The Q2 2021 Florida housing data is in and the results underscored the red hot real estate market in The Sunshine State. According to data from The Florida Realtors Association, the Florida housing market posted solid annual gains in closed sales, rising median prices and new listings. Historically, the spring home buying season in Florida has been very strong. Of course, COVID-19 negatively impacted this in 2020. Therefore, the year-over-over comparisons for the spring of 2021 can be misleading.
A look at the numbers
- Closed sales of existing single-family homes increased by 43.3% year-over-year to 98,414
- Q2 2021 home sales were up nearly 16% compared to Q2 2019
- Existing condo and townhouse sales in Q2 2021 rose by 117% to a total of 48,976 sales compared to Q2 2020
- Existing condo and townhouse sales in Q2 2021 rose by almost 44% compared to Q2 2019
- The statewide median sales price for single-family existing homes in Q2 2021 was $345,000, up 24.3% from Q2 2020
- The statewide median price for condo or townhouse properties during Q2 2021 was $250,000, up 20.8% over Q2 2020
- The 30-year fixed-mortgage rate in Q2 2021 averaged 3.0% in Q2 2021, which was lower than a year prior when it was 3.23%
- New single-family home listings in Q2 2021 rose by 24.2% compared to Q2 2020; this number was also over 8% higher compared to Q2 2019
- New condo and townhouse listings in Q2 2021 rose by 27% compared to Q2 2020; this number was also over 15% higher compared to Q2 2019
Summary
Falling mortgage rates during the past year have certainly helped fuel much of the buying power in the real estate market, thus resulting in a more competitive market. While still low, mortgage rates have not necessarily been falling though. As rates increase slightly, it will slowly price more buyers out of the market. Furthermore, we are seeing an increase in the inventory of homes for sale. This combination will likely result in a reduced level of competition while putting price growth back on a more normal pace.
Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. At Live South Florida Realty, Inc., we have been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
