The official February 2020 Florida Housing Report was released on March 20, 2020, reflecting Florida’s continued growth in sales and median home prices.
Florida Housing Report Overview
Closed sales of single-family homes were up 9% statewide with positive growth in 21 of Florida’s 22 metro areas.
There was even greater growth in closed sales for townhome and condos by nearly 11 percent.
The historically low mortgage rates carrying into February were the main drivers for this growth.
Housing inventory still plays a major factor in the market performance and these low rates have at least aided in the affordability.
As we look forward, affordability will be challenged as housing shortages continue to drive up the median home price.
February continued this trend as the statewide median single-family home price increased 8% to $270,000 and townhouse condos increased 6.7% to $200,000 compared to last year at this time.
Listen to the February 2020 Florida Real Estate Market Summary HERE
February was another strong month for the state of Florida, but what will the future of real estate markets look like?
The economists are at slight odds and a bit hesitant since the coronavirus is such a rare and volatile event. Their ability to rely on their traditional forecasting tools will most likely be inefficient, as the national and local government actions will dictate the overall outcome and most of all consumer sentiment when the dust settles.
So what will the future bring?
Florida Realtors chief economist Brad O’Connor shared his thoughts on the “Silver linings” to this situation we’re in.
Here’s what he had to say…
“So while I can’t responsibly give you a reliable forecast of where we are headed right at this moment, I can at least share some silver linings here the good news is that we are coming into this situation with a fairly strong economy and a largely healthy financial sector, at least compared to the end of last cycle, when the poor health of the financial sector was actually a major cause of all of our woes.
As for the housing market in particular, we are in a position where housing is in relatively short supply and remains a necessity for people, so that should help put a floor under any reductions in housing demand we might see.
And we also expect we’ll continue to see very attractive mortgage rates over the next several months.
So if we can beat this pandemic sooner than later, the housing market should, in theory, come through in pretty good shape.
But we have to remain aware that the length of time this pandemic will persist is still very much up in the air as of right now.”
~Brad O’Conner – Florida Realtors Cheif Economist
We’re grateful for Brad’s realistic optimism.
Beyond February 2020: The Future of the Florida Housing Market
So how do homes get sold during such an event?
With caution and with professionals.
The use of electronic documents and signatures paves the way for contracts, while live video walk-throughs aid buyer interest, keeping everything low risk.
This is very much the same way we’ve conducted business with out of state buyers and sellers.
More than ever, we emphasize the use of video listings of homes, 3D tours, mixed with 360 interactive photos, floor plans for the larger or complex properties and a website to pull it all together.
We find video conferencing a valuable tool for communication in days of limited face-to-face interaction. This is after all the age of the internet and we’re ready to handle it.
National Housing Statistics
The National Association of Realtors (NAR) reported in their Housing Snapshot for February 2020.
- Closed Sales 5.77M increased +6.5% over last month and up +7.2% over February of last year.
- Median Sales Price $270,100 increased +8.0% over last year.
- Housing inventory levels 3.1 months of supply vs 3.4 months in February 2019
On the mortgage front, we’ve been turning to Housing Wire for the latest news.
- Bank of America will allow borrowers to pause their mortgage payments
- Fannie Mae, Freddie Mac, HUD suspending all foreclosures and evictions — Foreclosure moratorium will last for 60 days
- New York will let some residents skip 3 months of mortgage payments as coronavirus spreads
Download the Full Florida Real Estate Market Reports at the bottom of this page.
In the end, the majority of buyers will still want to walk through your home before making an offer. We’ll have the gloves, masks, hand sanitizer, and booties ready if needed.
The home sales dynamic has changed, you don’t need 20 curious buyers just passing through your home unnecessarily. Let our marketing and technology do the selling with a walkthrough being the last step.
We can still conduct business while keeping everyone safe, most of all, so our lives continue to move forward.
Change can be uncomfortable, we consider it, evolution.
Technology has always been a center point for our marketing and business practices but it’s continually evolving our business to best serve our clients’ needs. We can keep you safe during the successful sale of your home.
We’re here to guide you through the jungle of the local real estate market, whether you’re ready to sell or just dipping your toe in the water.
We dive deeper into details by county on our local market data page. There you can also request complimentary market reports specific to your neighborhood.
The official March housing report will be released on April 21, 2020, and posted on our website shortly thereafter.
Looking to dive deeper into the economics behind your local real estate market? We provide complimentary guidance to understanding the market terms and statistics driving the value of your home. Reach out to us and let us help you, plan for the future.
Single-Family Home – Market Sales Activity
| February 2020 | State of Florida | Cape Coral Fort Myers (MSA) | Naples Marco Island (MSA) | Punta Gorda (MSA) |
|---|---|---|---|---|
| Sales – Closed | 20,693 | 1036 | 405 | 376 |
| Year/Year % Change | +9.1% | +18.4% | +30.6% | +8.0% |
| Median Sale Price | $270,000 | $270,000 | $454,000 | $240,000 |
| Year/Year % Change | +8.0% | +6.6% | +2.1% | +9.1% |
Schedule an appointment to discuss the housing market impact on you.
Townhouse and Condo- Market Sales Activity
| February 2020 | State of Florida | Cape Coral Fort Myers (MSA) | Naples Marco Island (MSA) | Punta Gorda (MSA) |
|---|---|---|---|---|
| Sales – Closed | 8,842 | 605 | 471 | 81 |
| Year/Year % Change | +10.8% | +19.6% | +36.9% | 0.0% |
| Median Sale Price | $200,000 | $200,000 | $288,000 | $186,250 |
| Year/Year % Change | +6.7% | +6.0% | +4.7% | +3.5% |
Request a Custom Market Data Report.
PDF Downloads for February 2020 Florida Housing Reports
Visit our Local Real Estate Market Data page for Summary Reports and Custom Report Downloads.
We’re experienced, driven, and accomplished. We’re not pushy salespeople, we’re Marketing Professionals who Sell Real Estate and get the job done. Contact Us NOW to schedule your complementary consultation.
