First quarter in 2016 looked good for the Florida housing market. From January through March of this year, the Florida housing market has demonstrated growth in many areas, including new listings and median home prices. The numbers reported come from across Florida, encompassing homes for sale in Port St. Lucie to Fort Lauderdale luxury homes and elsewhere.
Sales Report on 2016 First Quarter
The latest report released from Florida Realtors® shows the number of sales on single family homes did move up from last year’s numbers slightly when compared to the same period in 2015. Closed sales rose 0.3 percent with a total of 57,913 during the first quarter of 2016.
Over this same three-month period, new listings for town homes and condo listings went up 6.6 percent year-over-year, and single-family homes being listed for the first time increased by 4.5 percent.
These are all good signs for a move toward stable housing market. Relevant statistics from this latest report for first quarter of 2016 include:
- Median sales price for single family homes: $203,500, rose 11.8 percent when compared to the first quarter of 2015
- Median sales price for townhomes and condominium units: $153,000 rose 5.5 percent when compared to the first quarter of 2015
When it comes to townhomes and condominiums, the first quarter of 2016 showed a drop in closed sales with a total of 24,534. This is down 6.1 percent when compared to the same number in the first quarter of 2015. While this numbers at first look may seem gloomy, they actually are good. Data for closed sales within the townhouse – condominium sector reflected less short sales and more traditional sales.
Townhouse – condominium short sale properties declined 36.9 percent while traditional sales for these types of properties were up 3.6 percent year-over-year.
Quick Glance Across the State
Numbers on the residential market sales activity from Florida Realtors® shows the following:
CLOSED SALES:
Single Family Homes
- Miami – Fort Lauderdale – West Palm Beach: 10,378; -1.3% year – over – year
- Tampa – St. Petersburg – Clearwater: 10,153; up 5.3% year – over – year
- Orlando – Kissimmee – Sanford: 7,042; -1.7% year – over – year
- Jacksonville: 4,842; up 10.4% year – over – year
- North Port-Sarasota-Bradenton: 3,080; -5.9% year – over – year
Townhouses – Condominiums
- Miami – Fort Lauderdale – West Palm Beach: 10,153; -6.1% year – over – year
- Tampa – St. Petersburg – Clearwater: 3,498; -0.9% year – over – year
- Orlando – Kissimmee – Sanford: 1,968; -0.1% year – over – year
- North Port – Sarasota – Bradenton: 1,480; up 1.8% year – over – year
- Cape Coral – Fort Myers: 1,370; -18.4% year – over – year
MEDIAN SALE PRICE:
Single Family Homes
- Naples – Immokalee – Marco Island: $435,000; up 9.0% year – over – year
- Miami – Fort Lauderdale – West Palm Beach: $286,629; up 8.2% year – over – year
- North Port – Sarasota – Bradenton: $255,000; up 12.3% year – over – year
- Crestview-Fort Walton Beach-Destin: $242,000; up 3.0% year – over – year
- Cape Coral – Fort Myers: $220,070; up 8.7 % year – over – year
Townhouses – Condominiums
- Naples – Immokalee – Marco Island: $272,500; up 5.8% year – over – year
- Crestview – Fort Walton Beach – Destin: $272,000; -6.7% year – over – year
- Panama City: $214,000; 14.4% year – over – year
- Pensacola – Ferry Pass – Brent: $182,000; -21.9% year – over – year
- Cape Coral-Fort Myers: $180,000; 4.7% year – over – year
The hope is that the rest of the year will continue in this direction for the Florida housing market.
