Florida's Market on the Rise!

With Summer in full swing, it's nice to know that Florida's housing market is reporting higher median prices and fewer days to a contract for a home in June, according to the latest housing data released by Florida Realtors®. Sales that closed on single-family homes throughout the state totaled 27,086 last month, slightly higher (0.4%) than last years June 2015 level of 26,973 closed sales. As Florida's economic growth continues to rise based on rising jobs, newer residents are looking to call Florida their new home. As the influx of newer residents come in, "The housing market is beginning to experience a tighter supply and pent-up demand for homes," according to 2016 Florida Realtors® President Matey H. Veissi.

Sellers have continued to get more of their original asking price at the closing table in June:

Sellers of existing single-family homes received 96.3 percent (median percentage) of their original listing price, while selling townhouse-condo properties received 94.6 percent (median percentage).

In June, statewide median sales prices for both single-family homes and townhouse/condo properties have grown year-over-year for the 55th month in a row, Veissi notes.

Although the housing market is on the rise, Florida's townhouse/condo market for statewide closed sales totaled only 10,506 last month, down 2.6 percent compared to June 2015.

Based on research from Florida Realtors® Chief Economist Brad O'Connor, "2016's slowdown in sales growth is due to the dwindling inventory of distressed properties throughout Florida." Last June, close to 20% of sales across all property types were of the distressed variety. These declines are not based on the lack of demand, but more so, a clear lack of supply. Florida's distressed properties however, are continuing to slowly but surely graduate into the mainstream of popular homes.

Even with these distressed properties being exempt from the market, sales growth among the non-distressed properties, remain quite strong. Non-distressed single-family home sales were up 13% year-over-year in June, while non-distressed sales of townhouses and condos rose by 7.6 percent.

With these numbers, Suncoast Property Management remains a strong choice for finding you your desired home no matter what the situation is. Always refer to use when you need any help finding that perfect home for you!