ORLANDO, Fla., Nov. 12, 2015 /PRNewswire/ -- Florida's housing market reported more closed sales, higher median prices, a tighter inventory and fewer days on the market during the third quarter of 2015, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 74,141 in 3Q 2015, up 14.7 percent over the 3Q 2014 figure.
"Over the past three months, distressed property sales continued to decline in Florida, a sign of the state's strong housing market," said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. "Realtors across the state are reporting increased demand from buyers, while sellers are receiving more of their original asking price: 94.4 percent for single-family existing homes in the third quarter and 93.2 percent for townhouses and condos."
"And, it also took less time to make the sale in 3Q 2015 compared to a year ago – a median of 46 days for single-family homes and 53 days for townhouse-condos."
The statewide median sales price for single-family existing homes in 3Q 2015 was $199,900 up 9.8 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 $150,000, up 7.9 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Looking at Florida's townhouse-condo market, statewide closed sales totaled 28,860 during 3Q 2015, up 8.9 percent compared to 3Q 2014. The closed sales data reflected fewer short sales last month: Short sales for condo-townhouse properties declined 41.8 percent while short sales for single-family homes dropped 34.4 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.
"It's been a solid quarter for residential real estate in Florida, which is now exceeding the nation in sales and price growth," said Florida Realtors Chief Economist Dr. John Tuccillo. "Even the condominium market, which had trailed single-family homes, is moving in a positive direction. We are seeing a sellers' market developing, but with prices and interest rates rising, the market should become more balanced in 2016."
Inventory was at a 4.4-months' supply in the third quarter for single-family homes and at a 5.2-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 3.95 percent for 3Q 2015, down from the 4.14 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 3Q 2015 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 140,000 members in 58 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
SOURCE Florida Realtors