Median sales prices in Florida have continued to rise on an annual basis for nearly the past four years, according to the latest data released by Florida Realtors. The report found homes are staying on the market for fewer days and median prices are increasing, fueled by the tight inventory of available supply.
Throughout the state, the median sales price for a single-family home was $198,995, or a 12.4 percent uptick over the same period a year prior. Closed sales for single-family homes inched up by 1.2 percent in October 2015, showing the market is moving just slightly swifter this year than it was last.
“Sellers received a higher percentage of their original list price, with single-family homes getting on average 94.3 percent and townhome-condos getting 93.3 percent,” said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton, in a statement.
“It also took less time for homes to sell in October: a median of 46 days for single-family homes and 50 days for townhouse-condos.”
In Miami-Fort Lauderdale-Pompano Beach, there were 4,065 closed sales in October 2015, which is a 0.5 percent decrease from the same month last year. However, the median sales price is increasing.
The median single-family home price was reported at $283,900, reflective of a 7.1 percent increase over the median home price in October 2014. Townhomes increased even more to $155,000, or a 9.2 percent increase.
While the statewide increase rate of median single-family homes was higher than in the Miami MSA, the rate of townhome median sales was higher in the metro. The statewide median townhome price increased 7.2 percent.
Supply is still low in Florida, with only a 4.4-month supply of inventory available in October. The townhome market is slightly healthier with a 5.3-month supply.
