Florida’s housing market continued to report more closed sales, higher median prices, more new listings and increased pending inventory compared to a year ago, according to Florida Realtors latest housing data.
Closed sales of single-family homes statewide in May totaled 30,985, up 57.9% year-over-year, while existing condo-townhouse sales totaled 15,491, up 155.2% over May 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 $344,900, up 27.7% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $250,000, up 24.1% over the year-ago figure.
“In May, Florida’s housing market continued to show strong year-over-year gains,” said Cheryl Lambert, 2021 Florida Realtors president and broker-owner with Only Way Realty Citrus in Inverness. “Of course, in May 2020, Florida remained under lockdown and was feeling the effects of the pandemic. Median prices continue to rise: Part of the reason is that the state is experiencing a greater share of luxury sales in 2021 compared to a year ago, but overall home price appreciation is also a big factor pushing costs higher.”
May’s housing data offered insight into market trends, according to Florida Realtors Chief Economist Dr. Brad O’Connor.
“Florida’s inventory of existing single-family homes listed for resale increased slightly over the course of the month, rising from 31,618 as of the end of April up to 32,021 by May 31,” said Florida Realtors chief economist Dr. Brad O’Connor. “While that’s only a little over a 1% increase, it’s significant because this is the first time Florida’s single-family inventory has increased during any month since March of 2020. It comes on the heels of only a very slight month-over-month statewide decline of just 40 single-family active listings (inventory) from March to April.”