July’s 2021 Florida Housing Market Update

Potential buyers and sellers are keeping a close eye on Florida’s real estate conditions, and for good reason. Buyers want to capitalize on low mortgage rates, and sellers want to take advantage of a prime seller’s market. Although Florida’s housing market is still leaning in favor of the seller, the current situation presents advantages for buyers as well. Let’s take a look at July’s 2021 Florida housing market update.

Inventory Still on the Rise

Slowly but surely, inventory is on the rise. However, according to Florida Realtors, it will take some time before inventory levels return to normal. Single-family home inventory rose an impressive 12.1%, while condo-townhouse listings increased 4.6% compared to July 2020. A higher number of available properties is good news for buyers who have yet to find a home due to a lack of inventory.

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Second Chance for Rock Bottom Mortgage Rates

Although mortgage rates have remained low throughout the pandemic, July’s average mortgage rates were 2.87% compared to 3.02% in July 2020. It’s hard to tell if or when rates may creep up again, so it’s an excellent opportunity for buyers to snag a great rate while they can.

What Do the Numbers Say?

According to Chief Economist Dr. Brad O’Connor, the numbers for July show Florida is still on track to return to normalcy. However, it is unclear how quickly this will happen. These are the numbers for July 2021 compared to July 2020.

Single Family Homes

Total sales were 30,740, which is a slight decrease of 2.1%. On the other hand, the median sales price was $355,000. This is an increase of 20.3%.

Condo-Townhouse

Sales were up 21.1% for a total of 30,740 properties. Furthermore, the median sales price was $253,000, which is a 20.3% increase.

What Does This Mean for You?

Buyers and sellers should take advantage of a good opportunity when they have one. As the most trusted Realtor in Lake Mary, Gitta Sells is here to help you seize the moment. We are happy to answer any questions you may have in deciding whether now is the right time to buy or sell. Contact us at 407-330-2181 or gittasells@gitta.com. We can’t wait to hear from you!