According to data from Florida Realtors, the amount of closed sales, pending sales and average prices have increased while the inventory of condos and homes up for sale have decreased in the Florida housing market. The President of the Florida Realtors firm believes that the improvement of the Florida housing market will show consistant growth. In the month of May, pending home resales in Florida increased 43.1% and pending condos/townhome sales increased 33.4%. In many cases, the lack of inventory has fueled bidding wars and has also drove up prices as well.
These bidding wars and price increases has caused many buyers and sellers to seek assistance from mls listings Florida and Florida Realtors who are well versed on their local markets to get the upper hand. Pending Florida home sales are when there are contracts signed with intent to purchase but the agreement has not been closed completely. The closing process generally takes about 30-90 days to process after sales contracts have been signed.
According to data released from 10K Research and Marketing as well as Florida Realtors Industry Data and Analysis firm, the average sales price for single-family homes for sale in Florida was calculated at $147,000 in May which is an 8.9% increase compared to May of 2011. The average sales price for Florida condos and townhomes was calculated at $112,000 in May which is a 14.3% increase from May of 2011.
According to data released from the National Association of Realtors, the national average sales price for single-family home resales in May of 2012 was calculated at $182,900 which is a 7.7% increase compared to May of 2011. In the state of California, the average sales price for single-family home resales was calculated at $312,110, $259,207 in the state of Maryland, and $208,000 in the state of New York.
Financial experts in the housing industry indicate that sales of foreclosed properties and other short sale properties have drastically altered the median price of homes since these properties are sold at a fraction of what they’re actually worth. The amount of Florida homes for sale in, resales of single-family homes in Florida was 18,723 in May which is a 7.2% increase compared to May of 2011.
When comparing the year to year sales of condos/townhomes in Florida, 9,995 properties were sold in May. These numbers represent a 5.4% improvement in comparison to the amount of condos and townhomes sold in May of 2011. The National Association of Realtors indicated that the average condo resale price in May of this year was $180,000. According to data released from Florida Realtors, inventory for townhomes/condos and single-family homes in May was at roughly 5.5 month supply.
The housing market in Florida has been looking up.
The number of Florida properties for sale in May have proved that these improvements are consistent. Pending sales, closed sales, and median prices are drastically higher than they were last year and in 11 out of the last 12 months, average home prices have increased. Sellers have are actually being paid closer to the asking prices due to the lack of inventory and multiple bids being put forth. Florida’s housing market has begun to show signs of stabilization in which buyers and sellers are benefiting.
Based on information released from Freddie Mac, in 2012 the interest rate for a 30-year fixed rate mortgage loan was about 3.8%. this is a 4.64% decline in comparison to numbers seen in May of 2011. This low-mortgage rate has increased the number of buyers entering into the Fort Lauderdale Real Estate market. South Florida single family home buyers are on the rise while inventory is decreasing. That is a good sign for Florida realty. Condos for sale in Wilton Manors, condos for sale in Fort Lauderdale, Miami real estate, Broward County and South Florida properties for sale in this region show signs of a strong selling season 2012-2013.
Contact the Florida State Licensed Realtor Group, Henri Frank Group of Remax Preferred. We have a long list of real estate in Fort Lauderdale and all throughout South Florida. We can be reached at 954-604-9999 or email at info@henriFrank.com. We are social, you can find us on FACEBOOK, TWITTER, LINKED IN, FOUR SQUARE, PINTEREST, and a long list of social media websites. Miami houses for sales, houses for sale in Plantation, condos for sales in Wilton Manors, homes for sale in Hillsboro Beach, we have offices throughout the region. Contact us now!