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Florida Real Estate: Home Sales and Prices Are Up! | Carolyn Smith, Realtor

Posted on: June 23, 2012

Carolyn Smith, Realtor – Florida Real Estate: Home Sales and Prices are Up!

Carolyn Smith Realtor Melbourne Beach

Florida Real Estate: Home Sales and Prices are Up!

The real estate market in Florida is seeing lots of increases – increases in pending sales, increases in closed sales, and an increase in the median home price. Overall, Florida’s real estate market experienced some major activity during the month of May, with pending sales up 43.1 percent for single family homes, and up 33.4 percent for townhomes and condos. On top of all this, the inventory of homes for sale in Florida continues to drop, which is resulting in multiple bids and rising prices.

For the month of May, existing single family home sales totaled 18,723, up 7.2 percent from one year ago. The total sales of townhomes and condos was 9,995 units sold last month, up 5.4 percent from one year ago. For the state of Florida as a whole, the inventory for both single family homes and townhouses/condos stood at a 5.5 month supply. Six months supply of inventory is considered healthy; with less supply comes a stronger market.

For Florida, our statewide median sales price for existing single family homes jumped up to $147,000 during the month of May; this is up 8.9 percent from one year ago. The statewide median sales price for townhomes and condos rose to $112,000 for the same month, up 14.3 percent from one year ago. Average home prices are way above where they were a year ago; prices have increased in 11 of the past 12 months. According to Florida Realtors Chief Economist Dr. John Tuccillo, “Home sellers are receiving a higher percentage of their asking price, a trend we’ve seen for nine months. Perhaps the most striking characteristic of this market has been the dramatic drop in inventories. Now Florida is in what is generally considered a balanced market – that is, one that favors neither buyers nor sellers.”

Adding to the competitive real estate market in Florida are the record-low interest rates currently available. The interest rate for a 30-year fixed mortgage averaged 3.80 percent in May; this is down from 4.64 percent average for the same month last year, according to Freddie Mac.

Stay tuned for more real estate updates… my next post will include specific info on the Brevard County, FL real estate market! 

Source of info: http://www.floridarealtors.org

Start your dream home search right here: Carolyn Smith Realtor Website

Whether you are buying or selling, it would be my pleasure to represent you!

Please call or email me today to review your real estate needs!

Contact me, Carolyn Smith at:

Phone: 321.271.0870

Email: CarolynSmithRealtor@gmail.com

www.CarolynSmithRealtor.com

SRES – Accredited Seniors Real Estate Specialist

CDPE – Certified Distressed Property Expert

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Your Coastal Estate Team: Carolyn Smith, Realtor & Bridget Sentz, Realtor

"Your Coastal Estate Team"

Contact Carolyn at:

RE/MAX Olympic Realty
445 Fifth Avenue
Indialantic, FL 32903

Direct: 321.271.0870
Fax: 321.574.3044

Email: CarolynSmithRealtor@gmail.com

Contact Bridget at:

RE/MAX Olympic Realty
445 Fifth Avenue
Indialantic, FL 32903

Cell: 321.537.5720
Office: 321.952.4000

Email: BridgetSentz@gmail.com

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