Florida Real Estate Situation May Recover, New Report

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Florida The housing market continues to wake up despite the ongoing pandemic, according to a new housing report released Monday.

Florida Realtorsthe state’s largest trade association released its latest housing data today. The new data showed that the state’s real estate business could see a recovery, with the group finding higher average prices, more new offers, and higher cash sales than last year.

In an accompanying press release, Florida Realtors said the prospects are promising after a challenging 2020.

“As a positive sign for Florida In the housing market in July, the number of new proposals increased compared to the same period last year for both private houses by 12.1% and for condominiums and townhouses by 4.6%, ”said the Florida president in 2021. Cheryl Lambert, broker-owner of Only Way Realty Citrus in St. Inverness… “Our economic experts also report that active listings (inventory) of single-family homes continued to rise throughout July (from the lowest level), which could eventually be good news for buyers who were short of homes for sale. … However, any stock recovery will be slow and it will take a long time to return to pre-pandemic levels. ”

Closed sales of single-family homes statewide were 30,740 in July, up 2.1 percent from the same period last year, while sales of existing condominium-townhouses were 13,481, up 21.1 percent. compared to the same period last year. July 2020… Closed sales can take place 30–90 days after the signing of the sales and purchase agreements.

The state median sale price of single family homes in July was USD 355,000, up 20.3% from the previous year, according to the Florida Department of Realtor Research in collaboration with local councils / associations of realtors. The state median price for condominiums and townhouses last month was USD 253,000, which is 20.5% more than a year earlier. The median is the middle; half of the houses were sold at a higher price, half at a lower price.

According to the chief economist of the Florida real estate agency, Dr. Brad O’ConnorThe data revealed signs that the state’s housing market is well on its way to normalizing, at least in some respects.

“The 2.1% drop in sales of closed single-family homes marks the first time sales in this category have declined year-over-year at the state level since May 2020, near the start of the pandemic,” O’Connor added. … “But remember that last year’s spring purchasing season was actually postponed until summer and fall due to the pandemic, so the second half of 2020 turned out to be the most successful second half in sales in at least 15 years. Unsurprisingly, sales in the next few months will not surpass a year ago.

“However, looking at 2019 – the last full year of anything resembling a normal market due to COVID-19 – we find that July 2021 single-family home sales were over 9% higher than July 2019… “

O’Connor also noted that the proportion of closed sales that were fully paid for in cash increased in July from the previous year, an ongoing trend. In July, cash sales of existing single-family homes rose 49.9 percent year-over-year, while cash sales of condominiums and townhouses rose 44 percent.

In terms of market supply, the report showed that stocks (active listings) remained extremely limited in July. The number of existing single-family homes was still very low at 1.2 months, while the stocks of condominiums and townhouses were 1.8 months.

In accordance with Freddie MacThe interest rate on a 30-year fixed-rate mortgage averaged 2.87%. July 2021, down from the 3.02 percent average for the same month a year earlier.

To view full statewide reports of housing activity, click here



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