Real estate in Florida, from Miami to Orlando, has been stellar in 2012.
The Florida Association of Realtors (FAR) yesterday released sales data on the Sunshine State’s real estate market in April, and the results were expectedly optimistic.
The housing markets in Florida, and especially the local Miami area, have utterly transformed in 2012, and FAR’s report contained three especially promising trends that have developed in recent months.
- As noted by Summer Greene, FAR’s president, pending home sales have risen nearly 38 percent for single-family homes and 25 percent for townhouses and condos, with multiple offers clamoring for many of the properties.
- The statewide median sales price for single-family existing homes rose 10.2 percent in April from last year, and the condo-townhouse price rose 16.1 percent.
- Inventories continue to remain competitive, with single-family homes at a 5.8-month supply and condo/townhouses at a 5.7-month supply. Lower inventories will help further with prices and demand.
John Tuccillo, FAR’s chief economist, said the trend in pricing is especially positive.
“The housing numbers for the state of Florida continue to signal recovery,” Tuccillo said. “The increase in both median and average prices suggests that investors are having a strong impact on the market, soaking up lower priced inventory and causing buyers to move up the price ladder.”