More sales, median price increase in November

ORLANDO, 22 December 2021 / PRNewswire / – that of Florida According to Florida Realtors, the housing market reported more closed sales, higher median prices, more pending sales and still tight inventory levels in November compared to a year ago.® latest housing data.

Closed sales of single-family homes statewide last month totaled 27,541, up 4.3% year-over-year, while sales of existing townhouse condominiums totaled 11,598 , down 5.4% compared to november 2020. Closed sales can occur 30 to 90 days or more after the sales contracts are written.

“A strong demand for housing in Florida continued to drive rapid home sales in November: the median time to contract for existing single-family homes was 11 days last month; it was 15 days for existing condo-townhouse properties, ”said 2021 Florida Realtors president Cheryl lambert, broker-owner with Only Way Realty Citrus at Inverness. “Buyer demand and the pace of sales have continued to drive up home prices. However, if mortgage rates start to rise further in the next few months, as analysts expect, it could push down prices. price.”

The median selling price of existing single-family homes statewide in November was $ 364,900, up 19.6% from the previous year, according to data from the Florida Realtors Research Department in partnership with local real estate boards / associations. The statewide median price for townhome condo units last month was $ 273,270, up 19.9% ​​compared to november 2020. The median is the midpoint; half of homes sold for more, half for less.

“The high level of sales compared to two years ago, before the pandemic, is even more impressive,” said Dr. Brad o’connor. “Compared to november 2019, November sales increased by more than 28% for single-family homes and more than 37% for condos and townhouses. The high volume of home sales we experienced, however, continued to keep inventory levels low in November.

“At the end of the month, single-family home inventories were down over 31% from a year ago, while condo and townhouse inventories were down almost 56%. It is mainly the huge sales rate, and not a lack of new listings in the market, that has kept inventory so low, in fact since the start of the year there has been almost 4% over single-family homes and 7% more condos and townhouses listed in 2021 than at this time in 2019, before the pandemic. These homes simply sell so quickly that many potential buyers never get a chance to consider them. “

In a continuing trend over the past few months, the share of closed sales that were cash purchases increased last month compared to the previous year. In November, sales of existing single-family homes paid for in cash increased 41.8% year over year, while cash sales of condo-townhouses were up 20.3%.

On the supply side of the market, stocks (active listings) remained tight last month. Existing single-family homes were at a low 1.2-month supply level in November, while condominium and townhouse properties were at a 1.5-month supply level.

According to Freddie Mac, the interest rate on a 30-year fixed-rate mortgage was on average 3.07% last month, compared to an average of 2.77% over the last month. november 2020.

To view the full reports on statewide housing activity, go to the Florida Realtors Newsroom and look under Latest Releases or download the November 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

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