Florida property market conditions have improved considerably in recent months, on the back of greater demand for homes in Florida, which in turn is pushing property prices higher across most parts of the state.
Official figures show that median Florida property sales prices in January increased 18.8% to $95,000 (€71,000/£60,000) for condominiums and 5.3% to $129,000 (€96,500/£82,000) for single-family homes. The national median existing-home price for all housing types was $154,700 (€115,700/£98.300) in January, a 2% drop from January 2011.
In Broward County for instance, single-family home sales increased by 15%, from 813 to 911, last month compared to January 2011, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.
The hike in property sales in the region has pushed property prices higher, which is great news for Florida property investors buying homes in the region.
In January, the median sales price of single-family homes in Broward County was $177,000 (€132,400/£112,400), up 7% compared to January 2011. The average sales price for condominiums also increased 7% to $73,500 (€55,000/£46,700) compared to a year prior. Broward County condominium prices have increased 12 out of the last 13 months.
The average sales price for total single-family homes increased 0.4%, from $246,579 (€184,400/£156,600) to $247,635 (€185,200/£157,300). The average sales prices for condominiums rose 11.2%, from $105,895 (€79,200/£67,260) in January 2011 to $117,795 (€88,100/£74,800) last month.
“The Broward County housing market is experiencing consistent strengthening and price appreciation as a result of robust demand and diminishing supply,” said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS.
“Despite a significant percentage of distressed sales, prices continue to rise. Loosening unnecessarily strict lending standards would further enhance the performance of the Broward real estate market.”
Original article by Colin Murphy, Torcana.