2021 started off with a bang for the Florida real estate market. Buyers wanting to take advantage of historically low mortgage interest rates still faced low inventory rates. However, single-family home sales were up 18% over January 2020, while condo and townhouse sales were up over 24.6%.
Because of high buyer demand and low inventory, listings are selling more quickly, and for more. Median sale prices are up about 15% from last year, according to the Florida Realtors Research Department.
So where do we go from here?
Florida Realtors Chief Economist Dr. Brad O’Connor believes that 2021 will continue in the same vein. With the Fed expected to keep interest rates low, buyers will continue to be on the hunt for their ideal home. Unfortunately, housing inventory remained low in January and there’s no indication whether that will change over the next several months. January 2021 saw 10% fewer home listings than January 2020. Increased inventory could buttress the strong sales the industry is already seeing and up the ante. If you’re thinking about selling a home, this is the time! There is a perfect confluence of market factors to help you sell your home faster and for more. Contact me to learn more!