Florida’s housing market reported more closed sales, higher median prices, more pending sales and continuing tight inventory levels in November compared to a year ago, according to Florida Realtors® latest housing data.
Closed sales of single-family homes statewide last month totaled 27,541, up 4.3% year-over-year, while existing condo-townhouse sales totaled 11,598, down 5.4% from November 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“High demand for homes in Florida continued to result in homes selling quickly 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 in Inverness. “Buyer demand and the pace of sales has continued to result in rising home prices. However, if mortgage rates begin to increase more in the coming months, as analysts expect, that could ease prices.”
The statewide median sales price for single-family existing homes in November was $364,900, up 19.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $273,270, up 19.9% over November 2020. The median is the midpoint; half the homes sold for more, half for less.
“How high sales levels are compared to two years ago, before the pandemic, is impressive,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Compared to November 2019, sales this November were up by over 28% for single-family homes and by over 37% for condos and townhouses. The significant volume of home sales we’ve been experiencing continued to keep inventory levels low in November, however.
“As of the end of the month, single-family home inventory was down by over 31% compared to a year ago, while condo and townhouse inventory was down by close to 56%. It is primarily the huge rate of sales, and not a lack of new listings coming on to the market, that have kept inventories so low. In fact, year-to-date, there have been almost 4% more single-family homes and 7% more condos and townhouses listed for sale in 2021 than by this time in 2019, before the pandemic. These homes are simply selling so quickly that many potential buyers never have a chance to consider them.”
In a continuing trend over the past few months, the share of closed sales that were cash purchases rose last month compared to the previous year. In November, single-family existing home sales paid in cash increased by 41.8% year-over-year, while cash sales of condo-townhouse units rose by 20.3%.
On the supply side of the market, inventory (active listings) remained restricted last month. Single-family existing homes were at a low 1.2-months’ supply in November, while condo-townhouse properties were at a 1.5-months’ supply.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.07% last month, up from the 2.77% averaged during November 2020.
Florida Realtors® serves as the voice for 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 Realtors® Newsroom is available at http://floridarealtors.org/newsroom.