Real estate counties throughout Florida continue to see tremendous growth after a very slow spring. This year has impacted the real estate market in ways we never imagined. Instead of a crash that many predicted and waited for, inventory is lower than the number of buyers looking to get into the Florida real estate market.
Average sales price is on the rise and the amount of available inventory is 31% lower than this time last year. Here’s a quick outlook at how the Florida real estate market throughout many counties looked in July 2020.
Many sellers who were planning a move in 2020 and didn’t during the peak of the COVID-19 pandemic shutdown are ready to make their move. The number of new listings to hit the market this July statewide was higher than during the same time period in 2019. This is a reflection of those who planned to move in the spring regaining confidence in the market and taking advantage of our seller’s market. Buyers are actively looking to get into their dream homes with low interest rates.
With more buyers in the market than sellers, the number of active listings continues to drop. Active listings and the number of sales directly impact the amount of inventory in the Florida real estate market. This July, Florida saw 32% fewer active listings than during the same time period last year, and 5% less than in June. If you’re thinking of selling, it’s a great time to list with so many active buyers in the market and get a great return on your investment.
Total sales volume is up over one billion dollars in the state of Florida compared to July of 2019. Buyers really are snapping up properties to get a great deal on their insurance and get in the market before prices skyrocket. This increased activity has kept the real estate industry busy and shows a strong sense of consumer confidence as we move further away from the restrictions earlier set out in the pandemic.
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.
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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!