Pending single-family sales shoot up 40% in Florida
Florida earned its reputation as a recovered Sand State in September with pending home sales soaring 40.1% above year-ago levels.
While pending sales are contracts yet to be closed, Florida Realtors found that statistic compelling enough to declare Florida no longer in recovery mode, but stabilized and on solid footing.
Closed single-family sales also increased, rising 2% from last September to 15,643 sales last month, the Florida Realtors industry data and analysis department said.
The statewide median price for single-family homes also grew 7.4% from last year, with the actual median hitting $145,000. Half of the homes in the state sold above that price-point, while the remainder sold somewhere below it.
Inventory levels also lessened, making the market more competitive and situated for a stronger home-price recovery.
"[I]ncreased buyer demand in many local markets is creating inventory shortages — and that's putting pressure on prices," Florida Realtors said. "For sellers who may have been reluctant to enter the market, it's now time to reconsider. Conditions are turning to a seller's market."
Single-family inventory alone reached a 5.2-month supply, the association said. Generally, a level of six months is symbolic of a balanced market for both buyers and sellers.
The state is now leaning in favor of sellers, suggesting now may be the time to move property, the association pointed out.
Townhome and condo properties saw total sales fall 2.9% from last year with only 7,329 units sold. Pending sales, on the other hand, increased 30.6% when compared to 2011 figures.
The statewide median for townhome-condo properties hit $105,736, up 18.8% from a year ago.