Florida’s real estate market June 2021 update brings a lot of exciting news including a rise in inventory! Here’s what you need to know!
June rounds out the first half of the year and the second quarter. Buyers and sellers alike are paying close attention to Florida’s real estate market during what are still unprecedented times in our country. Let’s take a look at the key highlights of Florida’s real estate market update for June 2021.
New Pending Sales…Headed Back to Normal?
Following the trend of the past few months, new pending sales continue to revert back to normal in June. There were 14% fewer new pending sales compared to June 2020. This is an excellent indicator of the number of closed sales we will see in the coming months.
Inventory on the Rise?
Yes! It’s true, single-family inventory is on the rise in June. In fact, new listings increased 22% compared to June 2020. This suggests that the Florida real estate market is working toward a balance of supply and demand.
All-Cash Sales on the Rise!
All-cash sales are something to note in June of 2021. It has been on the rise, with 31% of closed sales being all-cash in June 2021 compared to just 19% in June 2020. To put this into perspective, the last time all-cash sales were this high was in 2015!
There are two reasons for this increase in all-cash sales:
- It is more common to see all-cash sales in luxury homes. In June 2020, luxury home sales made up a greater share.
- There is a higher level of investor activity in homes in the low to mid-price range.
What Do the Stats Say?
Let’s take a look at the numbers for June 2021 compared to June 2020.
Single-Family Homes
- Closed sales – A total of 34,165 homes for an increase of 23.6%
- Median sales price – $351,000 for an increase of 24.5%
Town-Houses and Condos
- Closed sales – 16,155 homes for an increase of 79.6%
- Median sales price – $256,945 for an increase of 22.4%
Ready to Buy or Sell?
While Florida’s real estate market is still swinging in favor of sellers, now is a great time for buyers as well. With over 32 years of experience buying and selling homes, Gitta Sells is Lake Mary’s premier Realtor. I am happy to answer any questions you may have. Feel free to reach out at gittasells@gitta.com or 407-330-2181!
Be sure to check out must-know tips for moving!
