{"id":4898,"date":"2021-03-22T15:07:09","date_gmt":"2021-03-22T20:07:09","guid":{"rendered":"https:\/\/nwfl4sale.com\/fla-s-housing-market-more-sales-higher-median-prices-in-feb-2021\/"},"modified":"2021-03-22T15:07:09","modified_gmt":"2021-03-22T20:07:09","slug":"fla-s-housing-market-more-sales-higher-median-prices-in-feb-2021","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/fla-s-housing-market-more-sales-higher-median-prices-in-feb-2021\/","title":{"rendered":"Fla.\u2019s Housing Market: More Sales, Higher Median Prices in Feb. 2021"},"content":{"rendered":"<p><img decoding=\"async\" class=\"wpe_imgrss\" src=\"https:\/\/www.floridarealtors.org\/sites\/default\/files\/styles\/full_width_main_image\/public\/page\/image\/2021-03\/gettyimages-1194679406_1.jpg?h=119335f7&amp;itok=0X7G9K9Z\"><\/p>\n<div class=\"content\">\n<div class=\"field field--name-field-news-image field--type-entity-reference field--label-hidden field--item\">\n<div>\n<div class=\"far-media-image\">\n<div class=\"field field--name-field-media-image field--type-image field--label-hidden field--item\">\n<\/div><\/div>\n<\/div>\n<\/div>\n<div class=\"far-byline-name\">\n<div class=\"field field--name-field-byline field--type-string field--label-hidden field--item\">By Marla Martin<\/div><\/div>\n<div class=\"field field--name-field-summary field--type-text-long field--label-hidden field--item\">\n<p><span><span>Florida Realtors\u2019 data: <span><span>Single-family home sales rose 15.7% year-over-year, median sales price up 16.6%; condo sales up 28.7%, median price up 16.6%. Chief Economist O\u2019Connor: <\/span><\/span>Fewer new listings and a tight inventory means a strong seller\u2019s market.<\/span><\/span><\/p>\n<\/div>\n<div class=\"field field--name-field-body field--type-text-long field--label-hidden field--item\">\n<article data-embed-button=\"video_library\" data-entity-embed-display=\"view_mode:media.content_block_playable_video_\" data-entity-type=\"media\" data-entity-uuid=\"d3c4b1bc-b341-44a7-890f-45a6e740cd1c\" data-langcode=\"en\" class=\"align-right embedded-entity entity-type-media\" aria-label=\"February 2021: Florida Housing Report\">\n<div class=\"far-content-block-outer-wrapper\">\n<section class=\"block block-entity-block clearfix block-entity-block-playable-video\"><!-- jfedit: re-added block-entity-block class (double shadow) removed double shadow with css in landing pages --><\/p>\n<div class=\"far-content-block-outer-wrapper\">\n<article class=\"media--type-video\" aria-label=\"February: Home Prices Soar as Inventory Shrinks\">\n<div class=\"content\">\n<div class=\"col-lg-12 col-md-6 far-content-block-image-wrapper\">\n        <a href=\"\/media\/2100\" rel=\"bookmark\"><\/p>\n<div class=\"field field--name-field-media-video-embed-field field--type-video-embed-field field--label-hidden field--item\">\n<div class=\"video-embed-field-provider-youtube video-embed-field-responsive-video form-group\"><iframe loading=\"lazy\" width=\"854\" height=\"480\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" src=\"https:\/\/www.youtube.com\/embed\/Xge1cgK7caM?autoplay=0&amp;start=0&amp;rel=0\">[embedded content]<\/iframe>\n<\/div>\n<\/div>\n<p>        <\/a>\n      <\/div>\n<div class=\"col-lg-12 col-md-6 far-content-block-text-wrapper\">\n<h2>\n        <a href=\"\/media\/2100\" rel=\"bookmark\">February: Home Prices Soar as Inventory Shrinks<\/a><br \/>\n      <\/h2>\n<div class=\"field field--name-field-short-summary field--type-text-long field--label-hidden field--item\">The statewide inventory of active single-family home listings, which Florida Realtors has been tracking since January 2008, is currently at an all-time low. And the scarcity of inventory and high demand for existing homes continues to drive home prices higher.<\/div><\/div>\n<div class=\"col-lg-12 col-md-6 far-content-block-link-wrapper\">\n        <a class=\"far-read-more\" href=\"\/media\/2100\" rel=\"bookmark\" aria-label=\"February: Home Prices Soar as Inventory Shrinks\"><span class=\"far-readmore-icon\">\u25ba<\/span><\/a>\n      <\/div>\n<div class=\"far-message\"\/>\n  <\/div>\n<\/article>\n<\/div>\n<\/section>\n<\/div>\n<\/article>\n<p><span><span>ORLANDO, Fla. \u2013 Amid increased COVID-19 vaccinations and hopeful signs for the future, Florida\u2019s housing market in February reported more closed sales, higher median prices, more new pending sales and increased pending inventory in February 2021 compared to a year ago, according to Florida Realtors<span><span><span><span>\u00ae<\/span><\/span><\/span><\/span>\u00a0latest housing data. Single-family existing home sales rose 15.7 % compared to February 2020.<\/span><\/span><\/p>\n<p><span><span>\u201cFlorida\u2019s housing market continued its momentum in February, but higher interest rates could be a factor going forward,\u201d says <span><span>2021 Florida Realtors President Cheryl Lambert, <\/span><\/span>broker-owner with Only Way Realty Citrus in Inverness<span><span>. <\/span><\/span>\u201cWhile rising rates could potentially slow the pace of home sales, rates remain relatively low by historical standards. Record-low inventory is continuing to put pressure on home prices to rise and creates challenges for buyers.