Quick briefing on year ending trends in Florida Real Estate for 2013
The statistics are in from the Florida Association of Realtors for 2013 and it is clearly evident that we are well into a continuation of an improving and more stable market. Statewide, prices are continuing to rise ( 8.6%) for December over the same month last year and we are now seeing inventories finally beginning to increase. December of 2013 marked the 25th consecutive month of gains statewide in sales prices in both single family homes and condominium/townhome properties. These rising prices are encouraging more people to list existing properties for sale which will have a stabilizing effect on price increases. New listings for single family homes increased 23.8% in December and condominium/townhome listings rose 8.1%.
Properties listed for sale are also taking less time to sell which is another trend that sparks sellers interest. In December 2013 the median days on the market (mid point of number of days it took for a property to sell that month) was 50 days for single family homes and 51 days for condo/townhomes. This means that 50% of homes on the market in the state of Florida are selling in just under two months!
There are three continuing trends worth noting that are taking place throughout Florida. 1. We are seeing an increase in inventories for sale, 2. we are seeing a decline in cash sales and 3. we are seeing a continued decrease in short sales and distressed property sales. These three factors all point to a more stable real estate market which has produced much optimism as we enter 2014. This coming year is a great time to list or purchase property here along 30A.
Karen Holder
Real Estate Broker/Owner
Homes on 30a