ORLANDO, Florida, May 11, 2021 / PRNewswire / – In the first quarter of 2021, Florida The housing market reported more closed sales, higher median prices and more new pending sales compared to a year ago, according to the latest housing data released by Florida RealtorsÂ®. Closed sales of single-family homes statewide totaled 78,353 in Q1 2021, up 19.4% from Q1 2020 level.
“A year ago, in early March, the first cases of coronavirus were confirmed in FloridaSaid the president of Florida Realtors 2021 Cheryl Lambert, broker-owner with Only Way Realty Citrus at Inverness. âLooking back to this first quarter, given how much we’ve all been through with the pandemic, and where we are today in the first quarter of 2021, it’s almost impossible to believe. As we continue to deal with the COVID-19 pandemic and follow guidelines to stay safe and protect our communities, Florida the housing market remains strong.
But, with housing demand exceeding the available supply, it continues to push up house prices – and tighten the existing real estate market even further. “
In Florida condo-townhouse market, closed sales statewide totaled 37,505 in Q1 2021, up 37% from Q1 2020, according to data from Florida Realtors Research in partnership with the Boards / associations of local real estate agents. Closed sales generally take place 30 to 90 days after the drafting of sales contracts.
The statewide median selling price for existing single-family homes in Q1 2021 was $ 317,500, up 17.6% from the same period a year ago. The statewide median price for townhouse condominium properties in the quarter was $ 235,422, up 14.8% from last year. The median is the midpoint; half of the houses sold more, half cheaper.
Florida Realtors Chief Economist Dr Brad O’Connor has reviewed new enrollment data for the first quarter of 2021.
âNew listings of homes for resale were slightly lower in January and February than they were a year ago before the pandemic, but were offset by a decent increase in March,â he said. âFor the quarter as a whole, there were only 2.5% fewer new listings of single-family homes than in the first quarter of 2020, and more in the category of condos and townhouses, we have saw a 5% increase.
âMost people I talk to are surprised to learn that, other than the first two months of the pandemic, the rate of new registrations has been pretty close to what it was before the pandemic. understandable reaction, given the weakness of our stocks. are. “
O’Connor explained, âOne way to think about it is to imagine an empty shelf in a supermarket that has been cleaned. The store may have stopped receiving shipments of the product that was on the shelf, but that could also be the case. the demand for this product has increased so much that, although deliveries are still arriving, they are exhausted as soon as they are in stock. This is what is happening in the housing market right now. But to prevent inventories from continuing to drop, we need to see a significant increase in the normal rate of new listings, and that is not happening either. “
The inventory was at a 1.2-month first-quarter supply for single-family homes and a 2.8-month supply for townhouse condo properties, according to Florida Realtors.
In Q1 2021, the median length of a contract (the midpoint of the number of days it took for a property to receive a contract of sale during that period) was 19 days for single-family homes and 37 days. for townhouse condos.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage was on average 2.88% in Q1 2021, down from the 3.51% average recorded in the same quarter a year more early.
Florida Real Estate AgentsÂ® serves as the spokesperson for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to approximately 200,000 members in 51 boards / associations. Florida Real Estate AgentsÂ® The Media Center website is available at http://media.floridarealtors.org.
SOURCE Florida Real Estate Agents