If you’re selling this summer, you’re in the perfect position to take advantage of a strong real estate market. Despite a rocky start to the usual busy season, prices continue to stay strong and sales are picking up.
A normal spring market starts at the end of January, with sales at their strongest April through June. This year was a little different. Given the closures, restrictions, and stay at home order during peak real estate selling season, the timeframe of people purchasing homes trickled off in March, though prices continued to increase, and are now picking up at an incredible volume.
Here’s a look at May 2020 in Florida real estate:
There were 25% more new listings on the market in May than in April. This strongly indicates the return of consumer confidence as more homeowners, who would have sold during a regular spring market, are starting to list their homes for sale. As more homes hit the market, there are more options for buyers to consider causing less competition between buyers.
Buyers are back in the market in full force, clearing out more of our inventory of homes for sale and adding more competition to the real estate market. From April to May there was a 52% increase in pending sales. This means that 52% more buyers placed offers on homes for sale and had them accepted in the month of May. If you’re thinking of selling, now is a great time to take advantage of a seller’s market.
The market is still adjusting after the coronavirus. There are still many buyers and sellers who are leery about jumping into the real estate market and fear instability. There were 12% fewer active listings on the MLS in May than there were in April. While there were more homes listed for sale in May than April, there are also significantly more buyers getting back in the market. When there are more buyers than sellers, new listings are picked up fast and often in multiple offers.
If you’re on the fence about buying or selling, rest assured that the real estate market is still strong. This year was out of the ordinary for real estate with many people uncertain about the future of the market. Florida’s real estate market has remained active throughout the disruption. Homes are selling, buyers are buying, and property values are appreciating.
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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!