The Florida real estate market posted higher median prices, larger cash sales and tight inventory levels in October compared to a year ago, according to the latest housing data from Florida Realtors.
“In markets across the state, inventory for sale is holding low, putting pressure on prices and also impacting closed sales – some buyers may have halted their search for house for now, ”said Cheryl Lambert, President of 2021 Florida Realtors, Broker. – owner with Only Way Realty Citrus in Inverness. “Last month, the median contract length was 12 days for single-family homes and 15 days for townhouse-condos. The median time to contract is the midpoint of the number of days it took for a property to receive a contract of sale during that time period.
The statewide median selling price of existing single-family homes in October was $ 358,950, up 17.7% from the previous year, according to data from the Florida Realtors Research Department in partnership. with the councils / associations of local real estate agents. Last month, the statewide median price of townhouse condo units was $ 260,000, up 17.6% from October 2020. The median is the midpoint; half of homes sold for more, half for less.
However, closed sales of single-family homes statewide last month totaled 27,628, down 6.8% year-over-year, while sales of existing townhouse condominiums totaled 11,433, down 5.6% from October 2020. Closed sales can take place 30 to 90. more days after the drafting of sales contracts.
“In 2020, the Florida real estate market experienced perhaps the best second half of any year in recent memory,” said Erica Plemmons, Florida Realtors economist and director of housing statistics. “This was in part due to the change in the spring buying season: the onset of the COVID-19 pandemic has pushed many sales that are said to have taken place in the spring, late summer and fall. But other factors were also at play, including record mortgage rates, shifts in consumer housing preferences, and demand pressure from the continued movement of millennials in their early years of home buying. .
Here, in the second half of 2021, the Florida housing market still has many of these demand drivers in place. So while sales were down year over year, she explained that “if we compare October home sales to those of two years ago, before the pandemic, they had increased. by more than 18%. Likewise, sales of condos and townhouses, although down 5.6% year-over-year, were still up 23% from October 2019. ”
In a continuing trend in recent months, the share of closed sales that were cash purchases increased last month compared to the previous year. In October, sales of existing single-family homes paid for in cash increased 25.4% year over year, while cash sales of condo-townhouses were up 6.5%.
On the supply side of the market, new listings and inventory (active listings) remained tight last month.
“Low inventory levels continue to hold back the market,” Plemmons said. “At the end of October, the stock of single-family homes (active listings) was 29.9% lower than it was a year ago, while the stock of condos and townhouses was down 54%. ‘year after year.
Existing single-family homes were at a low 1.3-month supply level in October, while condominiums and townhouses were at a 1.6-month supply level.
According to Freddie Mac, the interest rate on a 30-year fixed-rate mortgage was on average 3.07% last month, up from 2.83% on average in October 2020.
To view the full reports on statewide housing activity, go to the Florida Realtors Newsroom and check out the Latest Releases section or download the October 2021 Data Report PDFs under Market data on the site.