ORLANDO, Florida., September 22, 2021 / PRNewswire / – The Florida real estate market reported higher median prices, more new listings and increased spot sales in August compared to a year ago, according to the latest real estate data from Florida Realtors®.
“The data shows that new listings continue to increase, which is good news for buyers who may have been waiting to see more inventory for sale in the market,” said 2021 president of Florida Realtors. Cheryl Lambert, broker-owner with Only Way Realty Citrus at Inverness. “New listings of single-family homes in August were up 10.6% year over year, while new listings of townhouse condominiums rose 1.4%. Nonetheless, it will likely take some time for inventory levels to recover.
Closed sales of single-family homes statewide in August totaled 29,550, up slightly (0.2%) year-over-year, while sales of existing townhouse condominiums totaled 12 550, up 13.1% from August 2020. Closed sales can take place 30 to 90 days or more after the sales contracts are drafted.
Last month, the median selling price of existing single-family homes statewide was $ 354,000, up 18% from the previous year, according to data from the Florida Realtors Research Department in partnership with local real estate boards / associations. Last month, the statewide median price for townhouse condo units was $ 252,500, up 16.1% compared to August 2020. The median is the midpoint; half of homes sold for more, half for less.
Florida Realtors Chief Economist Dr. Brad o’connor noted that although closed sales of single-family homes increased only a fraction of a percentage point from a year ago, “this increase remains impressive given the rate at which homes were selling at the same rate. time last year. The condominium and townhouse market, however, remains the hottest market for now. “
In a continuing trend, the share of completed sales that were all-cash purchases increased last month compared to the previous year. In August, sales of existing single-family homes paid in cash were up 48.3% year over year, while cash sales of townhouse condominiums were up 32.9%.
On the supply side of the market, stocks (active listings) remained limited in August.
“The inventory levels at the end of August weren’t that much different from those at the end of July, but they are still well below what they were a year ago,” Dr O said. ‘Connor. “Active listings (inventory) of single-family homes are down 32.4% year-over-year, while active listings of condos and townhouses are down 52.4%.”
Existing single-family homes remained at a very low 1.3-month supply in August, while condominium and townhouse inventory was at 1.7 months supply.
According to Freddie Mac, the interest rate on a 30-year fixed-rate mortgage was on average 2.84% in August 2021, down from 2.94% on average in the same month a year earlier.
To view the full reports on statewide housing activity, go to the Florida Realtors Newsroom and look under Latest Releases or download the August 2021 PDF data report under Market Data on the site.
Florida Real Estate Agents® is the voice of real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 200,000 members in 51 boards / associations. Florida Real Estate Agents® Newsroom is available at http://floridarealtors.org/newsroom.
SOURCE Florida real estate agents