Florida Pending Sales Grew 40.1% Compared To A Year Ago

The sun’s shining a little brighter in its home state these days, metaphorically at least, as more signs emerge showing a stronger real estate market in Florida.

Overall, pending home sales reached a 40.1% surge beyond what they were a year ago in September of 2011, eliciting a cautious yet hopeful determination from Florida Realtors that The Sunshine State might finally be clearing out of its real estate doldrums.

There is more to elicit this optimism than just an impressive upswing in pendings. Closed sales also saw a rise, albeit a less dramatic one, with a total of 15,643 sales occurring over the last month. The median price of single-family homes rose a total of 7.4% to $145,000.

In terms of inventory, single-family homes are at a 5.2 month supply, slightly under the typical six month supply that shows a balanced market for buyers and sellers. As such, the market is showing indications of tipping towards sellers.

Regardless of which side of the market you may be on, it seems as though the indicators are blaring. Now is the time to act. If you’re a buyer, take advantage of the low mortgage rates and average prices on homes before both rise. If you’re a seller, now might be the time to act while your listing can still easily stand out from the crowd.