The final Florida housing data is in for the month of September. Although the month has changed, a lot has remained the same. The consistent themes continue to be a low inventory of homes for sale, increased buyer demand, and rising prices. However, there is a silver lining for home buyers as the rate of price growth is slowing down on a month-to-month basis. Furthermore, there are signs that home inventory may improve slightly moving forward.
A look at the data
- Median prices for single-family homes are up 18.3% to $355,000 year-over-year
- Median prices for condos are up 17.2% to $255,000 year-over-year
- Single-family home sales are down 1.3% year-over-year
- Condo sales are up 4.9% year-over-year
- New listings of single-family homes increased by 2.2% year-over-year
- New listings of condos and townhouses decreased by 7.3% year-over-year
- Single-family existing home sales paid in all cash increased by 38.5% year-over-year
- Condo and townhouse sales paid in all cash increased by 22.9%
Summary
It is important to put these data into perspective. For example, although single-family home sales were down by 1.3% year-over-year in September, it is important to remember that we saw a huge surge in sales in September 2020. This was due to the pandemic shifting transactions that would otherwise have occurred during spring, into the late summer and fall. Therefore, the home sales data for September 2020 was artificially higher than it normally would be.
If we compare the September 2021 single-family home sales data to September 2019 (pre-pandemic), we actually see that home sales were up by 20%. Overall, the demand for housing in Florida continues to remain strong. Unfortunately, tight inventory continues to frustrate many buyers and their real estate agents. Moving forward, it is largely expected that mortgage interest rates will gradually rise. This should result in less demand as more of these buyers will unfortunately be priced out of many markets.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. 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. Live South Florida Realty, Inc., has 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!
