Closed sales of single-family homes statewide in Florida totaled 22,704 last month, down 0.5% from September 2015, the Florida Realtors reported Thursday. Townhouse-condo closed sales totaled 8,818 last month, down 3.9% from a year earlier.
The statewide median sales price for single-family existing homes last month was $222,500, up 11.3% from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in September was $160,000, up 6.7% over the year-ago figure.
Closed sales data reflected fewer short sales and cash-only sales in September: Short sales for single-family homes declined 33.8% while short sales for townhouse-condo properties dropped 27.2%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
"Even though the number of Florida single family home sales in September was essentially the same as last year, the composition of this year's group was quite different –and in a good way," said Florida Realtors® Chief Economist Brad O'Connor. "Distressed sales made up only 10% of single family home sales this September, compared to over 19% in September 2015. 28% of sales were all-cash deals this time around, compared to 34% last year.
"If our housing markets are going to return to some semblance of what many might term 'normalcy,' it's vital that both of these trends continue."
Similar to previous months, inventory was at a 4.2-months' supply in September for single-family homes and at a 5.8-months' supply for townhouse-condo properties, according to Florida Realtors.
"Florida's economy continues to grow, resulting in improving jobs and incomes for workers across the state," said 2016 Florida Realtors® President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. "In turn, that is generating interest from many would-be buyers who are ready to enter the housing market. However, the latest data shows that a continued lack of inventory – especially in the mid-$200,000 and under range – is affecting those potential home buyers, leaving them with limited choices and higher prices as a result."
Once again, home sellers continued to get more of their original asking price at the closing table in September: Sellers of existing single-family homes received 96.2% (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.8% (median percentage).
