Despite an inventory shortage, November 2021’s Florida real estate market update shows a strong market. The influx of new residents seeking their dream life in Florida plays a large part. Let’s look at an overview of November’s market.
What Do the Numbers Say?
Here are the statistics for November 2021 versus November 2020.
Single-Family Homes
- Closed sales – increased by 4.3%
- Median sales price – Is $365,000 for an increase of 19.6%
Condo-Townhomes
- Closed sales – increased by 5.4%
- Median sales price – is $273,000 for an increase of 19.9%
Your home may be worth more than you think! Find out using our instant home value calculator!
Why is There Still a Shortage of Florida Inventory?
Across the state, there is still a severe inventory shortage. It is a vicious cycle. Limited inventory drives the price of homes up, which makes sellers not want to sell their homes unless they have to due to fear that they may not find another house because of limited homes for sale. Not to mention more and more people are moving to the Sunshine State.
Compared to November 2020, housing inventory declined by an astounding 47%, while the price increased 17%. In fact, there is so much competition for homes that as soon as reasonably priced properties hit the market, they are snatched up. This means that many potential buyers never even have a chance to look at or consider them for purchase.
Level Mortgage Rates
Home prices are up, and inventory is down, but mortgage rates continue to remain relatively the same. However, according to Florida Realtors, this may change in the coming months. The Federal Reserve implemented stricter policies in an attempt to fight inflation. Changes in policies are expected to cause mortgage rates to increase.
Final Thoughts
Considering the ongoing pandemic, Florida’s real estate market update for November shows a strong yet consistent market. Home prices are still up, inventory is still restricted, and mortgage rates are still relatively low. With so much demand, now is a great time to put your home on the market and receive top dollar. With over 32 years of experience selling homes, Gitta Sells is the most trusted Realtor in Lake Mary. I am happy to answer any questions you may have. Feel free to reach out at 407-330-2181 or gittasells@gitta.com. I can’t wait to help you begin the next chapter of your life!
