June 25th, 2015 12:20 PM by Leonard Silvestri
According to the latest housing data by Florida Realtors®, tightening inventory continues to impact the state's housing market. Median prices are rising and homes see fewer days on market for single-family homes, townhouses and condos alike.
May's monthly sales totaled 24,789, up 7.7% from May of 2014. And according to realtors, "there's not enough for-sale inventory to meet the demand from buyers," says Florida Realtors President Andrew Barbar. Properties are selling higher and quicker than they have in years. Homes in May spent a median of 49 days on market, 9.3% less than their numbers last year.
"Sellers currently have a great opportunity in Florida's housing market: Sellers of single-family homes are seeing 94 percent of their asking price at the closing table and townhouse-condo sellers are receiving nearly 93 percent of their asking price," says Barber.
Florida's rising housing market doesn't appear to be a trend that's going away anytime soon. Statewide median sales prices continue to rise for the 42nd month in a row and currently sits in at $200,000 for single-family existing homes and $159,000 for condos and town-homes.
To see Florida's full statewide housing reports, go to Florida Realtors Media Center.