Fla.'s Housing Market Shows Strength in 1Q 2014

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May 12, 2014, 11:05 ET

ORLANDO, Fla., May 12, 2014 /PRNewswire/ -- Florida's housing market reported higher median prices, more new listings, fewer days on the market and a slight uptick in inventory during the first quarter of 2014, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 50,251 in 1Q 2014, up 2.3 percent over the 1Q 2013 figure.

"The first three months of 2014 show a strong housing market in Florida, with diminishing distressed property sales," said 2014 Florida Realtors® President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and The Villages. "More jobs are being created, putting more Florida residents back to work, and our population continues to increase. All of these factors are bolstering the state's economy and providing a solid foundation for a strong housing market.

"Statewide, new listings for single-family homes over the three-month-period rose 12 percent year-over-year, while new townhouse-condo listings rose 8.2 percent. Home sellers, whether in the single-family home market or the townhouse-condo market, received more than 92 percent, on average, of their original listing price during the first quarter of this year."

The statewide median sales price for single-family existing homes in 1Q 2014 was $168,000, up 9.1 percent from the same time a year ago, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties during the quarter was $135,000, up 16.9 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida's townhome-condo market, statewide closed sales totaled 24,860 during 1Q 2014, down 0.8 percent compared to 1Q 2013. The closed sales data reflected fewer short sales last month: Short sales for condo-townhome properties declined 55.8 percent while short sales for single-family homes dropped 52 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

"The first quarter statistics reflect the fact that Florida, in part a derivative market, has felt the sting of the northern winter," said Florida Realtors Chief Economist Dr. John Tuccillo. "Yet, the market is showing some positive movement. Sales are up, particularly for non-distressed properties. Other data indicate that this is a market that is settling down and returning to more stabilized conditions."

In 1Q 2014, the median days on market (the midpoint of the number of days it took for a property to sell during that time) was 58 days for single-family homes and 56 days for townhouse-condo properties.

Inventory was at a 5.7-months' supply in the first quarter for single-family homes and at a 6-months' supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.36 percent for 1Q 2014, up from the 3.50 percent average recorded during the same quarter a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the 1Q 2014 data report PDFs under Market Data at: http://media.floridarealtors.org/market-data

Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 127,000 members in 61 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

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SOURCE Florida Realtors