The recent real estate market report for Florida shows several interesting new trends. Among these are the increase in new listings, as well as the increase in the median price range for these listings. In April, there were fewer cash closed sales, as well as a tendency towards fewer days towards contract deals. From one year ago, in April 2015, the market had roughly the same number of closings on single-family homes, around 24k.
What are some of the trends reported most recently?
In April, the inventory for townhouse and condo properties was near a six months’ supply, while the number for single-family homes was only at a supply of 4.5 months. The median sales prices for these properties across the state of Florida rose year-over-year again. April marks the 53rd month in a row for this trend. While the median rises, this only indicates the midway point in terms of overall sales; there are properties that sell for much higher, as well as those that sell for much lower than the reported median price.
For March 2016, the national median sales price was around $224k for single-family homes, as reported to the National Association of Realtors. In the previous year, these properties had a median sales price of about 5.8% less than this. The national median is also affected by the region in which the reported numbers originate. California, for example, reported a median sales price of around $483k, while the state of New York reported that the median sales price for that area was only about $230k.
What does this mean for Amelia Island real estate?
An increase in new listings in the Florida market is a good sign, as there are several areas across the state that are in need of more available properties. There is quite the shortage of single-family homes in particular. From last year, the overall number of these specific available properties rose only 3.1%, as compared to approximately 3.7% from the previous year.
Why is it important to keep up with real estate news?
Staying current with the trends in today’s economy and in the real estate market is the best way for anyone to gauge the most opportune time for selling or purchasing an existing property. Maintaining connections with this field can offer an idea of how much inventory is available, as well as whether prices are expected to rise, fall, or remain stagnant. When it comes to financial decisions, the best possible thing to do is make sure to be as fully educated on the subject as possible before coming to a final conclusion.
The future of the market in the Amelia Island area and for Fernandina Beach real estate is still looking good, as mortgage interest rates are staying fairly low and the job outlook for the area remains strong. Keeping up with the market reports as they are published can help decision-making for buying and selling.