What’s new with Florida’s April real estate market? Check out April 2021’s update to learn why buyers should jump in on the action in a seller’s market!
As we head into the warmer summer months, we are all anticipating how Florida’s real estate market will fare as we dive deeper into 2021. So far, the market has stayed strong and shown significant improvement over 2020. According to Florida Realtors, April 2021 is no different as the trend continues. Let’s take a look at the latest Florida’s April real estate market update. Here’s what you need to know if you are anticipating buying or selling.
April 2021 Florida Real Estate Overview
When we look at April 2021 compared to the same month last year, the trend of the first three months continues. The real estate market remains resilient and strong while showing continuous improvement.
A Shortage of Inventory Continues
The Florida April real estate market is moving fast and if you want a piece of the action, strike while the iron is hot. The severe shortage of inventory, especially single-family homes in the low to mid-price ranges, continues to push the price of homes up. If you want to sell your home, now is the time to do it! Plenty of buyers are looking for their dream home. On the other hand, if you are a buyer and find the right property, do not delay throwing your hat in the ring.
According to the latest survey, there is only a little over a month’s supply of single-family existing homes and 2.3 month’s supply of available condo-townhouses, making this a seller’s market right now.
Take Advantage of Low Mortgage Rates
Despite the severe inventory shortage, mortgage rates remain at an all-time low. According to Freddie Mac, the interest rate averages about 3.06% for a 30-year-fixed-rate mortgage. There is no way of knowing when interest rates will begin creeping up, so many buyers want to take advantage of this amazing opportunity.
What Do the Numbers Say?
Let’s take a look at Florida real estate numbers for April 2021, compared to April 2020.
- Single-family homes – Totaled 33,264 and increased 55.4%
- Condo-townhouses – Totaled 17,330 and increased 130.9%
- Single-family homes – Averaged $336,525 for an increase of 22.4%
- Condo-townhouses – Averaged $250,000 for an increase of 19.6%
While it may be a seller’s market, buyers should also recognize the benefits of making a move under these market conditions. As the effects of the pandemic seem to ease up, only time will tell if the inventory shortage will see some relief as well.
When it comes time to buy or sell, partner with Lake Mary’s most trusted Realtor! With over 30 years of experience, Gitta Sells is here to walk you through every step of the process. Feel free to reach out with any questions you may have at firstname.lastname@example.org or 407-330-2181!