Florida housing market statistics reported for May show an increased number of closed sales, increased median prices, an increased number of new listings, and a higher number of pending sales for May, according to the latest housing data released by Florida REALTORS®. Single-family home sales across the state of Florida totaled 27,850 for May; an increase of 7.6 percent compared to data for May 2016. Southwest Florida data for May 2017 is on par with the overall data for the state, showing an increased number of pending home sales, an increased number of closed sales, an increase in median closed sales price, and an increase in inventory.
“Buyer demand continues to fuel Florida’s housing market this month,” said 2017 Florida REALTORS® President Maria Wells. “As for-sale inventory continues to be tight, prospective buyers are responding by being prepared, pre-qualified and ready to make an offer when they find the right home. REALTORS® across the state report that many newly listed homes are selling quickly. In May, sellers of existing single-family homes received 96.4 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent – a signal that the listed price is extremely close to value.”
The median sales price for single-family existing homes in Florida for May was $239,000 – an increase of 7.7 percent from May 2016. The statewide median price for townhome/condominium home properties in May was $178,000 – an increase of 8.1 percent over May 2016 data. May was the 66th consecutive month that the statewide median prices for both single-family homes and condominium homes increased year-over-year. Listing prices have been dropping to be more in line with the fair market value in Southwest Florida as well as other markets across the state, but the median sales price also increased in Southwest Florida for May.
According to the National Association of REALTORS® (NAR), the national median sales price for existing single-family homes in April 2017 was $246,100 – an increase of 6.1 percent from the previous year. The national median price for existing condominium homes was $234,600.