The official January 2021 Florida Real Estate Report was released on January 22, 2021, for the finalized market statistics from December 2020. The housing market for 2020 was quite a roller coaster ride.
We’re all looking to taking the next step forward in 2021 and it was good to see the housing market wrap up the year on a high note.
Florida Single-Family Homes
December’s statewide closed 30,478 sales of existing single-family homes, the second highest total for any month in 2020.
These sales accounted for +21.0% increase over last year which was one of our strongest months on record for residential sales.Forget the cousins, uncles, brothers, sister’s best friend who still has her real estate license from the 90’s yet hasn’t sold anything since. There’s a reason.~Michelle Richard – Broker/Owner Click To Tweet
The pandemic may have thrown a road block or two in front of last years momentum, but the housing market demand was so strong it finished up +5.8% for the year better than last year.
All signs are pointing towards a strong housing market for 2021. One indicator, new pending sales, is up +31% over the past December which identifies forth coming sales in the upcoming months.
2021 January Florida Real Estate Reports available for download HERE.
After everything 2020 threw at us, we still ended the year up +5.8%. More importantly, let’s focus on the growth trend of the second half that recovered from the first half woes at a blistering pace of +18% over last year’s pace.
Florida Condo Townhouse Homes
Condo and townhouse closed sales finished the year strong as well, finishing at +27.7% over last December recovering more lost ground to end the year up +2.5% over the prior year.
This housing category also shows strong momentum with new pending sales up close to +43% over last December.
Closed Sales Dollar Volume
The luxury housing market played a big part in seeing a light at the end of 2020. The second half of the year experienced home value appreciation across the board with the sales volume ($$) of 2020 far exceeding 2019.
Not to be outdone, the dollar volume of closed single-family home sales was up +22.5% in 2020, to nearly $125 billion. This combination causing the December median sale price to rise to $309,000, up +14.4% over December of the prior year.
Closed sales in the condo and townhouse category also rose to the occasion, wrapping up the year with a total dollar volume in excess of $36 billion, an increase of just under +14%. As a result, we experienced growth in the median sale price for this property type category up +13.7% year-over-year to $230,000.
Real Estate Inventory Challenges
The dreaded inventory levels. This is quite the troubling times with inventory. Inventory levels at year’s end are at record lows.
We ended the year with single-family inventory down over 44% and condo and townhouse inventory down over 18%. Amazingly enough, new listings were not dramatically lower in 2020 than they were in 2019, overall.
Single-family homes were down only -3% while condo inventory was up a little over 1% compared to 2019.
The continued low mortgage rates were experiencing is helping sell houses in greater numbers and much quicker than usual keeping the overall inventory levels low across the board throughout the year.
How do I Dip my Toe in the Real Estate Market Waters?
You need to sell, but can you buy at the same time in this HOT market. Yes, it can be done and you can still get a good deal on both ends.
It takes a seasoned real estate professional who can work 7-days a week to pull it off in these market conditions.
Forget the cousins, uncles, brothers, sister’s best friend who still has her real estate license from the 90’s yet hasn’t sold anything since. There’s a reason.
Request a complimentary consultation and weigh your options for yourself.
January 2021 National Real Estate Statistics
The National Association of Realtors (NAR) reported in their Housing Snapshot for December 2020.
- Closed Sales 6.76M increased +0.7% over last month and up +22.2% year over year.
- Median Sales Price $309,800 increased +12.9% over last year.
- Housing inventory levels 1.9 months of supply vs 3.0 months in December 2019
In related real estate industry news…
- Experts predict what the 2021 housing market will bring
- Will we have a buyer’s housing market in 2021?
- Builders, Realtors and economists share their outlook for the 2021 housing market
Download the Florida Real Estate Market Reports HERE
Visit our Local Real Estate Market Data page for Summary Reports and Custom Report Downloads.