ORLANDO, Fla. – May 24, 2018 – In April, Florida's housing sector reported
more closed sales, higher median prices and more new listings from owners ready
to enter the market, according to the latest housing data released by Florida
"Not enough for-sale inventory, especially in the range for first-time
homebuyers, is an ongoing challenge for many local housing markets," said 2018
Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen
Realty in Fort Lauderdale. "Pent-up demand continues to put upward pressure on
prices. In April, sellers continued to get more of their original asking price
at the closing table. Sellers of existing single-family homes last month
received 96.6 percent (median percentage) of their original listing price, while
those selling townhouse-condo properties received 95 percent (median
"But there is some positive news for buyers: New listings for single-family
homes in April rose 9.8 percent year-over-year, while new townhouse-condo
listings increased 8.3 percent. This trend will hopefully continue, which would
help ease the too-tight inventory in many areas."
Sales of single-family homes statewide totaled 24,804 last month, up 4.1
percent compared to April 2017. Meanwhile, the statewide median sales price for
single-family existing homes was $253,895, up 8.1 percent from the previous
year, according to data from Florida Realtors Research Department in partnership
with local Realtor boards/associations. The statewide median price for
townhouse-condo properties in April was $190,000, up 10.5 percent over the
April was the 76th month in a row that the statewide median sales prices for
both single-family homes and townhouse-condo properties rose year-over-year,
according to data from Florida Realtors Research Department in partnership with
local Realtor boards/associations. The median is the midpoint; half the homes
sold for more, half for less.
According to the National Association of Realtors® (NAR), the national median
sales price for existing single-family homes in March 2018 was $252,100, up 5.9
percent from the previous year; the national median existing condo price was
$236,100. In California, the statewide median sales price for single-family
existing homes in March was $564,830; in Massachusetts, it was $369,000; in
Maryland, it was $283,405; and in New York, it was $260,000.
Looking at Florida's townhouse-condo market, statewide closed sales totaled
11,236 last month, up 9.2 percent compared to a year ago. Closed sales data
reflected dwindling short sales and foreclosures in April: Short sales for
townhouse-condo properties dropped 27.5 percent and foreclosures fell 41.8
percent year-to-year; while short sales for single-family homes declined 48.8
percent and foreclosures fell 50.7 percent year-to-year. Closed sales may occur
from 30- to 90-plus days after sales contracts are written.
"More often than not, the pace for Florida's busy spring and summer home
buying season seems to be set in March and April," said Florida Realtors Chief
Economist Dr. Brad O'Connor. "On the heels of a somewhat slow month of March
this year, it's good to see that state existing home sales rebounded quite
nicely in April. With last month's sales factored in, we're ahead of last year's
pace of single-family home sales by about a half of a percent.
"Demand for single family homes remains strong across the state and this
abundance of buyers continues to deplete active inventories and drive up
For-sale inventory in April remained tight, at a 3.8-months' supply for
single-family homes and 5.8-months' supply for townhouse-condo properties,
according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage
averaged 4.47 percent in March 2018, significantly up from the 4.05 percent
averaged during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida
Realtors Research & Statistics section on floridarealtors.org. Realtors
also have access to local market stats (password protected) on Florida Realtors'