Florida’s housing market reported more closed sales, higher median prices and more pending sales during the first quarter of 2017, according to the latest housing data released by Florida Realtors®
. Closed sales of single-family homes statewide totaled 60,733 in 1Q 2017, up 5.1 percent over the 1Q 2016 figure.
Buyer Demand is continuing to increase, yet inventory of homes remains tight in local markets. This is putting prices higher and in some cases resulting in multiple offers on properties. By working closely with a Realtor® who knows local market conditions and trends, consumers have an expert in their corner whether selling or looking to find their dream home.” The Live Now Team sells 100's of home per year and know the Sebastian and Vero Beach Markets very well. We can guide through the entire process of buying or selling your home.
“A shortage of both new and existing homes for sale throughout much of the state continues to drive the Florida housing market narrative in 2017,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “New listings of existing single-family homes in the first quarter were only up one percent relative to the same quarter last year, while the number of closed sales increased by over five percent, thanks in large part to a record-breaking March. The Live Now Team closed 18 homes in March and 14 homes in April.
“Homes are also selling faster this year. In our local market we are seeing homes go under contract within one to two weeks, with some in a matter of 1-4 days . Based on these figures, it’s not altogether surprising that the current supply of single-family homes for resale is down by about 5 percent, year-over-year. The rate of new construction in Florida, meanwhile, is increasing but is still well below its historical norms, so relief is not on the immediate horizon.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.17 percent for 1Q 2017, compared to 3.74 percent average recorded during the same quarter a year earlier.