South Florida had a bit of a delay in housing from Irma sidelining the housing market for a bit. But real estate still pushed through and sales did occur. So I wanted to go over how the housing market ended in South Florida in 2017.
All of the data I am referencing can be found on my website, here: Market Statistics
Median Sales Price (Single Family Housing Market)
The median sales price for single family houses jumped around a bit. In September it was $357,600 but we felt the impact of Irma soon after. Because October’s median sales price was $335,000. In November it was $350,000 and then in December, it finished out the year with a median sales price, for single family homes, of $340,000. Hopefully this is a sign of the median sales price averaging out a bit.
How Quickly are Homes Selling? (Single Family Housing Market)
In September, homes were going to contract in 36 days and selling in 84 days. But with the damages from Irma, a lot of house purchases got delayed to October. In October, the median time to contract pushed to 42 days and the median time to close moved to 90 days. Still in November, the times got longer, with 50 days for a property to get to contract and 94 days to close. Thankfully by December, housing started speeding up again. The median time to contract came down to 43 days and the median time to closed was at 81 days.
I would suspect that the numbers will continue to improve because the months supply of inventory was 3.8 months (6 months is a balanced market between buyers and sellers) for September, October and November. In December, it dropped to 3.6 months. So, with homes going to contract quicker, homes closing quicker, and less inventory, South Florida’s Housing Market should start 2018 moving at a quick pace with housing prices increasing.