Florida Realtors released its monthly, comprehensive report to outline the real estate statistics from the preceding month alongside the comparison of the current numbers with those over the last 5 years.
At Thomas Group Realty, we value this information because it helps us to determine the temperature of the Florida real estate market. From there, we help clients understand the best times to buy or sell their home.
Every spring, we see a boost in new listings and closings as spring and summer are traditionally the most active seasons for transactions.
Florida Real Estate Closings Were Down
From April 2018, closed sales were up by an 8.0% increase from 274 to 296 closings. This boom in sales reflects the time of year with home sellers and buyers moving to take advantage of the upcoming selling season.
Let’s take a look at the other numbers that will help fill out the entire picture for this month’s market status.
- Median sale price increased 3.5% from $233,440 in April 2018 to $241,500 in 2019.
- Dollar volume was up (the total dollar amount sold by Alachua County real estate agents). In April 2018, the total was $72.9 million while April 2019 had $79.7 million – that’s a 9.3% increase.
- Average time to contract dropped from 33 days in 2018 to only 28 days in 2019, a 15.2% change that led to homes spending less time on the market.
- In a single month, nearly 40 more homes were sold in April 2019 than in March 2019. In March, 256 homes closed while April saw 296 homes sold. That’s a good increase!
The numbers in April show a promising trend that will likely continue strong into the summer selling and buying season. With an increase in the median sale price and dollar volume, sellers are more likely to get the price they’re requesting, and the faster closing times show that homes are selling quickly. But, let’s check out a few other numbers from the April market report.
A High Demand for Florida Housing
The Florida market maintains a steady demand for homes. Despite the fluctuations month-to-month in the Florida report statistics, the high demand for Florida housing continues to drive the market.
- New home listings were down from 416 listed homes in April 2018 to 405 homes in April 2019.
- Active listings, meaning overall home inventory, was up by 0.8% from 2018. April 2019 had 852 active listings on the market while there were just 845 in April 2018.
Once again, the trend is that there’s a higher demand by buyers for homes than there are sellers who have listed their homes on the market.
Industry Clues about Inventory
For April 2019, the “Months Supply of Inventory” saw no change. April 2018 and April 2019 both have 3.3 months of months supply of inventory.
The months worth of housing inventory is important because it shows how much housing inventory is available on the market at any given time. To explain it more fully, 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. Therefore, a 3.3 months supply of inventory favors sellers.
Based on the statistics offered by the Florida market report, it’s clear that there continues to be a high demand for Alachua County housing. Therefore, homeowners who choose to sell are likely to receive offers that match their listing prices and will experience a lot of satisfaction in the selling process.
To start the process of putting your home on the market, get in contact with our office. Thomas Group is here for you every step of the way. We’ll help you close faster and get the best price for your home.