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Florida’s housing market gets stronger

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Florida’s housing market gets stronger

The first quarter of 2013 saw the housing market in Florida continue to gain strength as it maintains its position at the forefront of the US property market recovery.

According to the Florida Realtors group in their latest report, the start of the year saw closed sales increase by 10% year on year with pending sales up by 26.8%. These figures come in spite of a reduced number of properties in the supply chain compared to 2012.

The consequence of this classic supply and demand scenario saw prices rise, with the average for single-family existing home stock achieving $153,000. This represents a rise of 13.4% on the previous year in the same quarter.

Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando commented: “The first three months of 2013 demonstrate that Florida’s housing market is gaining momentum and continuing to bolster the state’s economy.

“More people went back to work as more jobs were created in Florida during the first quarter, and our population is also growing – which provide a solid foundation for growth in the housing market.

“It’s taking less time to sell a home and, coupled with tight inventory, that shows buyers are eager to lock in historically low mortgage interest rates and take advantage of favourable, but rising prices,” he continued.

Over the period the midpoint of the number of days it took for a property to sell was 60 days for both single family homes, townhouses and condominium properties.

Florida Realtors Chief Economist Dr. John Tuccillo said: “If you look back at the quarterly numbers, comparing year to year, you see, at least in single-family sales, the steadiness of the market since 2009. We expect that the year-over-year increases we have seen for the past several years will continue into 2014.”

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