Florida’s housing market reported higher median prices, more new listings and fewer all-cash closed sales in March, according to the latest hosing data released by Florida Realtors®. Thanks to strong price growth over the last few years, many homeowners have been able to rebuild the equity in their homes. March marked 52 months in a row that Florida median sales prices for both single-family homes and townhouse-condo properties rose year-over-year. This is great news for many but for others, such as, first-time home buyers and move-up buyers it can pose a challenge to them. However, there is good news for potential buyers because inventory in the market has risen. In March, new listings for existing single-family homes rose 5.6 percent compared to a year ago while new listings for townhouse-condo properties are up 2.6 percent.
“Overall, statewide inventory levels essentially held steady in March; however, beneath the surface, we can see that active listings in the most affordable price tiers are continuing to decline,” says Florida Realtors Chief Economist Brad O’Connor. “These declines are being offset by the growth in the upper price tiers, particularly in the luxury market. The active inventory of homes listed for over $1 million, for instance, was up 18.3 percent year-over-year among single family homes and 38.6 percent among condos and townhouses.”
If you are thinking of buying or selling in the near future there is good news. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.69 percent in March 2016, down from the 3.77 percent average recorded during the same month a year earlier.
Contact us today to find your dream home. We are a group that works as one 24/7. When one member lists a property or works with buyers, their individual work is augmented by the expertise and collective efforts of the group. The Monica Betancourt Group, “MBG”, is a group with members who are fluent in not only several languages but also fluent in several different cultures. This fluency gives us a deep understanding of the expectations of both local and foreign buyers and investors.