Florida's housing market showed signs of improvement in the first quarter of 2014, notching gains in median prices, new listings, and inventory while homes spent fewer days on the market. According to the latest data released by Florida Realtors, completed sales of single-family homes totaled roughly 50,000 for the quarter, up 2.3 percent over the previous year's quarter.
"The first three months of 2014 show a strong housing market in Florida, with diminishing distressed property sales," said Florida Realtors president, Sherri Meadows. "More jobs are being created, putting more Florida residents back to work, and our population continues to increase. All of these factors are bolstering the state's economy and providing a solid foundation for a strong housing market."
She further noted that new listings for single-family homes over the three-month span rose 12 percent year-over-year. Home sellers, both in the single-family home market and the townhouse-condo market, received more than 92 percent of their original listing price during the first quarter of the year.
The median sales price for single-family existing homes was $168,000 for the quarter, according to Florida Realtors. Median sales price is up 9.1 percent from the same time a year ago.
"The first quarter statistics reflect the fact that Florida, in part a derivative market, has felt the sting of the northern winter," said Florida Realtors chief economist, Dr. John Tuccillo. "Yet, the market is showing some positive movement. Sales are up, particularly for non-distressed properties. Other data indicate that this is a market that is settling down and returning to more stabilized conditions."
The median days-on-the-market was 58 days for single-family homes. Inventory was at a 5.7-month supply in the first quarter.