Residential Real Estate Trends in Florida/Polk County

Recently, stats have come out about the status of the Florida real estate market. The following information was published through the Florida Market Reports through Florida Realtors and provided to us by the  chamber member MidFlorida Real Estate Sales and the East Polk County Association of Realtors.

 

The State of Florida and Polk County’s Real Estate Market in 2015

With an increase in listings, closed sales sold and a sales price higher than the average price listed in the last two months of 2014, the trend in the Florida housing market is poised for continued growth in 2015.

Outlook for the State                        

Historically, quarter one yields lower numbers in total property sold, but so far 2015 is starting off stronger than last year. Closed sales of Single Family Homes experienced an impressive 8.1% growth in numbers between 2013 and 2014. This is one key indicator of the upward trend in the housing market. January 2015 has already experienced a 10% increase compared to January 2014’s 4.5 percent results, showing that market performance so far is encouraging, and a sure sign of a strong path to a recovering economy.

New listings for single-family homes in January totaled 35,640 units, a 7.9 percent increase over last year. The median and average sales prices saw increases of 7.4 and 6.6 percent respectively compared to last year. The median price ($175,000 in January) shows that half of single-family homes sold for more than that amount, while half sold for less.

While the numbers for closed sales of condos is down 1.7 percent from last year, the median and average saw respectable increases of 5.4 and 3.2 percent respectively. Fewer condos were purchased this past month, but were bought for overall higher prices than this time last year.

 Local Outlook

Meanwhile at the local level, the numbers are just as promising for Polk County. From January to February there was a 12% increase in the number of units sold, with fewer average days on the market; properties are selling faster. On the state level, Polk County accounted for 6.7 percent of property sold and 4.36 percent of the total sales. In February the median price of property was $119,000, a 7% increase from the previous month. Similarly, the average price of property sold rose to $128,822, a 3.6% increase from last month.

With overall positive stats across the board, it shows that Polk County is following the trend of the state: a gradual and steady increase resulting in a healthier real estate market.

 

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