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Florida’s residential real estate booming

On Behalf of | Dec 11, 2018 | Residential Real Estate |

If you’re looking to buy or sell a home, something that is important to you is if the economy is stable and if the housing market is going to continue to climb. You don’t want to purchase a home when prices are high, and similarly, you don’t want to sell a home when you’d get less money out of it.

On Dec. 3, Florida Realtors reported that the sale of single-family homes rose in October by around 8.5 percent compared to October 2017. That’s a great sign for people interested in buying homes because listings are increasing.

The only issue with that is that the median time it’s taking for a sale to reach contract is falling. That means houses are staying on the market for less time, so buyers have to move quickly.

October was the 82nd month in a row where condo-townhouse properties and single-family homes continued to increase in sales price. Statewide, the median sales price for single-family homes is $253,853. That’s up 7.6 percent, which is a wonderful return on investment.

The other good news is that short sales and foreclosures have fallen in number, showing that the economy is returning to a stable level. At the moment, the growth of home prices is also attributed to lower mortgage rates. However, as they continue to climb, there is a chance that the price of homes will stagnate. Thus far, that hasn’t happened.

When buying or selling, knowing these types of facts is important. They give you great insight into what you should do at the current time.