YUP Home Prices…What You Didn’t Know

Well, well, well Florida’s housing market had higher median prices and fewer all-cash sales in December of 2016, so you don’t say!  Yup, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 22,332 last month, up 0.8 percent from December 2015.

I speak to buyers daily and do my best to explain what’s happening in the market so these reports are nothing new to me but it’s sometimes frustrating for my buyers to digest this news. And yes, if your wondering, a tight housing supply continues to have an impact on Florida’s housing market driving the prices up. Last month, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for 61 months in row.

While that’s good news for sellers, it’s continuing to put pressure on inventory for first-time homebuyers and those who may be looking for their next ‘move-up’ home. And when I say move up keep in mind, while Mr. Seller might make a good profit on his sale, he can surely plan to spend more on his next purchase.

If you want the numbers here they are. Home sellers continued to get more of their original asking price at the closing table in December: Sellers of existing single-family homes received 96 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent (median percentage)

So, are you thinking about a purchase? Maybe you kicking around selling? This is where your local Realtor comes in – he or she will put their expertise to work for you to successfully navigate the complexities of finding the right property in your local real estate market and will make sure you get to the closing table.

That’s all for now.

L.A.

 

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