Along with a number of other states across the country, Florida saw considerable improvement in its housing market during the first business quarter of 2013.
Florida Realtors announced in a recent release that substantial increases were exhibited in figures for closed and pending sales, as well as median prices statewide, during the same time inventory numbers were observed decreasing.
"The first three months of 2013 demonstrate that Florida's housing market is gaining momentum and continuing to bolster the state's economy," said Dean Asher, president of Florida Realtors. "More people went back to work as more jobs were created in Florida during the first quarter, and our population is also growing - which provide a solid foundation for growth in the housing market. It's taking less time to sell a home and, coupled with tight inventory, that shows buyers are eager to lock in historically low mortgage interest rates and take advantage of favorable, but rising prices."
The Sunshine State reportedly recorded 48,976 closed sales of existing single-family homes during the quarter, marking an annual increase of more than 10 percent, according to Florida Realtors. Real estate records show the number of listed residential units which were put under contract during the period jumped nearly 27 percent from the amount noted in the first quarter of 2012. Meanwhile, the state's median price for single-family existing homes was logged at $153,000, showing a more than 13 percent uptick from the same quarter a year ago.
Supply levels seen at decreasing amounts
As inventory levels dropped to a supply of 5.3 months, more foreclosed houses were sold in Florida, and the median days on market also declined considerably. During the three-month time frame, listed properties were typically sold within 60 days of their introduction to the market.
"We expect that the year-over-year increases we have seen for the past several years will continue into 2014," said Dr. John Tuccillo, chief economist for Florida Realtors.
Miami also records first quarter strengthening
Possibly contributing to the promising figures reported by the state of Florida, were significant improvements in housing numbers for the largest metropolitan area - Miami.
The latest report released by the Miami Association of Realtors showed an annual increase in median sale prices for single-family homes of more than 17 percent, settling at $205,650 in the first quarter of the year. Additionally, average sale prices for the residential units rose nearly 15 percent year-over-year to $364,991.