Greater Seminole County Real Estate Report 10-7-20: The Florida housing market update for August 2020 shows that the state’s real estate economy continues to strengthen despite setbacks due to COVID-19. What does this mean buyers and sellers?

Florida Housing Market Update for August 2020August was yet another positive month for Florida real estate despite the state and the country still dealing with the pandemic. In fact, the Florida housing market update for August 2020 showed higher numbers compared to August 2019. As people have been staying home more over the past several months to protect their health and prevent the spread, homes have never meant more to people than they do right now. Let’s take a look at the current state of the housing market and what this means for buyers and sellers.

August Real Estate Numbers

The health of Florida’s real estate industry continues to be on the rise and provide support for Florida’s economy. These are the numbers for August 2020 as compared to August 2019 according to Florida Realtors.

Home Sales

  • Existing single-family homes saw an 8.8% increase in closed sales (29,495 homes sold)
  • Existing condo/townhomes saw a 10.3% increase in closed sales (11,100 homes sold)

Home Prices

  • Median sales price for existing single-family homes rose 13.2% to $300,000
  • Median sales price for existing condo/townhomes rose 14.5% to $217,500

Luxury Home Sales

  • Single-family homes priced at 1 million-plus increased by almost 82%
  • Single-family homes priced between $600,000 and 1 million increased by nearly 72%
  • Condo/townhome sales priced at 1 million-plus increased by 63.5%
  • Condo/townhome sales priced between $600,000 and 1 million increased more than 71%

The sharp increase in luxury home sales in August 2020 compared to August 2019 is an expected one. This is due in large part to the fact that the stock market has been one of the first things to recover.

Listings and Inventory

Amazingly new listings increased by 2% for existing single-family homes and 15.1% for condo/townhomes. As positive as this is, it still doesn’t change the fact that Florida is still experiencing an inventory shortage, especially in the lower to middle price ranges.

Looking Ahead…

As we look ahead in these challenging housing market conditions, we hope for continued improvement. Interest rates continue to be at historical lows, making this a great time to buy a home if you are in the market. A continued shortage of housing inventory makes now the perfect time to sell your home. A shortage means that buyers are more competitive than ever when they find a home, they are interested in. This translates into sellers receiving top-dollar for their home. Whether you are looking to buy or sell, I am here to help you with all of your real estate needs. Please feel free to reach out at gittasells@gitta.com or 407-330-2181.

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