December numbers are in on the housing market, and when it comes to the Sunshine State, things are still looking quite positive! According to Florida REALTORS, the latest housing data shows homes, like Coral Gables homes for sale, are moving.
The numbers indicate that half of all homes listed for sale on the market in Florida are gone in less than two months. For instance, if you placed a listing for Coral Gables homes for sale on the market today, in 60 days it would be off the real estate listings. That’s fantastic news for home owners interested in placing homes for sale in Coral Gables and elsewhere, and it is also good news for home buyers who may see an increase in inventories.
Real Estate Market Casts Health Outlook
Specific figures for the month of December in the real estate market for Florida were:
- Closed Sales Statewide: For single-family homes, the numbers totaled 23,056. This is an increase of 2.9 percent when compared to the same time last year.
- Days on the Market: Single family homes statewide were listed for a median total of 47 days. Condos and townhouses were on listed for a median total of 49 days before being taken off the market.
Florida REALTORS President® Matey H. Veissi noted that December was the fourth year of consecutive gains when it comes to housing sales. Specifically, Veissi identified the gains in the year-over-year median sales prices for townhouse-condo properties as well as single-family homes.
What’s also so enticing about entering the real estate market now is that mortgage rates remain low. And although there was a slight increase in interest rates, they are still very good. In December, the interest rate for a 30-year fixed-rate mortgage averaged 3.96 percent, reported Freddie Mac. This is up from the 3.86 percent average recorded during the same month a year earlier.
Home buyers should be encouraged to make their move on properties, whether they are looking at Coral Gables homes for sale, other Florida real estate properties, or nationally. Particularly since the real estate market, including Coral Gables homes for sale, is only expected to improve!
Housing Prices – What Can You Expect
Data from Florida REALTORS® Industry Data and Analysis department in partnership with local Realtor boards/associations reported numbers on home prices across the state.
- Home Sales Prices: For existing single family home properties in Florida, the median sales price was reported to be $206,500 during the month of December. This number is up 11.6 percent from the December 2014 figure.
- Townhouse-Condo Sales Prices: For townhouse-condo properties in Florida during the month of December, the median sale price was $156,500. This number went up 5 percent when compared to the same time period last year.
Closed Sale Numbers
Closed sale numbers remained quite healthy for the Florida real estate market, and experts see these strong closed sales to remain strong. Typically, closed sales happen between 30 to 90 days after sales contracts are written. In December, the closed sales data reflected fewer short sales and cash-only sales.
When it comes to Florida in the month of December, the closed sales numbers indicate the following:
- Single Family Homes: Traditional sales went up 16.3 percent in Florida. Statewide the number of closed sales totaled
- Townhomes-Condominium Properties: Traditional sales rose 7.5 percent in Florida.
