Florida’s February Housing Market Update

February brought with it new hope on the horizon thanks to COVID-19 vaccines become more readily available. The possibility of life returning to normal in the near future seems more tangible than ever. Florida’s February housing market update shows the real estate industry is holding steady despite challenging times.

What Do the Numbers Say?

Let’s take a look at how the numbers stack up for February 2021 compared to February 2020 according to Florida Realtors.

February Sales

• Single-family existing homes: New pending sales increased 10.9%, while closed sales rose 15.7% (23,947 homes sold).
• Condo-townhomes: New pending sales increased 35.4%, while closed sales rose 28.7% (11,379 homes sold).

Median Sales Prices

• Single-family existing homes: Increased 16.6% with an average price of $314,900
• Condo-townhomes: Increased 16.6% with an average price of $233,240

Has Inventory Taken a Turn for the Better?

Unfortunately, active listings are still at an all-time low. There is currently an average of only a 1.3 month supply of inventory for single-family homes and a 3.4 month supply for condo-townhomes. Limited inventory increases competition and pushes the price of homes upward, making this a very strong seller’s market.

Compared to February 2020, single-family active listings decreased an astounding 56.3%. There are a couple of factors that play a role in this. The first is that many owners decided to strike while the iron was hot in 2020. They didn’t want to miss the boat on a competitive seller’s market or rock-bottom mortgage rates when purchasing their new homes. For others, they didn’t want to take the risk of selling their home with so little available inventory to choose from.

Mortgage Rates Potentially on the Rise

The current average mortgage rate for a 30-year-fixed loan is 2.81%, which is lower than February 2020’s average rate of 3.47%. However, there is talk of the average interest rate possibly creeping up as the year goes on. This is something to keep an eye on.

Final Thoughts

Looking at Florida’s February housing market update, if you’re looking to sell your home, now is the time to do so. You have the best chance of finding yourself in a multiple offer situation that drives the home’s price up and results in you getting top-dollar for your home. If you are in the market to buy and find a home you love, act quickly because it will not last long!

As always, Gitta Sells is here to help you with all of your home buying and selling needs. With over 30 years of experience, we understand the ins and outs of Lake Mary’s Real Estate market. Feel free to reach out with any questions you may have at gittasells@gitta.com or 407-330-2181. Until next time, stay safe!