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By Marla Martin<\/div><\/div>\n

Florida Realtors: Condo sales dropped slightly year-to-year, single-family home sales and pending sales rose in Nov. Prices rose more than 19% for both.<\/span><\/span><\/p>\n<\/div>\n

ORLANDO, Fla. \u2013 Florida\u2019s housing market reported more closed sales, higher median prices, more pending sales and continuing tight inventory levels in November compared to a year ago, according to Florida Realtors\u00ae latest housing data.<\/span><\/span><\/p>\n

Closed sales of single-family homes statewide last month totaled 27,541, up 4.3% year-over-year, while existing condo-townhouse sales totaled 11,598, down 5.4% from November 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.<\/span><\/span><\/p>\n

\u201cHigh demand for homes in Florida continued to result in homes selling quickly in November: The median time to contract for existing single-family homes was 11 days last month; it was 15 days for existing condo-townhouse properties,\u201d says 2021 Florida Realtors President Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness.<\/span><\/span><\/p>\n

\u201cBuyer demand and the pace of sales has continued to result in rising home prices,\u201d Lambert adds. \u201cHowever, if mortgage rates begin to increase more in the coming months, as analysts expect, that could ease prices.\u201d<\/span><\/span><\/p>\n

The statewide median sales price for single-family existing homes in November was $364,900, up 19.6% 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 $273,270, up 19.9% over November 2020. The median is the midpoint; half the homes sold for more, half for less.<\/span><\/span><\/p>\n

\u201cHow high sales levels are compared to two years ago, before the pandemic, is impressive,\u201d says Florida Realtors Chief Economist Dr. Brad O\u2019Connor. \u201cCompared to November 2019, sales this November were up by over 28% for single-family homes and by over 37% for condos and townhouses. The significant volume of home sales we\u2019ve been experiencing continued to keep inventory levels low in November, however.<\/span><\/span><\/p>\n

\u201cAs of the end of the month, single-family home inventory was down by over 31% compared to a year ago, while condo and townhouse inventory was down by close to 56%. It is primarily the huge rate of sales \u2013 and not a lack of new listings coming onto the market \u2013 that have kept inventories so low. In fact, year-to-date, there have been almost 4% more single-family homes and 7% more condos and townhouses listed for sale in 2021 than by this time in 2019, before the pandemic. These homes are simply selling so quickly that many potential buyers never have a chance to consider them.\u201d<\/span><\/span><\/p>\n

In a continuing trend over the past few months, the share of closed sales that were cash purchases rose year-to-year. In November, single-family existing home sales paid in cash increased by 41.8% year-over-year, while cash sales of condo-townhouse units rose by 20.3%.<\/span><\/span><\/p>\n

On the supply side of the market, inventory (active listings) remained restricted. Single-family existing homes were at a low 1.2-months\u2019 supply in November, while condo-townhouse properties were at a 1.5-months\u2019 supply.<\/span><\/span><\/p>\n

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.07% last month, up from the 2.77% averaged during November 2020.<\/span><\/span><\/p>\n

To see the full statewide housing activity reports, go to the Florida Realtors\u2019 Newsroom<\/a> and look under Latest Releases or download the November 2021 data report PDFs under Market Data<\/a> on the site.<\/span><\/span><\/p>\n

\u00a9 2021 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n

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\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"