The end of 2021 is quickly approaching as September marks the end of the third quarter. How is the real estate market holding up and what can we expect moving forward. Let’s take a closer look at Florida’s September housing market update.
Closed Sales and Median Prices
First, let’s take a look at what the numbers say for single-family homes and condo-townhouses compared to September 2020.
Single Family Homes
- Closed sales totaled 28,302 and decreased 1.3%
- The median price was $355,000, which is an increase of 18.3%
The main reason we are seeing a decrease in sales is that there were a higher number of sales last September than there normally is. This is attributed to the pandemic shifting spring and summers sales into the fall.
Condo-Townhouses
- Closed sales totaled 11,845 and increased 4.9%
- The median price was $255,000, which is an increase of 17.2%
It is pertinent to point out that although median prices have increased compared to September 2020, the rate of the price of growth has slowed down significantly.
Mortgage Rates
September 2021, 30-year fixed mortgage rates averaged 2.90%. This is a slight increase from the average mortgage rate of 2.89% from just one month earlier.
Inventory
Active listings remain restricted at only 1.3-months supply for single-family homes and 1.7-months supply for condo-townhouses.
All Cash Purchases
All-cash sales continue to rise with an increase of 38.5% for single-family homes and an increase of 22.9% for condo-townhouses for September 2021 compared to September 2020.
What Does This Mean?
A high demand for homes compared with a continuing lack of inventory continues to push the price of homes up. However, analysts predict that mortgage rates will begin to slowly creep up in the coming months. If this happens, it will ease the demand on homes, which will take the pressure off home prices, bringing a much-needed balance to the market.
Let Us Help!
Are you ready to sell your home? Let us help! With over 30 years of experience in the real estate industry, Gitta Sells can help you navigate the real estate market to ensure you receive top dollar for your home. Contact us today at 407-330-2181 or gitta@gittasells.com with any questions you may have!
