Rising Prices and All Cash Buyers Spur Q1 Home Sales in FL
Posted by Benjamin Dona on Wednesday, May 14th, 2014 at 7:16am.
Spurred on by an influx of all cash buyers and steadily rising home prices, both state and local real estate sales in Florida saw substantial increases in the first quarter of 2014.
Here's the breakdown of the Q1 facts and figures:
- Statewide, single-family home prices were up 9.1% to a median of $168,000.
- Condos and Townhouses saw a 16.9% bump up in price to $135,000
- The state boasts the highest number of metro areas where cash deals comprise more than half of all sales.
- The Naples-Marco Island market was by far the fastest performing of all cities in the state.
- Single-family home prices in the Naples-Marco Island market rose 26% to $379,000.
- Condominium and Townhouse prices were up 5.8% to $225,000.
- All cash buyers in the Naples-Marco Island market constituted 59.6% of Q1 sales.
- Cape Coral-Ft. Myers home prices rose 17.8% to a median of $185,000. It ranked as the third best performing market in the state.
- Condominium and Townhouse prices were up a brisk 14.3% to $160,000.
- All cash buyers in the Cape Coral-Ft. Myers market constituted 74% of Q1 sales; it was the highest number seen in the state.
- An ongoing short supply of inventory is hindering the overall sales numbers; however, it is also helping in pushing prices higher.
- In many price range brackets (especially the under $300K market) appraised values are lagging behind many contract prices.
- Buyers need to be prepared for the likelihood of multiple offer situations arising.
- Statewide, sellers are getting an average of 92% (or better) of their asking price.
As of today our market is running hot even though season wound down about three weeks ago. Don't be lulled into thinking things will slow down this summer either. We've found that for the last three to four years now, our company sales have actually been higher during the off peak months.
*Sales Data Statistics from SWFL MLS.
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