Florida’s real estate market update for March 2021 brings with it a higher number of closed sales and selling prices, and low mortgage rates!
March 2021 paints a much different picture from what we saw last year at the beginning of the COVID-19 pandemic. One year ago, the world was unsure about what we were dealing with, and we were just days away from a historic shutdown that affected every industry. Fortunately, today the real estate market continues to hold steady at the end of the first quarter of 2021. Let’s break down Florida’s real estate market update for March 2021 compared to March 2020.
Statistics for March 2021
According to Florida Realtors, the following numbers are for single-family homes and condos/townhomes compared to March 2020.
- Closed sales – Totaled 32,819 for an increase of 23.3%
- Median sales price – Averaged $327,000, which is an increase of 18.9%
- New pending sales – Increased 48.2%
- Closed sales – Totaled 16,518 for an increase of 52.6%
- Median sales price – Averaged $242,000, which is an increase of 15.2%
- New pending sales – Increased an astounding 126.4%
New Pending Sales and Inventory Explained
As you can see in the statistics, new pending sales for condo-townhouses are outpacing new pending sales for single-family by quite a bit. The reason is inventory. Single-family home inventory is still severely restricted, with only about 1.2 month’s supply. Not to mention the increase in price affects the affordability for homebuyers.
Many home buyers are becoming impatient waiting for the right single-family detached home to come available. They don’t want to wait to begin building equity in their own property or miss out on incredibly low mortgage rates. For this reason, they are turning to attached condos and townhouses instead.
Are you Ready to Buy or Sell?
As we see things slowly returning to normal, we hope that Florida’s real estate market continues to gain momentum. Based on Florida’s real estate market update for March 2021, things are looking up.
If you’re looking to sell, there is has never been a better time, especially if you have a single-family detached home in the mid to low price range. Gitta Sells has over 30 years of experience helping sellers get top dollar for their homes and buyers to find the perfect homes for the next chapter in their lives. When you get ready, feel free to reach out with any questions you may have at firstname.lastname@example.org or 407-330-2181.