The official September 2020 Florida Real Estate Report was released on September 22, 2020, for the finalized market statistics from August 2020. Florida’s hot real estate market continues to surge through the hot summer days here in Florida. Sales and median home prices both broke records this month.
Florida Real Estate Overview
Single-family luxury sales >$1M led the surge finishing August up almost 82% year-over-year. Single-family homes in the $600k-1M price range also had a strong performance closing out August up nearly 72%.
Price appreciation seemed to be a large factor though in why single-family home sales under $250,000 were the only price segment down in year-over-year performance. The continued inventory shortage is taking its toll on this price point in the real estate market statewide which is currently down -35% from a year ago.
2020 September Florida Real Estate Reports available for download HERE.
Despite the record low mortgage rates we’re still experiencing, the lack of inventory is affecting the affordability in certain market segments, therefore affecting closed sales growth.
The fall real estate market is showing continued signs of a strong outcome.
This inventory factor has led to the increase in Florida’s median sale price for single-family homes to reach $300,000 up 13% over last year.
General market knowledge is useful, but the hyper-local market knowledge will dictate your next SMART move.~Michelle Richard – Broker/Owner Share on XThe condo and townhouse market continues to reemerge from the pandemic impact which hit this residential real estate segment the hardest.
Closed sales in this category finished August up over 10% year-over-year in August. This housing category performed similarly to the single-family homes in regards to growth by price point.
The luxury tier of this category, >$1M, lead the way up over 63% with the next tier, $600k-1M, finishing the month +71%. As a result, this was a contributing factor to the rise in the median sales prices climbing once again. The condo and townhouse market rose +14.5 % over last year to $217,500.
In union with the single-family market results, it was the lower tier, <$150K, which did not outperform last year’s results.
Inventory in this category is taking the lead in comparison to the single-family real estate market. While still down compared to last year, there is currently 5.3 months of supply across the state compared to the lack luster results in the single-family market of only 2.3 months of supply.
New listings for sale have increased in August for both categories over last year, but there’s still quite a bit of ground to cover. This will take time.
September 2020 National Real Estate Statistics
The National Association of Realtors (NAR) reported in their Housing Snapshot for August 2020.
- Closed Sales 6M increased +2.4% over last month and up 10.5% year over year.
- Median Sales Price $310,600 increased +11.4% over last year.
- Housing inventory levels 3.0 months of supply vs 4.0 months in August 2019
In related real estate industry news…
- Your Real Estate Market overview
- How will the remainder of 2020 shake out for the real estate market?
- Federal Housing Finance Agency Price Index FAQ
Download the Florida Real Estate Market Reports HERE
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