Florida’s housing market reported more closed sales, rising median prices and more new listings in October compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 22,272 last month, up 8.5 percent compared to October 2017.
“Florida’s housing market showed a rise in new listings in October, which is a good sign for potential homebuyers,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “New listings for existing single-family homes rose 9.5 percent compared to a year ago and new listings for condo-townhouse properties increased 7.9 percent from last October.
“At the same time, the median time for a sale to go to contract is getting shorter: For single-family homes, it was 40 days, down 7 percent from the same time last year; for condo-townhouse properties, it was 44 days, down 12 percent. With such a quick turnaround time to contract, buyers and sellers can benefit from the expertise of a Realtor who understands their local markets.”
October marked 82 consecutive months (more than six and a half years) that statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year. The statewide median sales price for single-family existing homes was $253,853, up 7.6 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 condo-townhouse units in October was $180,000, up 5.9 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.