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Florida’s February housing market: On the right track

By
Real Estate Agent

Florida’s housing activity appears to be a sign of a stabilizing and balanced market, according to new data released by Florida Realtors.

 

Statewide pending sales, as well as median sale prices rose in February, whilst what was an abundance and overflow of inventory of homes on the market dropped. The increase of pending sales on the market was not only from existing single family homes but townhomes and condos as well.

 

Pending sales are referred to as sales that are not yet closed, but under contract.

 

Compared to a year ago, the statewide median sales price for a single family resale home was up 7.2 percent from a year ago and even higher was the median sales price for townhome/condo properties that rose an astonishing 15.9 percent compared to the previous year.

 

A median sales price is considered to be the half point of homes sold, half sold for less, and half sold for more.  However, this median sales price can be somewhat misleading and skewed due to the sale of foreclosed homes, which tend to sell for a lower purchase price when compared to the sale of existing homes.

 

According to Freddie Mac, on a 30-year fixed-rate mortgage, the average interest rate dropped more than a point from the previous month to an average of 3.89 percent in February. The lowering of interest rates stimulates the sale of homes as it lowers the cost of home ownership.

 

Although Florida’s overall statewide sales of existing homes are down compared to last year, so is the inventory, representing a sign that the market is becoming a more balanced housing market.

 

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Orlando home or real estate investment property; secure mortgage financing; or help you relocate to the Orlando area.  Please call 407-956-5443 or email info@OrlandoRealEstateLink.com for assistance.

Visit: www.orlandorealestatelink.com for a list of available homes in Orlando. We specialize in new homes, luxury properties, condos, villas, gated communities and homes with pool. 

We also offer full service property management for Orlando.

Spanish site is also available: http://www.casasorlando.com/.

 

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