Sales, median prices up in 1Q 2017
Florida’s Housing Market:
Florida’s housing market reported more closed sales, higher median prices and more pending sales during the first quarter of 2017, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 60,733 in 1Q 2017, up 5.1 percent over the 1Q 2016 figure.
“During the first three months of 2017, traditional sales of single-family homes and condotownhouses rose in Florida,” said 2017 Florida Realtors® President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “In another positive sign, pending sales for singlefamily homes rose 1.8 percent year-over-year, while condotownhouse pending sales rose 4.8 percent. Distressed property sales continued to drop – which underscores solid stability in the state’s housing market.
“Buyer demand continues to increase, yet the inventory of homes for sale remains tight in many local markets. That’s putting upward pressure on median prices and sometimes results in multiple offers. By working closely with a Realtor who knows local market conditions and trends, consumers have an expert in their corner whether selling or looking to find their dream home.”
In Martin County, the median sale price for single-family existing homes in 1Q 2017 was $345,000, up 7.8 percent from the same period last year. The number of sale transactions is also up by 2.2 percent over the same period.
According to Freddie Mac, the interest rate for a 30-year fixedrate mortgage averaged 4.17 percent for 1Q 2017, significantly higher than the 3.74 percent average recorded during the same quarter a year earlier.
To see additional statistics for the Martin County housing market, or to find a REALTOR® to help you with your next home sale or purchase, visit www.ramcfl.org.
President: Joan Rogers Berkshire Hathaway Florida Realty