Buyers and sellers alike are paying close attention to the real estate market. October marks the beginning of the final quarter of 2021. Up until now, the market has stayed relatively strong. Let’s take a look at the Florida real estate market update for October 2021.
What Do the Numbers Say?
In summary, the median price of both single-family existing homes and condo-townhouses increased while the number of sales for both types of housing decreased. Here are the statistics for the Florida real estate market for October 2021 compared to October 2020.
- Single-family existing homes– Total closed homes are 27,628, a decrease of 6.8%, while the median price is $358,950, an increase of 17.7%
- Condo-townhouses – Total closed homes are 11,433, a decrease of 5.6%, while the median price is $260,000, an increase of 17.6%
Keep in mind that due to COVID-19, many buyers and sellers chose to pause selling their homes or buying a new one during the first half of 2020. Instead, they waited until the last half of the year, which inflated the number of home sales. So, although the numbers show a decrease in the number of homes sold, if you compare this year’s numbers to those of October 2019, the numbers will show that the number of closed homes is actually up 18% and 23%, respectively.
Cash Sales
The number of closed sales that are cash sales continues to rise. Cash sales for single-family existing homes increased 25.4% compared to October 2020. While cash sales for condo-townhouse properties increased 6.5%.
Is Available Inventory Still Restricted?
Florida housing market supply still remains restricted as we head into the home stretch of 2021. Single-family inventory decreased 29.9% compared to October 2020, and the condo-townhouse inventory dropped an astounding 54%.
Single-family existing homes are at 1.3-months’ supply, while condo-townhouse inventory averages a 1.6-months’ supply.
Mortgage Rates
The interest rate for 30-year fixed-rate mortgages continues to creep up. According to Freddie Mac, the average mortgage rate for October 2021 is 3.07%, which is an increase of 2.83% compared to October 2019.
Final Thoughts
Florida’s real estate market remains strong. A shortage of inventory continues to the prices of properties up. Some home buyers have chosen to delay their home search due to a lack of options. However, due to low mortgage rates, now is the perfect time to purchase your next home. The demand for homes still outruns supply, making it a great time to put your home on the market and receive top dollar.
When that time comes, Gitta and her team are here to help you navigate every step of the process. With over 32 years of experience in Lake Mary real estate, we have the knowledge and passion to ensure you sell your home for the best price for you home. I’m always happy to answer any questions you may have. Feel free to reach out at gittasells@gitta.com or 407-330-2181.
