When Florida Realtors releases their monthly comprehensive report detailing real estate statistics from the preceding month, Thomas Group Realty checks the information to determine the pulse of the Florida real estate market. We then use this important date to guide our clients in choosing the best time to buy or sell their home.
Florida Real Estate Closings Are Up
From December 2017, closed sales dropped 23.1% from 273 to 210 in December 2018. A decrease in closed sales is common for this time of year, and as the year continues, the number of closed sales will climb again.
But here are some other numbers that frame the closed sales data.
- Median sale price was up 13% from $215,000 in December 2017 to $242,990 in 2018.
- Dollar volume was down (the total dollar amount sold by Alachua County real estate agents). Last month, the total was $58.5 million, down from $64.5 million in December 2017 – that’s a 9.3% difference.
- Average time to contract decreased from 53 days in 2017 to 50 in 2018.
For the month of December, the market continues steadily with previous months and years. This is a good place to be for buyers and sellers.
A High Demand for Florida Housing
While the home listings can be a telling data point for the real estate market, new home listings often follow the rise in price. For the month of December, the average price of homes grew so this means that new listings will probably increase in January and February.
- New home listings were down from 173 listed homes in December 2017 to just 149 homes in December 2018.
- Active listings, meaning overall home inventory, was up by 7.2% from 2017. Last month, 774 homes were on the market while there were only 722 in December 2017.
Industry Clues about Inventory
December 2018’s “Months Supply of Inventory” increased 6.9%. In 2017, it was 2.9 months but last month, it was up to 3.1 months.
The “months supply of inventory” is important because it reveals whether the buyers or sellers are favored by the current market. Basically, the months supply of inventory gives the amount of inventory available on the real estate market at any time. A reading of a 5.5-month supply of inventory doesn’t favor buyers or sellers, but a rating above 5.5 months is said to favor buyers while below 5.5 months is said to favor sellers.
The Alachua County real estate market continues to favor the sellers. The demand for housing in Alachua County is high with a low inventory available. Therefore, sellers are much more likely to receive offers near their listing prices and see faster contract-to-closing times.
Now is the time to sell your home.
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.