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Florida's housing market reported more closed sales, higher median prices and more new pending sales in the first quarter of 2021 compared to a year ago, according to the latest housing data released by Florida Realtors. The report also revealed that closed sales of single-family homes statewide totaled 78,353 in 1Q 2021, up 19.4% from the 1Q 2020 level.
"A year ago, in early March, the first coronavirus cases were confirmed in Florida," said 2021 Florida Realtors president Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness. "Looking back at that first quarter, considering everything that we have all endured with the pandemic, and where we are today in the first quarter of 2021, it's almost impossible to believe. While we continue to deal with the COVID-19 pandemic and follow guidelines to stay safe and protect our communities, Florida's housing market remains strong. But, with demand for housing greater than the available supply, it continues to drive home prices higher – and tightens the existing home-market even more."
Meanwhile, the statewide median sales price for single-family existing homes in 1Q 2021 was $317,500, up 17.6% from the same time a year ago. The statewide median price for condo-townhouse properties during the quarter was $235,422, up 14.8% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
"New listings of homes for resale were marginally lower in January and February than they were a year ago before the pandemic, but these were offset by a decent increase in March," said Florida Realtors' chief economist Dr. Brad O'Connor. "For the quarter overall, there were only 2.5% fewer new listings of single-family homes than in the first quarter of 2020, and over in the condo and townhouse category, we saw a 5% increase.
"Most people I speak with are surprised to learn that, apart from the first couple months of the pandemic, the pace of new listings has been fairly close to what it was before the pandemic. That's an understandable reaction, given how low our inventory levels are."
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