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Florida’s Real Estate Market Ends 2012 On a Positive Note

Florida’s Real Estate Market Ends 2012 On a Positive Note

According to a report by Florida Realtors®, Florida’s housing market had more closed sales, higher pending sales, higher median prices and a reduced inventory of homes for sale in December, 2012.
December marks the 12th consecutive month of higher statewide median sales prices for both single-family homes and for townhouse-condo units year-to-year, according to Florida Realtors’ data.
Statewide closed sales of existing single-family homes totaled 18,031 in December, up 15.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

Florida’s year-to-year comparison for sales of townhouse-condos, a total of 8,470 units sold statewide last month, up 8.6 percent compared to December 2011. Pending sales for townhouse-condos in December increased 31.8 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $117,500, up 26.3 percent over the previous year.

The inventory for single-family homes stood at a 5.5-months’ supply in December; inventory for townhouse-condos was at a 6-months’ supply, according to Florida Realtors.

“The market continues to improve, and it’s doing so in all parts of the state,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Of note is the fact that inventory levels are now clearly consistent with a sellers’ market. When the final year-end statistics are compiled, expect that sales in 2012 will be more than 10 percent higher than they were in 2011. Once again, all the positive indicators are up significantly. The Florida real estate market is rapidly improving.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.35 percent in December 2012, down from the 3.96 percent averaged during the same month a year earlier, according to Freddie Mac.

Much information in this blog originally reported in an article: © 2013 Florida Realtors®

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