ORLANDO, Fla., Nov. 3, 2016 /PRNewswire/ -- Florida's housing market reported rising median prices, more new listings and fewer days to a sales contract during the third quarter of 2016, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 71,857 in 3Q 2016, almost the same level (down 0.4 percent) as during 3Q 2015.
"Over the past three months, distressed property sales continued to drop in Florida, a sign of the state's strong housing market," said 2016 Florida Realtors® President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. "New listings for single-family homes over the quarter rose 2.1 percent year-over-year, while new condo-townhouse listings rose 0.4 percent. And, sellers continued to receive more of their original asking price: 96.3 percent for single-family existing homes in the third quarter and 94.7 percent for townhouses and condos." The statewide median sales price for single-family existing homes in 3Q 2016 was $224,900, up 12.5 percent from the same time a year ago, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties during the quarter was $160,000, up 6.7 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less. Looking at Florida's condo-townhouse market, statewide closed sales totaled 27,236 during 3Q 2016, down 4.3 percent compared to 3Q 2015. The closed sales data reflected fewer short sales - and rising traditional sales - over the three-month period: Short sales for condo-townhouse properties declined 35.7 percent while short sales for single-family homes dropped 35 percent. Meanwhile, traditional (non-distressed) sales for condo-townhouse units rose 5.7 percent and traditional sales for single-family homes increased 11.5 percent year-over-year. Closed sales typically occur 30 to 90 days after sales contracts are written.