Florida property sales jump 13.5pc, investors still "very active"

Sales of property in Florida have jumped 13.5 per cent in the last year, according to new figures.

Data from Florida Realtors reveals that sales, median prices and new listings all rose in September 2014.

Closed sales of single-family homes statewide totaled 20,792 last month, up 13.5 per cent over the same month in 2013.

The statewide median sales price for single-family existing homes last month was $180,000, up 5.9 per cent from the previous year. The statewide median price for townhouse-condo properties in September was $142,700, up 9.8 per cent over the year-ago figure.

“When home prices increase, more Florida homeowners may be ready to list their homes for sale,” says 2014 Florida Realtors President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and The Villages. “So on the one hand, it is a positive factor for improving housing inventory in many markets; but on the other hand, rising prices also can make it more challenging for first-time buyers to enter the market, or even for move-up buyers to find their next home, especially when lending standards remain too restrictive.

“Continuing a trend we’ve seen for 34 consecutive months, statewide median sales prices in September rose year-over-year for both single-family homes and townhouse-condo properties.”

“The stability that has characterized the housing market in Florida continued in September but at a higher level of activity,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Both single-family and townhouse and condo sales were up, but so were new listings and pending sales. Despite this, inventory, as measured in months, remained about the same in a range that indicates a balanced market. So, more houses are coming on the market and more people are buying.
“We are seeing continued pressure on the lower end of the market where listings have not increased, and there is more activity at the luxury end of the price spectrum. The good news is that investors appear far less interested in the lower end of the market, opening up opportunities for potential owner-occupants. Investors and foreign buyers, however, are still very active in the market for townhouses and condos.”