Fla.’s Housing Market: Median Prices, Cash Sales Up in 3Q
Florida Realtors’ data: Higher median prices – up 18.4% for single-family homes to $355,000; up 18.6% to $254,900 for condos – than 3Q 2020. Condo-townhouse sales up 13%, though single-family home sales were down slightly (-1.1%), at least in part due to tight inventory.
ORLANDO, Fla. – Florida’s housing market continued to report rising median prices, more cash sales and tight inventory in 3Q 2021, according to the latest housing data from Florida Realtors®.
Closed sales of single-family homes statewide totaled 88,592 in 3Q 2021, down 1.1% from the 3Q 2020 level; closed sales of condo-townhouse properties totaled 37,876, up 13% compared to the same quarter a year ago, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.
“Although the pace of home sales slowed from this spring, it was still quite strong in the third quarter of 2021, especially for condo-townhouse properties,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Price growth has moderated a little in recent months, as well, but the median price for single-family home sales in the third quarter was still up 18.4% year-over-year (to $355,000), while the median condo and townhouse price was up 18.6% (to $254,900) compared to a year ago.
The median is the midpoint; half the homes sold for more, half for less.
He added, “The inventory of homes on the market increased during the quarter, which was welcome news, but the latest data show that the pace of this increase has slowed considerably. That’s just another reminder that we have a long way to go in terms of supplying enough homes for sale to satisfy the continued high level of demand that we’re seeing in all different segments of the housing market.”
The share of closed sales that were all-cash purchases rose in 3Q 2021 compared to the previous year: Single-family existing home sales paid in all cash increased by 45.5% year-over-year, while all-cash sales of condo-townhouse units rose by 33.2%.
In 3Q 2021, the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) was 10 days for single-family homes and 15 days for condo-townhouse properties.
Inventory was at a 1.3-months’ supply in the third quarter for single-family homes and at a 1.7-months’ supply for condo-townhouse properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.87% for 3Q 2021, down from the 2.95% average recorded during the same quarter a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors Tools and Resources. Realtors also have access to local market data (password protected) through Florida Realtors SunStats resource.
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