Did you know? The number of U.S. homes for sale reached an all-time low in December. Although buyers remained active in the market, the overall number of homes listed for sale dipped below 700,000. In Florida alone, the drop in 4 metropolitan markets ranged from 20% – 50%. The shortage of homes for sale has been an ongoing issue for the last couple of years. However, in December the combination of the holiday inventory slowdown and the pandemic buying trend caused it to dip to its lowest level in history,
Of course, the persistent tight inventory combined with low interest rates and strong buyer demand has forced home prices to continue to rise. As a matter of fact, home prices rose by double digits year-to-year, though the median listing price was $340,000, down from a summer high of $350,000.
The difference a year makes
- The number of homes for sale was down 39.6% year-to-year – a total of 449,000 fewer homes than in December 2019.
- The median listing price grew 13.4% year-over-year, to $340,000 in December – however, that’s a slight step back from its peak of $350,000.
- Homes sold in 66 days on average in December – 13 days faster than last year.
- Within the nation’s 50 largest metros, homes sold even faster, spending only 56 days on average on market.
Florida metropolitan area listing results
- Orlando-Kissimmee-Sanford: New listings were down 1.3%; homes spent 4 less days on the market; total active listings were down 24%.
- Miami-Fort Lauderdale-West Palm Beach: New listings were down 1.9%, but they spent 5 more days on the market; total active listings were down 20.6%.
- Tampa-St. Petersburg-Clearwater: New listings were down 6.2%; homes spent 12 less days on the market; total active listings were down 46.3%
- Jacksonville: New listings were down 13.5%; homes spent 15 less days on the market; total active listings were down 49.7%
In South Florida, we certainly do not expect the demand for housing to diminish. As of now, the upcoming spring home buying season is shaping up to be one of the most active in recent history. With more people moving to Florida each day, combined with the historically low interest rates, this could be the best time ever for sellers. If you are thinking of selling your home in South Florida, contact Live South Florida Realty, Inc. Not only do we have buyers looking in the market right now, but our listings consistently sell faster than the market average. We are ready to assist you too.