Florida Market Update

Written By: Miller and Associates Realty On: 28th May 2013 Under: Economy, Market Updates

The latest data falls in line with the continued, steady recovery predicted by market analysts and compared to April, 2012, all the big numbers seem to be moving in the right direction.  The supply figure, resting at a little over five months for both condos and homes, supports the assertion that limited inventory is nudging prices upwards.  The average home price is up by over twelve percent and, more importantly, the average sale price is at or above ninety three percent of the original asking price.  Not only are people selling their homes, but they’re getting what they’re asking for them.  The median sales price might have risen even more if it weren’t held back by the large, though shrinking, number of distressed properties (which tend to sell at discounted rates).  The total number of sales is up even more dramatically, by over thirty percent compared to twelve months ago for single family homes and almost twenty five percent for condos.  That healthy increase in condo sales is particularly good news for our area, and for overbuilt Panama City Beach specifically.  Even as nice as the numbers look, they do not tell the whole story.   Because the statistics do not reflect the government handled bulk sale of foreclosures, the market is actually doing even better than the math alone might indicate.  Either way, the April report is good news all around and reflects the continuation of recent market trends.