Greater Seminole County Real Estate Report 11-4-20: September’s housing market update brings with it good news for both buyers and sellers as we move into the last quarter of 2020!
September 2020 brought more good news for Florida real estate as we closed out the 3rd quarter. Even with the ongoing pandemic, the housing market is only gaining strength. Compared to a year ago, September saw a higher number of closed sales, new pending sales, and new listings. When it comes to buying or selling a home it is important to understand the market. Let’s take a look at the September housing market update and what this means for the remainder of the year.
What Do the Numbers Say for September’s Housing Market?
- Existing single-family home sales increased by 22% (28,675) compared to September 2019
- Existing condo-townhouse sales increased by 25.3% (11,290) compared to September 2019
- The median price of existing single-family homes increased by 13.2% to $300,000 compared to September 2019
- The median price of existing condo-townhouse sales increased by 12.7% to $217,500 compared to September 2019
- Pending sales of single-family homes rose 31.4% compared to September 2019
- Pending sales of condo-townhouses rose 43% compared to September 2019
Florida’s median sales prices rose for the 105th consecutive month for single-family homes and condo-townhouses.
Data shows that Florida is still experiencing a shortage of housing inventory. In fact, September saw a record low of 2.2 months’ inventory for single-family homes. Condo-townhouses are sitting at a 5.1 months’ supply. The high demand for homes in the low and mid-price ranges combined with a lack of inventory is expected to continue. Effects will include buyers not being able to find the home of their dreams and pushing prices upward, decreasing affordability.
Florida Hits Milestones in September
September marked two major milestones for Florida’s housing market. The first being that the total number of existing single-family home sales is now higher than the total from the same time period in 2019. This is an incredible feat given the challenges of the year. Secondly, builder confidence is at an all-time high. However, due to labor shortages and the high price of materials, it is still difficult for builders to construct the types of homes that are in demand.
Ready to Make a Move?
September numbers show that Florida’s housing market continues to defy the odds. An increased number of sales and higher median prices combined with rock-bottom mortgage interest rates paints a bright outlook for the last quarter. Have you been contemplating buying or selling? The time couldn’t be better! I am happy to answer any questions you may have. Feel free to contact me at firstname.lastname@example.org or 407-330-2181! Until next week, stay safe!