<span> However, new pending sales rose 10.9% for single-family existing homes last month compared to February 2020, while new pending sales for condo-townhouse units increased 35.4% year-over-year.<\/span><span><span>\u201d<\/span><\/span><\/span><\/span><\/p>\n<p><span><span>Closed sales of single-family homes statewide in February totaled 23,947, up 15.7% year-over-year, while existing condo-townhouse sales totaled 11,379, up 28.7% over February 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.<\/span><\/span><\/p>\n<p><span><span>The statewide median sales price for single-family existing homes was $314,900, up 16.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards\/associations. Last month\u2019s statewide median price for condo-townhouse units was $233,240, up 16.6% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less. <\/span><\/span><\/p>\n<p><span><span>Florida Realtors Chief Economist Dr. Brad O\u2019Connor notes that Florida\u2019s current housing market is a strong seller\u2019s market, with fewer new listings and a very tight inventory (active listings), particularly for single-family existing homes.<\/span><\/span><\/p>\n<p><span><span><span><span>He says, \u201cThe statewide inventory of active single-family home listings, which Florida Realtors has been tracking since January 2008, is currently at an all-time low. At the end of February, single-family inventory was down 56.3% compared to a year ago. Most of this decline has been a result of our ultra-high rate of sales.<\/span><\/span><\/span><\/span><\/p>\n<p><span><span>\u201cHowever, so far in 2021, new listings of single-family homes have not kept up with their pace of 12 months ago. In February, they were down 4.9% year-over-year, which is an improvement over January, but still represents a move in the wrong direction. There\u2019s a likelihood that much of this decline has been due to some sellers, who in normal times might have listed in January or February, instead listing ahead of 2021 in response to the unusually strong market in the second half of 2020. But there\u2019s also the possibility that a small but increasing number of homeowners, who have been thinking of selling their current home and buying another one, are starting to get turned off by the lack of available inventory and the rising prices that have resulted from it.\u201d<\/span><\/span><\/p>\n<p><span><span>The condo-townhouse category shows a slightly different picture, O\u2019Connor says.<\/span><\/span><\/p>\n<p><span><span>\u201cIn February, closed sales in this category rose 28.7% year-over-year, which is consistent with the growth rates we\u2019ve been seeing each month going back to September,\u201d he says. \u201cSome of this growth is likely being fueled by frustrated buyers who had their hearts set on a single-family home finally giving up and settling for an attached unit instead, but we\u2019re also seeing high demand from folks with the typical condo- and townhouse-buyer profile, as well. And while inventory in this category is still high relative to what we\u2019re seeing in the single-family home category, it was down 34.4% compared to a year ago.\u201d<\/span><\/span><\/p>\n<p><span><span>On the supply side of the market, inventory (active listings) remained constrained in February. Single-family existing homes were at a very restricted 1.3-months\u2019 supply while condo-townhouse <span>inventory was at a 3.4-months\u2019 supply.<\/span><\/span><\/span><\/p>\n<p><span><span>According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.81% in February 2021, significantly lower than the 3.47% averaged during the same month a year earlier.<\/span><\/span><\/p>\n<p><span><span>To see the full statewide housing activity reports, go to <a href=\"https:\/\/archive.floridarealtors.org\/ResearchAndStatistics\/Florida-Market-Reports\/Index.cfm\">Florida Realtors Tools and Research section<\/a>. Realtors also have access to local market data (password protected) through Florida Realtors\u2019 <a href=\"https:\/\/www.floridarealtors.org\/tools-research\/reports\/sunstats-custom-interactive-florida-housing-market-reports\">SunStats resource<\/a>.<\/span><\/span><\/p>\n<p><span><span>\u00a9 2021 Florida Realtors<\/span><\/span><span><span><span><span><span>\u00ae<\/span><\/span><\/span><\/span><\/span><\/p>\n<\/div><\/div>\n<p><a href=\"https:\/\/www.floridarealtors.org\/news-media\/news-articles\/2021\/03\/flas-housing-market-more-sales-higher-median-prices-feb-2021\">Go to Source<\/a><br \/>\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Marla Martin Florida Realtors\u2019 data: Single-family home sales rose 15.7% year-over-year, median sales price up 16.6%; condo sales up 28.7%, median price up 16.6%. Chief Economist O\u2019Connor: Fewer new listings and a tight inventory means a strong seller\u2019s market. [embedded content] February: Home Prices Soar as Inventory Shrinks The statewide inventory of active single-family home listings, which Florida Realtors has been