The first case of a reported COVID-19 case in Florida occurred on March 1, 2020. Therefore, last March’s housing data was the first to reflect the effects of the pandemic. The Florida Realtors’ Association recently released updated housing data through March 2021. Of course, the Florida real estate market continues to see strong momentum overall while still dealing with inventory challenges.
What does the data show?
- Single-family homes: sales rose 23.3% year over year
- Single-family homes: median sales prices up 18.9%
- Existing single-family home median sale price: $327,000
- Pending single-family home sales: up 48.2%*
- Condo/townhouse: sales rose 52.6% year over year
- Condo/townhouse: median sales prices up 15.2%
- Existing condo/townhouse median sale price: $242,000
- Pending condo/townhouse sales: up 126.4%*
*It is important to note that pending home sales were the first to feel the effects of the pandemic last year. Therefore, looking at year-over-year pending sales data is misleading.
When comparing pending homes sales to two years ago, we see a more modest increase of 14% for single-family homes and 47% for condo/townhouse properties.
Summary
Overall, record-high buyer demand, combined with the high level of home sales sparked by historically low interest rates, continue to reduce inventory levels. This has resulted in significant challenges for potential home buyers. This extreme shortfall of homes for sale relative to high demand continues to contribute to rising home prices. Ultimately, this also impacts the availability and affordability of housing options, especially for first-time buyers.
Do you have questions about the competitive South Florida real estate market? We can help. Contact Live South Florida Realty, Inc. today and put our local knowledge to work for you.
