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Florida's Housing Market Remained Hot In February 2021

Navi Persaud
Mar 23, 2021
Photo of Miami.

Florida Realtors' latest housing data showed that amid increased COVID-19 vaccinations, Florida's housing market in February 2021 had more closed sales, higher median prices, more new pending sales and increased pending inventory year-over-year. Single-family existing-home sales rose 15.7% compared to February 2020, according to the report.

"Florida's housing market continued its momentum in February, but higher interest rates could be a factor going forward," said 2021 Florida Realtors president Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness. "While 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."

The report showed that 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.

"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," said Florida Realtors chief economist Dr. Brad O'Connor. "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."

"However, 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's 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's 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."

Click here to read more from the report.

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