Florida’s September numbers are in and in the first 9 months of 2020 there have been more sales than in the same time frame of 2019.
Additionally, we are continuing to see a rise in the median sale price which already hit a record high of $300,000 in August 2020.
According to Florida Realtors’ Association data we have seen a year over year rise in not just sales and median price but also new contracts and new listings.
Single-family home sales are up 22% vs September 2019
Condo & Townhouse sales are up 25.3%.
The median sales price for both categories rose for the 105th consecutive month with single family homes coming in just over $300,000 (a 13.2% increase vs last year).
Something I think we haven’t noted before is that this median sale price is for Existing homes, so new construction, which tends to be above this price in most places, is not included in this figure.
For the condo/townhouse segment, the median value was $217,500 which is up 12.7% vs September 2019.
FLORIDA REALTORS CHIEF ECONOMIST DR. BRAD O’CONNOR:
“GIVEN ALL THAT’S OCCURRED THIS YEAR, IT’S HARD TO BELIEVE WE’RE ALREADY IN POSITIVE TERRITORY AGAIN, BUT HERE WE ARE, AND ALL INDICATIONS ARE THAT WE WILL CONTINUE TO SEE STRONG SALES THIS FALL AS MORTGAGE INTEREST RATES WILL ALMOST CERTAINLY REMAIN AT OR NEAR RECORD LOWS. NEW PENDING SALES OF SINGLE-FAMILY HOMES WERE VERY STRONG IN SEPTEMBER, RISING BY 31.4% YEAR-OVER-YEAR, WHILE NEW PENDING SALES OF CONDOS AND TOWNHOUSES WERE UP A DRAMATIC 43%.”
Dr O’Connor also noted:
“BUILDER CONFIDENCE, AS MEASURED BY THE NATIONAL ASSOCIATION OF HOME BUILDERS/WELLS FARGO HOUSING MARKET INDEX, HIT AN ALL-TIME HIGH IN SEPTEMBER,”
Across Florida, new listings are up year over year, however, supply is still tight due to the increased sales. As of September 2020 we have about 2.2 months of supply in the single family home category and 5.1 months’ supply in the condo/townhouse segment.
A quick note on interest rates as well, 30 year fixed rates were 2.89% on average in Septemer which is more than half a point lower than they were last year.
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