At the end of every month, Florida Realtors publishes a detailed report of the latest real estate statistics from across the state. The data includes information from the previous month and compares the most recent numbers with data spanning the last 5 years.
At Thomas Group Realty, we use this information to determine how the Florida real estate market is performing so we can better help our clients determine the best time to buy or sell their home.
Here’s what we’ve learned from the most recent numbers.
Homes in Florida are still in high demand.
Much like what we saw last month, the demand for homes remains high across the state, including Alachua County.
Median sale prices were up by 8.6% from last April and average contract-to-closed times were down by nearly 40%. This is great news for homeowners interested in selling.
These numbers give us a better snapshot about the market as a whole:
- New home listings were slightly higher from 388 listed homes in April 2017 to 416 homes in April 2018, a change of just over 7%. As we move into the summer months, we expect these numbers to hold steady if not slightly increase over time.
- Overall home inventory, meaning the number of homes actively listed on the market, was down by 12% from last year. This April, 844 homes were listed for sale while there were 964 homes available last year.
These numbers tell us that there continues to be a higher demand for homes than there are homes on the market.
Alachua County had a slight increase in real estate closings.
Between April 2017 and April 2018, there was just a difference of 17 closed sales, but that small number still results in an increase of 6.6%. While this may seem small and insignificant, it tells us that the trajectory should continue to scale upward.
Here are a few more we can learn from the information related to “closed sales” in Alachua County:
- Median sale price was up from $215,000 in April 2017 to $233,440 in 2018, an increase of 8.6%.
- Dollar volume was up again (the total dollar amount sold by Alachua County real estate agents). In April, the total was $72.9 million, up from $61.2 million in last year – a massive 19% difference!
- Average time to contract was also down to just over a month – 33 days, to be exact (in March, it was 36 days) – as opposed to the nearly 2 months to closing time last year. That’s a massive 38.9% decrease that translates to a home sitting on the market for nearly half the time it would have the year before.
These small details tell us that the Alachua County real estate market is doing well.
It’s still a “seller’s market.”
With inventory rates still in a slump and with continually rising selling prices, faster contract and closing times, and a consistent closing rate, it’s still a great time to sell your home.
To understand why, we need to look at Alachua County’s “Months Supply of inventory.”
“Months Supply of Inventory” refers to how many months’ worth of housing inventory is available on the market at any given time. This gives real estate agents an understanding of how the market is performing and whether buyers or sellers are favored. Historically, a 5.5-month supply of inventory doesn’t favor buyers or sellers. However, a rating above 5.5 months is said to favor buyers while below 5.5 months is said to favor sellers.
April 2017’s “Months Supply of Inventory” was 15% higher than it was in April 2018. In April of this year, it was set at 3.3 months but last year, it was up to 3.9 months. This may seem like a minor and unimportant difference, but based on what we know about local demand, the change tells us additional listings are in high demand and the market is still leaning in sellers’ favor.
If you’ve been thinking about moving and putting your home on the market, the numbers from April are a clear indicator that things are swinging in your favor.
To learn more about your options and listing your home, contact our office. Thomas Group is dedicated to helping you close faster and get the price you deserve.