Figures just released by Florida Realtors show healthy gains in the property market during the second quarter of this year throughout the state. Sales, median prices and new listings all rose, both in single family homes and condo properties, and with Florida economy and employment both buoyant, this situation looks set to continue.
Figures for April to June this year have risen across the board in the Florida property market. The state experienced considerably higher sales, a rise on median prices and an increase in the number of properties on the market. Unemployment is currently at a low 6.2 per cent and falling, and this job creation has the dual effect of boosting both the economy and housing market.
Sales in single family homes across the state increased by 7.3 per cent in Q2 this year to a total of 67,579. This figure was even higher in areas such as Jacksonville which registered a year-on-year rise of 16.6 per cent in sales, reflecting the intense demand for this type of property in this part of Florida.
In terms of price rises, the year-on-year figure for single family homes was up 5.3 per cent and the median price currently stands at US$180,000. Condos prices grew considerably more between June 2013 and June 2014 (10.1 per cent) and the current median price is US$142,000. Over the last two years, prices in Florida have increased by 22 per cent for single family homes and by an even higher 29 per cent for condo properties.
Within the state, some areas showed considerably higher annual price increases. This is the case in the Deltona area where the median price for single family homes grew by nearly 13 per cent to reach US$140,000. In Orlando, the increase reached almost 11 per cent and the average price tag is now US$190,000 for a single family home.
Reflecting this increased movement and interest in the Florida property market, the state inventory of available homes has dropped somewhat since earlier in the year and levels are similar to those seen in October 2013. However, new listings are slightly up on the first quarter of this year and there’s currently 5.6 and 5.8 months’ supply of single family homes and condos respectively.
The trends seen in the second quarter show the market is consolidating and reaching maturity. Commenting on the results, the Chief Economist at Florida Realtors, Dr John Tuccillo said that they show that Florida’s real estate market “is settling in” as the economy and employment grow in the state.
Source: Florida Realtors