall of supply in key price tiers than with demand.”
Inventory dipped to a 3.9-months’ supply in December for single-family homes and was at a 6-months’ supply for townhouse-condo properties, according to Florida Realtors.