The end of summer 2020 showed incredible movement in the Central Florida real estate market. This year has been a unique year for real estate in Florida. We’ve seen huge growth and volume in many price ranges, that were outside the typical flow of the real estate market.
Sellers are capitalizing on the competition of selling in a seller’s market and buyers are working hard to compete for properties at great prices while interest rates remain low. There is less inventory available than this time last year, and we are still in the thick of a very busy and active market.
New listings in August 2020 were down 3% from July and up 1% from this time last year. Though there were slightly fewer listings available, there were significant increases in the number of sales compared to 2019. July was a more active month for new listings as sellers’ who planned to sell in the spring regained confidence in the market and took advantage of home sales in their favor. In many price ranges, sellers had multiple offers on their properties and sold over asking price.
The number of active listings in August was slightly lower than in July 2020. This decline in active listings comes from a slight curb in the number of new listings hitting the market, while buyers are still hungry and snatching up the inventory on hand. There were 31,667 active listings across the entire state of Florida in the Stellar MLS, down 33% from last year where August 2019 saw 47,476 active listings and over three months of inventory.
Average Sales Price
Average sales prices are still on the up and up! With a minor appreciation of a 1% increase in overall average sales price in August from July this year. However, compared to last year, we’re looking at a substantial increase of 13%. Given the pandemic and the uncertainty of the real estate market early on, the appreciation and increase in the average sales price of homes across Central Florida shows us how stable an investment real estate truly is.
Market statistics help us understand what is happening in the real estate market and help advise our clients to put them in the best position when they are buying or selling. This year keeps throwing curveballs and if the numbers tell us anything, it’s that the Florida real estate market is resilient and that real estate is a great investment. If you’re looking to get into the market, it’s not too late to get a great price on a home and get a fantastic return on your investment selling your current property.
New Listings in Central Florida
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*Statistics sourced from the Stellar MLS Real Estate Board and all of the areas it covers. For specific information about your community, please click here and send us a message!