When the Florida Realtors website releases its comprehensive report of the month’s real estate statistics each month, realtors have the chance to compare current numbers with those from the previous year as well as the last 5 years. For the realtors at Thomas Group Realty, this data means a deeper understanding of the Florida real estate market so we can better guide our clients in the best times to buy or sell a home.
As we move into fall and look back at the end of the summer, a number of natural market fluctuations are coming forward. Let’s jump into a comparison of August 2019 with last year’s data.
Florida Real Estate Median Sale Price Increased
Once again, Florida real estate shows many increases between August 2019 and 2018. Not only do we see a slight increase in closed sales, but we’re also seeing an increase in median sale price and dollar volume. While some increases are small, this is still positive news for home buyers and sellers.
As school begins, the real estate market expects to see an increase of activity in closings, and August 2019 is no different than previous years. Below, check out the changes.
- Closed sales rose by 3.2% to 292 closings in August 2019 from the previous year’s 283.
- Median sale price increased to $238,500 in August 2019 from $225,000 in 2018—that’s a 6% increase!
- Dollar volume was up (the total dollar amount sold by Alachua County real estate agents). For August 2019, the total dollar volume was $79.0 million, which was a 7.0% increase from the $73.8 million in August 2018.
- Average time to contract was slightly up to 37 days in August 2019 from the 36 days in 2018. This 2.8% increase meant that homes remained on the market slightly longer but not by much.
Homeowners who chose to sell in August likely experienced offers near or above their asking price while experiencing a quick closing.
A High Demand for Florida Housing
August 2019 upholds the high demand for Florida housing. With high sale prices and dollar volume, sellers were likely to have a favorable selling experience. Homes are moving quickly since there are more people looking to buy than sell.
- New home listings were down, going from 301 listed homes in August 2018 to just 263 homes in August 2019.
- Active listings, meaning overall home inventory, was down by 12.7%. In August 2019, just 807 homes were on the market while there were nearly 924 last year at this time.
The decrease in new home listings and active listings in August 2019 only solidify the already known high demand for homes in Florida. As ever, this is great news for individuals who are looking to sell.
Industry Clues about Inventory
August 2019’s “Months Supply of Inventory” saw a decrease of 13.9%. The months supply of inventory in 2018 went from 3.6 months to 3.1 months in 2019. The unit of “months supply of inventory” highlights the months’ worth of housing inventory available on the market for purchase at any given time. This data determines the performance of the market as well as who the market is favoring—either buyers or sellers. A rating above a 5.5-month supply of inventory favors buyers while a rating below 5.5 months favors sellers.
For August 2019, the 3.1-month supply of inventory means that the market is favoring sellers. Such a low inventory sets sellers up for a satisfying selling experience since homes are likely to be sold quickly with offers close to their listing prices.
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.