The year ended with an increase despite lower sales in October, November and December 2013 compared to the year before. Tougher credit requirements and flood insurance increases have both been cited as drags on the market in the fourth quarter. The National Association of Insurance Commissioners released a new report in December that ranks Florida as the most expensive state in the nation for home insurance. The average premium for a typical homeowner’s policy is $1,933 in Florida, four times the cost of a policy in Idaho, the cheapest state for homeowner’s insurance. Homeowner’s insurance is twice as expensive in Florida as the national average.
The study was conducted on rates for 2011, and rates have risen since then. Condominium and co-op sales were up 10.5 percent for the year with 581 sales last year, compared to 526 in 2012. Single-family home and villa sales were up 14.7 percent, 3,655 compared to 3,187. Seventy-six percent of the market was the sale of single-family homes, followed by: condos, 11 percent; mobile homes, 5.7 percent; villas, 5 percent; and, combined, townhouses, half duplexes and modular homes, just less than 3 percent of the market.
Homes selling for less than $50,000 accounted for 19 percent of the market in December and 27 percent of sales overall for 2013. The average sales price for the year was $109,537, days on market were 84 and inventory on market averaged 5.2 months. Sixty-four percent of sales were under $99,999. On the high end, the West Pasco Board of Realtors reported two sales of more than $1 million, three sold between $800,000 and $899,999 and 10 in the $700,000-to-$799,999 range. By contrast, The Villages in Sumter County sold 3,419 new homes in 2013, a 20-percent increase from 2012.