Greater Seminole County Real Estate Report 12-2-20: Florida’s October 2020 housing market update: What is the state of the housing market today and expert predictions for 2021.
Nationwide, October saw another strong month of home sales. In fact, this makes the fifth consecutive month that sales have increased. Let’s take a look at the October 2020 housing market update along with predictions for 2021.
What Do the Numbers Say?
The national breakdown for October 2020 is as follows:
- Single-family home sales – increased 4.1% compared to September 2020 and up 26.7% compared to October 2019
- Single-family median price – increased 16% ($317,000) compared to October 2019
- Condo sales – rose 5.8% compared to September 2020 and 25.95% compared to October 2019
- Condo median price – increased 10.3% ($273,600) compared to October 2019
Seminole County Florida October 2020 Housing Market Update
The breakdown for Seminole County, Florida is as follows:
- Single-family home sales – increased 23.1% compared to October 2019 at 591 homes sold
- Single-family median price – rose 8.2% compared to October 2019 at $330,000
- Condo/Townhome sales – increased 29% compared to October 2019 at 200 homes sold
- Condo/Townhome median price – increased 18% compared to October 2019 at $200,000
32% of the closed sales this month were first-time home buyers, while investors and veteran home buyers comprised 14% of closed sales. All-cash sales made up 19% of sales, and foreclosures were less than 1%.
Inventory Shortage Continues
Despite strong sales, there is still an inventory shortage not only in Florida but nationwide. It is estimated that unsold inventory is at a historic low of a 2.5-month supply. During October, homes averaged 21 days on the market. Approximately 72% of the listings were on the market for less than a month.
Rock Bottom Mortgage Rates Expected to Hold Steady
Mortgage rates are still holding steady at around 3%, with some homeowners obtaining mortgages for 2.83%. Experts predict that these historically low-rates will continue into 2021.
Now is the Time to Buy and Sell
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