While this year’s first quarter was a chilly one for much of the country, the same can’t be said for Florida, where temperatures—and housing market conditions—remained fair.
“The first three months of 2014 show a strong housing market in Florida, with diminishing distressed property sales,” said Sherri Meadows, 2014 Florida Realtors president. “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.”
True to its name, the Sunshine State saw home sales continue to warm throughout the first few months of 2014, coming to a total of 50,251, up 2.3 percent over the same time last year.
Sales were helped in part by a recovery in single-family inventory levels, which were up 12 percent from Q1 2013, according to Meadows. With the boost, single-family months’ supply came to 5.7, just under the six month level experts largely regard as a balancing point between buyers and sellers.
Meanwhile, the statewide median sales price for single-family existing homes was $168,000, an increase of 9.1 percent year-over-year. Sellers—whether in the single-family or townhouse market—received on average more than 92 percent of their original listing price, Meadows said.