The first quarter of 2017 closed strong for the housing market as data recently released by Florida REALTORS® shows the residential real estate market across Florida with higher number of closed sales, higher median prices and a higher number of pending sales for the month of March. There were a total of 25,921 single-family home sales reported for March 2017, representing a 9 percent increase from March 2016.
“March’s strong sales likely were influenced by buyers ready to take action before interest rates could move higher,” says 2017 Florida REALTORS® President Maria Wells. “Higher demand, coupled with a shortage of available homes for sale, continues to put pressure on prices – so buyers are eager to make an offer when they find the right property.”
“That means it’s a good time for sellers to list their homes since they continue to receive a higher sales price as inventory remains scarce,” added Wells. “In March, sellers of existing single-family homes received 96.1 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent – an indication that the listed price is extremely close to market value.”
The median sales price for single-family existing homes in Florida for March was $231,900, an increase of 10.4 percent from the prior year, according to data released by Florida REALTORS® research department in conjunction with local real estate professional boards/association. The median price for townhomes/condominium homes in March statewide was $171,000 – 9.4 percent higher than one year ago. March marked the 64th consecutive month that statewide median prices for both the single-family home sector and the townhome/condominium home sector increased year-over-year.
The Naples Area Board of REALTORS® Market Report, released Monday, April 17, 2017, posted a solid first quarter for the housing market in the area. According to the report, pending sales increased by 11 percent overall from 1Q 2016 to 1Q 2017. Closed sales increased 14 percent overall from 1Q 2016 to 1Q 2017. Median closed sales price increased by 2 percent overall from 1Q 2016 to 1Q 2017. Inventory increased by 13 percent overall from 1Q 2016 to 1Q 2017.
“March turned out to be one of the strongest months we’ve seen in a long time for sales of existing homes in the Sunshine State,” said Florida REALTORS® Chief Economist Dr. Brad O’Connor. “Sales for both single-family homes and for townhouse-condo units in March marked the fourth-highest monthly total for any single month over the past decade,” O’Connor added.