The official October 2020 Florida Real Estate Report was released on October 22, 2020, for the finalized market statistics from September 2020. The Florida housing market wrapped up the summer and entered the fall on a hot streak based on the latest official statistics released by the Florida Realtors Association.
Florida Real Estate Overview
The real estate seasonality over the past years reflect a statewide drop in sales as we enter into September. Leave it to 2020 to keep us on our toes. This past September finished +22% over last year, just below our August 2020 performance. This has been the strongest month since December of last year.
As we enter into “Fall” (sorry but heat index of 102 today, Fall, really?), we need to mention an important metric, the year-to-date results are now back in positive territory again. That’s quite an accomplishment for such a roller coaster of a year.
As we continually monitor the real estate economic indicators, we’re still expecting continued strong performance through the remainder of fall.
2020 October Florida Real Estate Reports available for download HERE.
The continued low mortgage rates are aiding this outcome as pending sales of single-family homes are up over 31% over last year.
While not as strong as single-family homes, the condo townhouse market still shows continued improvement +25% over last year. Year to date total sales are still behind -6%, however dollar volume of sales is above 2019 results.
The silver lining. The condo townhouse market is still on track for even more increased sales with pending transactions +43% over last September.
The increase in pending sales transactions show the fall real estate market is showing continued signs of a strong outcome.
It remains a home sellers market with inventory shortages not just here in Florida, but across the country. As a result, builders confidence reached its highest point this past September with single-family starter homes having the greatest demand.Guiding you so you can fully understand the impact the current real estate market can have on your next move.~Michelle Richard – Broker/Owner Click To Tweet
In September we witnessed new re-sale listings increase over+12% for single-family homes and +21% for the condo townhouse markets. However, the pending sales has increased even greater than both of those leading to a further decease in available homes for sale still on the market.
The combination of housing shortage, continued low mortgage rates, and increased demand has driven the median sales prices in both categories upwards. The median sale price on single-family homes rose greater than +13% to $300,000, while condo townhouses grew just under +13% to $217,500.
That summarizes the statewide real estate performance for September 2020. Florida is a large state and the local market reports can really dive into the details even closer to home for you.
We have custom reports available per request and we’ll gladly guide you through any concerns to fully understand the impact the current market can have on your next move.
October 2020 National Real Estate Statistics
- Closed Sales 6.54M increased +9.4% over last month and up 20.9% year over year.
- Median Sales Price $311,800 increased +14.8% over last year.
- Housing inventory levels 2.7 months of supply vs 4.0 months in September 2019
In related real estate industry news…
- How some real estate agents are still showing and selling homes through the coronavirus pandemic
- People desperate for more space fuel a pandemic real estate boom
- Annual gain is the important metric
Download the Florida Real Estate Market Reports HERE
Visit our Local Real Estate Market Data page for Summary Reports and Custom Report Downloads.