Florida’s Housing Market Finished 2013 Stronger Than Expected!
Posted by Admirals Cove Homes on Feb 17, 2014 in Home, Real Estate | 0 comments
The month of December in 2013 was very beneficially to the housing market in Florida in fact the Sunshine State boasted a boost in new listings, an increase in homes sold, and even a higher median selling price. Florida also saw homes sitting on the market for fewer days. In fact, experts saw such good numbers that they are even saying Florida’s housing market has exceeded expectations.
According to the experts, the states median selling price for existing single family homes in December of 2013 was $172,650 a whopping 11.5 percent higher than the same month the year before. The states median selling price for existing townhouses and condos for December of 2013 was $137,500 an incredible 17 percent increase from the same month the previous year. December of 2013 marked the twenty fifth month in a row where we saw a year-to-year increase in both the median home and condo selling price. Experts are also saying that the increased equity we are seeing has had a direct impact on inventory.
However we still finished 2013 with a sellers market and despite an increase in properties listed we ended the month of December 2013 with a relatively tight inventory. Of only a 5.5-month supply of homes for sale and a 5.8-month supply of townhouses and condos for sale. But this hasn’t deterred potential buyers any, and even with limited options and rising prices we are still seeing strong buyer demand. With this demand staying high we are also seeing homes selling quicker and therefore we saw homes sit on the market for only 50 days and townhouses and condos sit on it for only 51 days before selling.
However, not only did we see properties selling faster but we also saw a shift in the type of buyer. Investors bought many of Florida’s properties after the housing market collapsed but recently we have seen investor activity drop off and a boost in traditional buyer activity. The moral of the story is that 2013 couldn’t have ended any better for Florida’s housing market and it is surely on its way to a complete recovery.