The official August 2020 Florida Real Estate Report was released on August 21, 2020, for the finalized market statistics from July 2020. July proved to be another strong month for existing home sales up +12% over last July and +3% year to date, based on the latest data release from Florida Realtors.
Florida Real Estate Overview
The Florida housing market recorded the best months performance since January. New pending sales also had a big month up +22%. Combine this performance with the +23% gain in pending sales all point to a strong performance over the remaining summer. Despite the pandemic, year to date is only down -4%. The real estate market has really closed the gap.
This continued rate will have us in positive year to date statistics by the end of August.
Condos and townhouses also had a strong performance finishing July up +6.5%. This continued trend with pending sales up +19% shows a continued strong push in this market segment as well.
2020 August Florida Real Estate Reports available for download HERE.
Median sale prices also reflected strong growth in both categories. Single-family homes wrapped up July +10% to $295,000, while the condo and townhouse market achieved +12% growth to $210,000.
The fall real estate market is already showing signs of a strong outcome.
Home price appreciation is the major contributor to the growth, but is slightly skewed by the later season sales due to the pandemic speed bump. The lower interest rates have certainly helped the affordability and continued strong interest for homebuyers. As a result, this is driving the home appreciation values higher resulting in the increased home contract pricing via competing buyers.The fall real estate market is already showing signs of a strong outcome.~Michelle Richard – Broker/Owner Click To Tweet
Overall, the state of Florida finished the month up more than +28% for single-family homes and +20% for condos over last July.
What will the September Real Estate market look like when the dust settles?
I probably sound like a broken record, but the housing inventory continues to be the pivotal factor in the housing sales. The available new listings on the market for single-family homes continues to decline giving homebuyers less options to choose from, but driving those prices up.
Supply and demand is showing its true colors. We’re hopeful that the beginning of the school year and a better handling on the pandemic will ease potential home sellers to start reconsidering their original intentions.
Condo and townhomes are still at 5.6 months of supply which is fairly balanced, but the single-family homes are down to only 2.5 months of supply. One of the lowest it’s been and a definite benefit to home sellers.
2020 Real Estate Outlook
We’re quickly making up for the lost months of the pandemic and looking forward to the remaining months. Home values will continue to appreciate with steady growth and housing inventory will continue to be the variable deciding how successful the year finishes. If it’s not for sale, we can’t sell it.
August 2020 National Real Estate Statistics
The National Association of Realtors (NAR) reported in their Housing Snapshot for July 2020.
- Closed Sales 5.86M increased +24.7% over last month and up 8.7% year over year.
- Median Sales Price $304,100 increased +8.5% over last year.
- Housing inventory levels 3.1 months of supply vs 4.2 months in June 2019
In related real estate industry news…
- 2020 Housing Market Forecast: What to Expect
- What will the rest of the year spell for the housing market?
- FHFA House Price Index (HPI) updated
Download the Florida Real Estate Market Reports HERE
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