Throughout the year, Florida Realtors organization distributes monthly and quarterly reports on the real estate statistics. Undoubtedly, these numbers ensure that realtors, buyers, and sellers can remain informed about important fluctuations within the market. Each market report acts as a compass for Thomas Group Realty, helping us help you find the best time to buy and sell.
Let’s take a look at the statistics for September and the third quarter.
Florida Real Estate Closings Continue to Grow
In the September report, comparing 2017 to 2018, there’s been an increase of nearly 3,000 homes sold throughout Florida. That’s a pretty large increase. It shows that sellers and buyers are making the necessary connections to find a new home.
When we look at the real estate closing from the perspective of the third quarter, we continue to see a rise in the numbers. Over the last year, there’s been a 7.5% increase in real estate closings since the third quarter in 2017. This consistent growth is a positive thing for the real estate market and for people looking for their new Florida home.
September 2018’s closing summaries:
- The median sale price was up a smidge from $239,900 in September 2017 to $251,610 in 2018 – a positive increase of 4.9%.
- Average time to contract stayed the same from 38 days in 2017 and 2018.
- The number of homes sold each month steadily increased until mid-summer and then began dipping in Fall. Although less homes were sold in September 2018 than in the previous summer months, it still had a 17% growth rate since last September.
3rd Quarter 2018 closing summaries:
- The median sale price was up from $240,000 in 3rd Quarter 2017 to $255,000 in 2018 – a positive increase of 6.3%.
- Average time to contract stayed the same from 37 days in 2017 and 2018.
- The number of homes sold in the 2nd Quarter was more than the 3rd Quarter. Despite the norm of more homes being sold in the 2nd quarter than the 3rd quarter, 2018 saw a positive increase of 7.5% since 2017’s 3rd Quarter.
Throughout 2018, the trend continues of more homes being sold. This shows a healthy real estate market for buyers and sellers.
A High Demand for Florida Housing
While sale prices have dropped slightly since the summer months, the average time to contract has remained fairly steady. Naturally, we’d prefer to see more of an increase on sale prices, but it’s good to see that time to contract hasn’t been affected much. The following details should be noted as well:
- New home listings were down from the previous month. In August 2018, 32,045 Florida homes were listed for sale while September 2018 had 27,219 homes listed. It should be noted that since September 2017, this is actually a 47.3% increase.
- Active listings, meaning overall home inventory in Florida, was down from the previous month by just 2%: There were 90,586 active listings in August 2018 but only 90,382 in September 2018.
- Active listings had a giant leap. Last year, there were 84,843 active listings, but this year, we have 90,382 active listings. That’s a 6.5% increase!
These numbers are beginning to show that sellers are feeling the demand by buyers to find new homes. However, there’s still a higher demand by buyers for homes than sellers listing their homes.
Industry Clues about Inventory
When we look at September 2018’s supply of inventory, we can see a 2.6% increase from the previous year. While August 2018 had a supply of 4 months, September has a 3.9-month supply. This continues to favor the sellers.
Throughout Florida, buyers are searching for homes. But the market continues to have a low inventory, meaning that sellers continue to benefit by the current Florida real estate market. Individuals who are selling their homes are likely to receive their asking price and be happy with the overall selling experience.
In many ways, the Florida real estate market continues to favor those looking to sell their home. This means that if you are looking to move and sell your home, this is a good time. With such low inventory in Florida, you will likely find a buyer very quickly.
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.