Recently-released figures show that the Florida property market has got off to an excellent start this spring. The combination of higher average prices and more new listings in April confirm the upward trend in the housing market.
Statewide statistics for April from Florida Realtors found increases in three key areas: average prices, completed sales and new listings. In terms of price, the average for a single family unit in Florida reached $175,000 in April, a 6.1 per cent rise on the previous year. The increase was even higher in the category for new-build townhouses and apartments where the median price of $140,000 represents nearly 10 per cent more than in April last year.
Sales of single family homes experienced a 4.1 per cent increase, reflecting the high interest in this type of property in Florida. In total, some 21,385 single family homes were sold throughout the state in April.
In terms of new listings, the choice for prospective buyers of single family homes grew by 9.2 per cent. The arrival of new inventory on the Florida property market confirms the general level of confidence in the market as potential buyers now perceive that this is the time to sell. The combination of increased sales and a higher level of listings is due to Florida’s current economic stability and outlook.
“Florida’s strengthening economy and increased job outlook are positive signs for continued growth in the housing market,” said Sherri Meadows, President of Florida Realtors when commenting on the latest property statistics. She also pointed out that April is the 29th month in a row when prices for Florida properties have risen.
The latest findings from Florida Realtors confirm that the state property market is appealing to both buyers and sellers, a situation that analysts believe provides a sustainable market. Sellers now have the possibility of increasing equity in their homes and buyers have more to choose from. This balance between rising prices and the increase in listings is a marked contrast to Florida’s property market just a few years ago and confirms the stability in today’s market.
“Higher inventory levels are giving buyers more choices and the slight decline in mortgage interest rates is giving prospective home buyers confidence,” said Lawrence Yun, Chief economist for the National Association of Realtors.
This new-found confidence – for both buyers and sellers – is expected to continue in Florida as the state economy and tourism surge attracting thousands of potential buyers to the state.
Source: Florida Realtors