The Florida property market continued its six-and-a-half-year trend in September when it registered big increases in sales and median prices. Both single family homes and condo properties sold quickly making it a tough market for buyers all round. Inventory levels for single family homes rose slightly while those for condo and townhouse properties in Florida continued to drop.
Real estate analysts point out that the figures are slightly unrepresentative, particularly those for the year-on-year. In September 2017, Florida received the full brunt of Hurricane Irma whose destruction had considerable effects on the property market. However, analysts agree that statistics for September 2018 show that the Florida property market continues its very positive trend as it notched up the 81st consecutive month of house price rises.
Single family homes in September
The market for single family homes registered high sales in September when they rose by a full 17%. Sales were particularly brisk in the middle echelons of the Florida property market. Those for homes priced within the US$250,000 to US$300,000 bracket went up by 30.8% while sales for houses with price tags between US$300,000 and US$400,000 saw a 29.1% increase.
When it comes to median prices, single family homes in Florida registered an increase of 4.9%. This brought the median to US$251,610, well below the national median of US$596,410 (figure released by the National Association of Realtors for August).
Inventory levels went up very slightly (by 2.9%) to reach 3.9 months. Although this is better news for buyers, supply on the Florida property market remains very low and well under the balance of 6 months.
Condo properties in September
Like the single family home market, condo and townhouse properties in Florida also saw a busy month. Sales rose by 14.6%, the highest increase in 12 months and an indication of the high demand for this type of home.
Median prices also went up to reach US$182,500. This represents a 5.5% increase on September last year. The rise in demand took its toll on supply with inventory levels for condos and townhouses falling by 2.1% to stand at 5.3 months.
Healthy Florida property market
September’s figures point to a healthy market. They represent the 81st month in a row of increases in sales and median prices – a full six and a half years. A further sign of a strong market comes in the statistics for foreclosures. Once at the head of the leader board in foreclosures, Florida now sits much nearer the bottom.
In September, foreclosures for single family homes went down by 7.9% and those for condos and townhouses dropped by 5.2%. Median prices for foreclosure properties also rose across the board. Single family home foreclosures skyrocketed by 16.7% to US$175,000 while those for condos reached US$139,450, up 10% in the year.
(Source: Florida Realtors)