The Sunshine State has something to smile about. Even amid a global pandemic, Florida Realtors reports that Florida’s housing market showed more closed and pending sales, more listings, higher median prices and rising existing home sales than 2019.
December 2020 was a strong month on its own. Florida single-family homes totaled 30,478, a 21 percent increase from December 2019. Condo-townhouse sales totaled 12,752 for a 27.7 percent increase.
For the ninth consecutive year, median sales prices rose in December across the state for single-family and condo-townhouses alike, raising 14.4 percent to $309,000, and 13.7 at $230,000, respectively. Florida Realtors President Cheryl Lambert called the State's "strength and resilience" nothing short of "remarkable."
Meanwhile, Florida Realtor Chief Economist Dr. Brad O’Connor characterized the market as "roaring back," despite the ongoing COVID-19 pandemic and resulting economic downturn.
“Right now, a lot of the right factors are in place for us to get off to another really strong start in 2021," O'Connor is quoted. "New pending sales of single-family homes were up 30.7 percent year-over-year in December, while new pending condo and townhouse sales were up 42.6 percent, which strongly signals that we’re going to see this surge in closed sales continue into at least the first couple of months of this year.”
O’Connor also said that Florida’s luxury market helped lead that charge throughout the second half of 2020. That and the overall increase in home value appreciation led to a greater dollar volume of sales.
The story further reports that the supply side of the housing market kept inventory restricted, specifically in the single-family existing home category, which had a 1.8 months’ supply. The condo townhouse inventory fared a little better at 4.2 months’ supply. Likewise, interest rates for 30-year fixed-rate mortgages were down in December 2020, from 2019's monthly average of 3.72 percent to an average 2.68 percent.