Florida’s Real Estate Market Could Slow Down in Coming Months

After a year of Florida’s real estate market being a “sellers’ market,” data from Florida Realtors for quarter two (Q2) of 2021 shows that the “red-hot” market could slow down in the coming months.

Florida Realtors’ Chief Economist, Dr. Brad O’Connor, said that now that the ratio of buyers to sellers seems to be falling, home price growth should begin to “cool down.”

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Florida Residential Home Sales Up, Inventory Shrinks

homes

Data released by the Florida Realtors shows that the number of single-family residential home sales (78,353) increased 23.1% in the first quarter of 2021 when compared to the number of homes sold (65,602) in first quarter in 2020.

The increase continues a hot resale market which began during the third quarter of 2020 with a 13.7% increase followed by a 23.6% in forth quarter of 2020.

Prices also saw double digit increases during the first quarter of 2021. The median price increased 17.6% to $317,500 in 2021 from $270,000 in 2020. Also, the average price increased 31.7% to $481,591 in 2021 from $365,765 in 2020.

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