The official December 2020 Florida Real Estate Report was released on December 22, 2020, for the finalized market statistics from November 2020. The past month has not disappointed, as sales continued at a scorching pace collectively across the state.
Florida Single-Family Homes
November single-family homes wrapped up the month with 26,406 in closed sales. All 22 of Florida’s metropolitan areas experienced positive year-over-year gains, up +22.9%, the highest percent increase we’ve seen for the year.
How long can the housing market keep up this pace?
The mortgage rates remain at all-time lows while 2021 projects minor increases based on the overall economic conditions of the country.
Housing demand is expected to remain strong in the coming months, but inventory levels continue to remain far below normal levels.
Statewide inventory of single-family homes was down over 41 percent compared to a year ago. Even luxury listings, listings greater than 1M, are down by almost 25 percent.
This lack of housing supply continues to drive home prices upward as strong competition continues for those homes still available on the market.
The median price of single-family homes finished November at $305,000, matching October, but still up 14.1% over last year.
2020 December Florida Real Estate Reports available for download HERE.National, statewide, and local housing reports will paint a different projection and should be interpreted as such. A close look of your specific neighborhood should drive your decision for your next move.~Michelle Richard -… Click To Tweet
Florida Condo Townhouse Homes
In the condo and townhouse market, inventory hasn’t been quite as much of an issue, but was still down -14.5% over last year.
Closed sales for this segment were up +30.2% over last year pushing our annual sales to +0.1% over the prior year. A nice recovery considering all 2020 threw at us.
The increased demand for this market drove the median sales to $228,000, up 16.9% compared to a year ago.
December 2020 National Real Estate Statistics
The National Association of Realtors (NAR) reported in their Housing Snapshot for November 2020.
- Closed Sales 6.69M decreased -2.5% over last month and up +25.8% year over year.
- Median Sales Price $310,800 increased +14.6% over last year.
- Housing inventory levels 2.3 months of supply vs 3.7 months in November 2019
In related real estate industry news…
- The Luxury Real Estate Trends To Watch For In 2021, According To An Expert
- What to Expect From the Housing Market in 2021
- Real Estate Predictions for 2021: What Can We Expect?
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