Closing strong
ORLANDO, Fla. – December 20, 2012 -- Florida’s housing market has improved in 2012 compared to 2011, and keeps pushing forward. The year is closing out strong with sales and prices continuing their positive trends. With one month left to go, let’s look at the progress in November as well as year-to-date.
Florida’s pending sales were significantly higher in November. Single-family homes had 45.8% more pending sales in November 2012 than November 2011. Townhouse-condo pending sales were up 30%. Closed sales show a similar trend – increased pending sales push some closed sales through even with hurdles in the market. Both single-family and townhouse-condos closed sales increased from last year. The more exciting news – looking at the difference in the year-to-date numbers – is a 13,703 improvement in single-family closed sales and an 880 increase in townhouse-condos for the year as a whole.
Prices have been even more positive for the market. Every month in 2012 has reported a higher median price than the same month in 2011. This comes as no surprise, as investors grab inventory at the lower end of the market. In November 2012, the single-family median price was $150,000 versus $134,000 in 2011. Townhouse-condo median price improved from $91,000 to $112,000 over the same period.
The positive change in median price has correlated with sellers receiving more of their asking price. In November, single-family sellers received 92% and townhouse-condo sellers received nearly 93% of their original list price. Realistic sellers who price their house to market conditions are even receiving multiple offers.
Florida’s market is tipping toward sellers. Months’ supply of inventory is at 5.1-months for single-family homes and 5.3-months for townhouse and condos, dipping below the 5.5-month threshold that signifies a balanced market.
The Sunshine State’s housing market has been recovering all year. Sales and prices have increased and inventory has dropped. Some areas of the state and price ranges may have lower or higher inventory. Therefore, it’s smart to advise each client with information tailored to their needs, allowing you to stand out as the industry professional.
ORLANDO, Fla. – December 20, 2012 -- Florida’s housing market has improved in 2012 compared to 2011, and keeps pushing forward. The year is closing out strong with sales and prices continuing their positive trends. With one month left to go, let’s look at the progress in November as well as year-to-date.
Florida’s pending sales were significantly higher in November. Single-family homes had 45.8% more pending sales in November 2012 than November 2011. Townhouse-condo pending sales were up 30%. Closed sales show a similar trend – increased pending sales push some closed sales through even with hurdles in the market. Both single-family and townhouse-condos closed sales increased from last year. The more exciting news – looking at the difference in the year-to-date numbers – is a 13,703 improvement in single-family closed sales and an 880 increase in townhouse-condos for the year as a whole.
Prices have been even more positive for the market. Every month in 2012 has reported a higher median price than the same month in 2011. This comes as no surprise, as investors grab inventory at the lower end of the market. In November 2012, the single-family median price was $150,000 versus $134,000 in 2011. Townhouse-condo median price improved from $91,000 to $112,000 over the same period.
The positive change in median price has correlated with sellers receiving more of their asking price. In November, single-family sellers received 92% and townhouse-condo sellers received nearly 93% of their original list price. Realistic sellers who price their house to market conditions are even receiving multiple offers.
Florida’s market is tipping toward sellers. Months’ supply of inventory is at 5.1-months for single-family homes and 5.3-months for townhouse and condos, dipping below the 5.5-month threshold that signifies a balanced market.
The Sunshine State’s housing market has been recovering all year. Sales and prices have increased and inventory has dropped. Some areas of the state and price ranges may have lower or higher inventory. Therefore, it’s smart to advise each client with information tailored to their needs, allowing you to stand out as the industry professional.
-- Erica Cross, research analyst, Florida Realtors
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