The Florida housing market update for Dec. 2020, amazingly shows an increase in properties sold and sales price despite the pandemic!
It is hard to deny that 2020 is a year for the history books. COVID-19 turned the world upside-down. Students began virtual learning. Non-essential businesses were forced to temporarily shut-down. Unfortunately, many were not able to open their doors again. Although Florida’s real estate market felt the pandemic’s devastating effects, the industry has been holding steady. Let’s take a look at how the Florida housing market fared during the final month of the year.
A Brief Overview
The total number of sales for December 2020 is 3,672. This is a 21% increase compared to December 2019. Median price experienced an increase as well. Compared to 2019, the median price of all homes sold is $275,000. This is a 10% increase year-over-year.
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Single Family Home Sales
The number of single-family homes sold during December 2020 rose 20% as compared to December 2019. The median price also saw an increase of 12% year-over-year.
Townhome and Condo Sales
Following suit with single-family homes, both townhome and condo sales saw an increase. The number of townhomes sold increased by 15%. Meanwhile, the number of condos sold increased 36% compared to December 2019. The median price for townhomes and condos each increased 6% compared to December 2019.
Are We Still Experiencing a Housing Inventory Shortage Crisis?
Absolutely! There is no doubt, especially in the Orlando real estate market, that demand outpaces supply. Overall housing inventory is down by an astounding 32%. When you break the shortage down by housing type, it looks like this. Single-family housing inventory is down by 43%. However, condo inventory has increased by 12%, and townhome inventory has increased by 7%. These numbers are compared to December 2019. When we look at the big picture, Florida is still experiencing an overall housing inventory shortage.
What Does This Mean?
With demand outrunning supply, if you are ready to sell your home, now is the time to find plenty of interested buyers and receive top-dollar. Chances are also good that you will find yourself in a multiple offer situation, which can raise the final sale amount even higher.
If you are ready to buy, partner with the most trusted realtor in Central Florida, who will leave no stone unturned to find your dream home in the perfect location. Click here to browse the most popular communities in Seminole County!
With over 30 years of experience in the Central Florida real estate market, Gitta Sells understands the nuances of buying and selling. Feel free to contact the best Realtor in Lake Mary at firstname.lastname@example.org or 407-330-2181 with any questions you may have!