Florida housing market: extra gross sales, larger median costs in February

by: Marla Martin

Florida Realtors Communications Supervisor

Amid rising COVID-19 vaccinations and inspiring indicators for the long run, the Florida housing market in February reported extra closed gross sales, larger median costs, extra new gross sales pending and a rise in pending stock in February 2021 in comparison with a 12 months in the past, in keeping with the newest housing from Florida Realtors. The information. Gross sales of present single-family houses elevated 15.7% from February 2020.

“The Florida actual property market continued to realize momentum in February, however larger rates of interest might be an element going ahead,” mentioned Cheryl Lambert, President of Florida Realtors 2021, Dealer-Proprietor at Solely Manner Realty Citrus in Inverness. “Whereas rising charges may probably sluggish the tempo of dwelling gross sales, charges stay comparatively low by historic requirements. Document excessive inventories proceed to drive up dwelling costs and create challenges for patrons. Nonetheless, new pending gross sales elevated 10.9% for present single-family houses final month in comparison with February 2020, whereas new pending gross sales for townhouse condominium models elevated by 35.4 % From one 12 months to a different.

Closed gross sales of single-family houses statewide in February totaled 23,947, up 15.7% year-over-year, whereas gross sales of present townhouse condos totaled 11,379, up 28.7% from February 2020. Closed gross sales can happen from 30 to 90 days or extra. after-sales contracts are drawn up.

The statewide median promoting worth for present single-family houses was $ 314,900, up 16.6% from the earlier 12 months, in keeping with knowledge from the Florida Realtors Analysis Division in partnership with native property agent boards / associations. Final month, the statewide median worth for townhouse condominium models was $ 233,240, up 16.6% from final 12 months’s determine. The median is the midpoint; half of the homes bought extra, half cheaper.

Florida Realtors Chief Economist Dr Brad O’Connor famous that Florida’s present actual property market is a powerful vendor’s market, with fewer new listings and a really tight stock (lively listings), particularly for present single-family houses.

He mentioned, “The statewide stock of lively single-family dwelling listings, which Florida Realtors has been monitoring since January 2008, is at present at an all-time low. On the finish of February, the single-family dwelling stock was down 56.3% from a 12 months in the past. Most of this lower is attributable to our extraordinarily excessive gross sales price.

“Nonetheless, to date in 2021, new single-family dwelling listings haven’t saved tempo with 12 months in the past. In February, they had been down 4.9% year-over-year, an enchancment from January, however nonetheless a step within the incorrect path. It’s probably that a lot of this decline was as a consequence of some sellers, who below regular circumstances may have been listed in January or February, however reasonably earlier than 2021 in response to the bizarre energy of the market within the second half of 2020. However There may be additionally the chance {that a} small however rising variety of householders, who’re contemplating promoting their present dwelling and shopping for one other, will begin to be discouraged by the dearth of obtainable stock and the ensuing rise in costs.

The townhouse-townhouse class exhibits a barely totally different image, O’Connor mentioned.

“In February, closed gross sales on this class elevated 28.7% 12 months over 12 months, which is per the expansion charges we have seen each month since September,” he mentioned. . “A part of this development is probably going fueled by pissed off patrons who had their hearts hooked up to a single household dwelling who finally gave up and moved in for an hooked up unit as an alternative, however we’re additionally seeing sturdy demand from customers. individuals with the standard condominium and the profile of a townhouse purchaser as nicely. And whereas stock on this class remains to be excessive in comparison with what we see within the single-family dwelling class, it was down 34.4% from a 12 months in the past. “

On the availability aspect, shares (lively listings) remained restricted in February. Current single-family houses had a really tight provide of 1.3 months, whereas the stock of condos and townhouses was 3.4 months.

In line with Freddie Mac, the rate of interest on a 30-year fixed-rate mortgage was on common 2.81% in February 2021, considerably decrease than the common of three.47% in the identical month over a 12 months. early.

To view the total studies on statewide housing exercise, go to the Florida Realtors newsroom at http://floridarealtors.org/newsroom and look below Newest Variations or obtain PDFs of the February 2021 Knowledge Report below Market Knowledge at: https://www.floridarealtors.org/newsroom/market-data