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Florida Real Estate Market Update: January 2021

The Florida real estate market is going strong in January. With low mortgage rates, shortages, and demand now is the time to buy and sell!

Florida Real Estate Market Update: January 2021A new year means new beginnings, and thankfully 2021 is doing just that. According to Florida Realtor’s Chief Economist, 2021 is starting strong for the Florida real estate market. Let’s take a look back at how the month of January fared compared to January 2020.

January 2021 Snapshot

Despite the ongoing pandemic, Florida’s real estate market is going strong. Compared to a year ago, the first month of the year saw:

  • An increase in closed sales
  • A rise in median prices
  • A higher number of new pending sales
  • An increase in pending inventory

Florida Real Estate Market January 2021 Statistics

The following statistics are in comparison to January 2020.

January 2021 Sales

  • Single-family homes – Increased 18% for a total of 21,587 homes sold, while new pending sales increased 16.9%
  • Condo/townhomes – Increased 24.6% for a total of 9,608 homes sold, while new pending sales increased 32%

January 2021 Median Sales Prices

  • Single-family homes – Increased 15.1% at $305,000
  • Condo/townhomes – Increased 15% at $230,000

Florida Real Estate Inventory Shortage

Florida is still experiencing an inventory shortage statewide. In fact, new listings were down for single-family homes and condo/townhomes by 10% and 7%, respectively, compared to January 2020. This lack of inventory combined with high buyer demand and low mortgage rates are pushing the price of homes higher.

Incredibly Low Mortgage Rates Continue

According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage averaged 2.75% is even lower than in January of the previous year.

Is Now the Time to Buy or Sell?

Both! Thanks to rock-bottom mortgage rates, now is the time to snag the home of your dreams. On the other hand, if you are thinking of selling your house, now is the time. With high buyer demand and a shortage of inventory, now is the time that you will get top-dollar for your home.

Click here to instantly see what your home is worth!

When it comes time to buy or sell, partner with the best Realtor in Lake Mary, Gitta Sells. Contact us today with any questions you have at gittasells@gitta.com or 407-330-2181.

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