The official November 2020 Florida Real Estate Report was released on November 19, 2020, for the finalized market statistics from October 2020. The 2020 Florida housing market continues to boast strong results in October.
Florida Real Estate Overview
Existing single-family home sales across the state reached almost 30,000 closings up +27% year-over-year.
The condo and townhouse segment reached substantial gains as well, finishing the month over 12,000 closed sales statewide, up +30% over last year.
2020 November Florida Real Estate Reports available for download HERE.
The continued challenge is still new listing inventory. This past month’s inventory decline rate slowed from the steep drop we’ve been experiencing since this past April.
The inventory year-to-date still remains at a several year low, down -40% compared to this time last year. In comparison, the condo and townhouse markets are also suffering from lack of inventory down -12% versus last year.
October was similar to many other months this year. The decline of inventory and growing demand for homes adds to the home value growth we continue to see across the state.
As a result of the current real estate market conditions, median price for closed sales also continued to rise. Single-family median price rose to $305,000 up +15.6%, while the condo townhouse market rose +15.9% to $221,000.No matter the sales mix, a localized market report by city, development, or just your neighborhood will greatly dial in the local real estate market conditions effecting you the most.~Michelle Richard – Broker/Owner Click To Tweet
The overall rise in median home sales price is not completely Indicative of the home appreciation we’re currently experiencing. Real estate appreciation is driven by the mixture of home price points sold.
Certain market conditions are good for the first-time home buyer, while other times during the 2020 economic fluctuations opened up opportunities for the luxury home market to flourish, thus changing up the mixture of sales from month to month.
Price Appreciation and Your Next Steps
Price appreciation is strong across the state regardless of the sales mix, especially since housing affordability has driven first-time home sales demand on the minimal inventory.
No matter the sales mix, a localized market report by city, development, or just your neighborhood will greatly dial in the local real estate market conditions effecting you the most.
That’s where we come in.
Luxury market sales mean nothing to you if you’re living in a $450,000 priced home. We realize that it’s not the “right time” for everyone, but if you’ve even considered what your options might be… just request a complimentary neighborhood analysis to guide your next move.
November 2020 National Real Estate Statistics
The National Association of Realtors (NAR) reported in their Housing Snapshot for October 2020.
- Closed Sales 6.85M increased +4.3% over last month and up 26.6% year over year.
- Median Sales Price $313,000 increased +15.5% over last year.
- Housing inventory levels 2.5 months of supply vs 3.9 months in October 2019
In related real estate industry news…
- What Buyers Focus On Most When Touring A Home, According To Eye-Tracking Software
- Why Investors Still Love Florida’s Real Estate Market in 2020
- The housing market is hot, but not in a bubble, But rising home prices are a concern
Download the Florida Real Estate Market Reports HERE
Visit our Local Real Estate Market Data page for Summary Reports and Custom Report Downloads.