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Both sales and prices of existing single-family homes and condominiums are on the rise in Florida, seeing gains as much as 15% statewide.
Single-family home sales jumped 14.9% in the fourth quarter, according to Florida Realtors, to 62,080 houses changing hands. Prices rose nearly 6% across the state to a median of $180,000.
That good news continued with condos, with sales in Florida rising 4.8% to 26,070, while prices followed nearly 8% to a median of $143,000.
“The positive fundamentals of Florida's housing sector continued in the fourth quarter of 2014,” Andrew Barbar, president of Florida Realtors says, in a release. “Our population continues to increase with about 800 people a day moving to the Sunshine State, while Florida's growing economy is creating new jobs and putting residents back to work.”
Locally, Charlotte County had the biggest boost in single-family sales in the fourth quarter, its 1,057 homes changing hands up nearly 25%, while Collier County had the largest jump in median prices, up 17.7% to $373,250. Yet, the Naples-Marco Island area had just a small bump up in sales, rising 5% to 1,193, compared to double-digit gains from its neighbors.
The Tampa-St. Petersburg-Clearwater market, covering four counties, sold 10,683 single-family homes in the quarter, up more than 22% from the year before. Median prices rose 4.9% to $160,000. In Manatee and Sarasota counties, it was an 11.8% increase in home sales to 3,371, while median prices rose 6.2% to $214,900.
The greater Tampa metro area was the place to buy condos in the fourth quarter, sales there jumping nearly 18% to 3,515, while median prices pushed up more than 9% to $111,300. Collier wasn't far behind with a more than 14% increase in condo sales to 1,345, and a 10% hike in median prices to $231,000.
“The fourth quarter numbers encapsulate the state of Florida's housing market for all of 2014,” Florida Realtors Chief Economist John Tuccillo says, in a release. “Distressed sales are falling, particularly short sales, as rising prices eliminate many homes as short sale candidates.”
Lower interest rates aren't hurting, either. Freddie Mac reported the 30-year fixed rate averaging 3.97% in the quarter, compared with 4.3% a year ago.
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