tracking since January 2008, is currently at an all-time low. And the scarcity of inventory and high demand for existing homes continues to drive home prices higher. \u25ba ORLANDO, Fla. \u2013 Amid increased COVID-19 vaccinations and hopeful signs for the future, Florida\u2019s housing market in February reported more closed sales, higher median prices, more new pending sales and increased pending inventory in February 2021 compared to a year ago, according to Florida Realtors\u00ae\u00a0latest housing data. Single-family existing home sales rose 15.7 % compared to February 2020. \u201cFlorida\u2019s housing market continued its momentum in February, but higher interest rates could be a factor going forward,\u201d says 2021 Florida Realtors President Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness. \u201cWhile rising rates could potentially slow the pace of home sales, rates remain relatively low by historical standards. Record-low inventory is continuing to put pressure on home prices to rise and creates challenges for buyers. However, new pending sales rose 10.9% for single-family existing homes last month compared to February 2020, while new pending sales for condo-townhouse units increased 35.4% year-over-year.\u201d Closed sales of single-family homes statewide in February totaled 23,947, up 15.7% year-over-year, while existing condo-townhouse sales totaled 11,379, up 28.7% over February 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written. The statewide median sales price for single-family existing homes was $314,900, up 16.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards\/associations. Last month\u2019s statewide median price for condo-townhouse units was $233,240, up 16.6% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less. Florida Realtors Chief Economist Dr. Brad O\u2019Connor notes that Florida\u2019s current housing market is a strong seller\u2019s market, with fewer new listings and a very tight inventory (active listings), particularly for single-family existing homes. He says, \u201cThe statewide inventory of active single-family home listings, which Florida Realtors has been tracking since January 2008, is currently at an all-time low. At the end of February, single-family inventory was down 56.3% compared to a year ago. Most of this decline has been a result of our ultra-high rate of sales. \u201cHowever, so far in 2021, new listings of single-family homes have not kept up with their pace of 12 months ago. In February, they were down 4.9% year-over-year, which is an improvement over January, but still represents a move in the wrong direction. There\u2019s a likelihood that much of this decline has been due to some sellers, who in normal times might have listed in January or February, instead listing ahead of 2021 in response to the unusually strong market in the second half of 2020. But there\u2019s also the possibility that a small but increasing number of homeowners, who have been thinking of selling their current home and buying another one, are starting to get turned off by the lack of available inventory and the rising prices that have resulted from it.\u201d The condo-townhouse category shows a slightly different picture, O\u2019Connor says. \u201cIn February, closed sales in this category rose 28.7% year-over-year, which is consistent with the growth rates we\u2019ve been seeing each month going back to September,\u201d he says. \u201cSome of this growth is likely being fueled by frustrated buyers who had their hearts set on a single-family home finally giving up and settling for an attached unit instead, but we\u2019re also seeing high demand from folks with the typical condo- and townhouse-buyer profile, as well. And while inventory in this category is still high relative to what we\u2019re seeing in the single-family home category, it was down 34.4% compared to a year ago.\u201d On the supply side of the market, inventory (active listings) remained constrained in February. Single-family existing homes were at a very restricted 1.3-months\u2019 supply while condo-townhouse inventory was at a 3.4-months\u2019 supply. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.81% in February 2021, significantly lower than the 3.47% averaged during the same month a year earlier. To see the full statewide housing activity reports, go to Florida Realtors Tools and Research section. Realtors also have access to local market data (password protected) through Florida Realtors\u2019 SunStats resource. \u00a9 2021 Florida Realtors\u00ae Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":4899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/4898"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=4898"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/4898\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/4899"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=4898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=4898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=4898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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