Sales, me­dian prices up in 1Q 2017

Florida’s Hous­ing Mar­ket:

The Palm Beach Post - Residences - - News -

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

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