Feb 12 2015 5735 1 South Florida Home Sales Grow Condo Sales Fall In 2014

Feb 12 2015 5735 1 South Florida Home Sales Grow Condo Sales Fall In 2014

The Florida Realtors released its final tally for residential sales in 2014 and the numbers for single-family homes and multifamily units in South Florida were decidedly different.Sales of existing single-family homes in the tri-county area increased 5.7 percent to 44,903, compared to 2013. Yet, sales of existing town homes and condos declined 4.3 percent to 46,317.Statewide, the growth numbers were more impressive than in South Florida. Sales of single-family homes across Florida increased 8.1 percent to 244,543 in 2014 while sales of town homes and condos fell just 1.2 percent to 108,354."The condo market is a bit weaker than the single-family market, in part owing to weaker demand by investors," Florida Realtors Chief Economist John Tuccillo said in a news release. "Inventories in both areas are in what is generally considered a balanced market range. Distressed sales are falling, particularly short sales, as rising prices eliminate many homes as short sale candidates."The South Florida market accounted for 18 percent of the state's single-family home sales and 43 percent of its multifamily unit sales.Which markets had the most growth for homebuyers? The Sebastian-Vero Beach market led the way with an 18.2 percent increase in single-family home sales and its 18.1 percent growth in townhome/condo sale was the greatest among markets with at least 1,000 closings.South Florida homes fared well on the pricing side. The median price of a single-family home sale in 2014 increased 6 percent to $265,000. Despite the slowdown in closings, the median price in the town home/condo market here jumped 12.4 percent to $145,000.That's more impressive than the statewide price growth. Florida single-family homes saw a 5.3 percent increase in median sales price in 2014 to $178,000 while townhouses and condos were up 9.8 percent to $140,000."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," Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton, said in a news release.For those who think South Florida homes are expensive, check out the Naples market - the most pricy in the state. The median single-family home sale there was $380,000, a 20.7 percent increase, while town homes and condos went for a median price of $230,000.

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Phone: 954-471-8120
Dated: February 12th 2015
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