Florida’s housing market continues to steadily improve

Higher median prices, more new listings and continued stabilization of inventory were all reported this January by Florida Realtors®.

Showing an increase of 10% over January 2014 were closed sales of single family homes with a final total of 16,087.

Sellers can take advantage of this great opportunity, equity has continued to improve and historically low mortgage rates are attracting buyers. New listings, state-wide, for single-family homes rose 7.9% in January year-over-year. New townhouse and condo listings increased by 1%. Showing many homeowners who were thinking or selling are now ready to take advantage of the market conditions.

The stateside median sales price increased 7.4% year-over-year for single family houses. This according to data released by Florida Realtors Industry Data and Analysis Department in partnership with local Realtor boards and associations. Townhome and condo prices were up 5.4% from a year ago.

Home prices have now risen for the 38th month in a row.

More good news, sales data showed fewer short sales in January. Townhouse condo short sales declined by 57.9% and short sales for single family homes dropped 39.4%.

Florida Realtors Chief Economist Dr. John Tuccillo was quoted as saying “The major features of the market – prices and inventory – have settled into a path that will be characteristic of the whole year.”

He does state something we have noticed as well – the inventory of homes available is shrinking. There is a continually need for supply of homes on the market showing it’s a great time to get your house listed.

In January inventory was at a 5.3 months’ supply for single family houses and a 6.2 month’s supply for townhomes and condos, according to data supplied by Florida Realtors.

With Fannie Mae and Freddie Mac offering mortgage rates averaging at 3.67%. This is a decrease from January 2014 when the average interest rate was 4.43%. Combine this with the new lower downpayment regulations and you have buyers ready to jump on these properties.

Now might be your perfect time to list or sell. Call me today and we’ll discuss your perfect strategy.for-sale-sign