September 2019 saw healthy trends for Florida’s real estate market for September of 2019 as compared to September 2018 with an increase in home sales. Let’s take a look at those numbers and why Florida experienced an increase in sales.
September Shows Healthy Growth for Florida’s Real Estate Market
Compared to September 2018, Florida home sales for September 2019 are up 11.5 percent. According to the Florida Association of Realtors, September showed a strong increase in home sales across the entire state. Granted, there are pockets throughout the state where sales have not increased. The reason is most likely due to a shortage of resale inventory.
September 2019 Compared to September 2018
Let’s take a look at how the real estate market numbers for September 2019 compared to those from September 2018.
- The median price rose 5.3 percent to $256,000 for September 2019
- Condo sales were up 6.1 percent in September 2019
- Median condo price increased 6.1 percent to $193,000 in September 2019
This is healthy growth for Florida’s real estate industry which is fueled by a huge influx of new residents to Florida as well as much lower interest rates. According to Freddy Mac, the interest rate has dropped from 4.6 percent a year ago to 3.6 percent at the present moment for a 30- year fixed mortgage rate loan.
Another point of interest is that available inventory for sales is down by 15 percent. This is huge because low inventory can cause prices to increase due to demand being greater than supply. On the flip side, this can also cause a decline in sales because buyers are not able to find a home they are happy with and are understandably not willing to settle.
Seminole County Home Sales
We are located in Seminole County, Florida and are pleased to report that sales for September 2019 are up 2 percent as compared to this time last year. The median price of homes is $266,000 for September 2019 compared to $262,000 in September of 2018.
Whether you are looking to buy your next home or sell your current one, I am here to help you navigate the real estate waters. Please give me a call at 407-330-2181 with any questions you might have! This is Gitta, until next time have a great week!