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.”
The Florida Realtors group has thrown their weight behind a 2022 ballot proposal they would like to see become a Florida constitutional amendment.
The political committee, Floridians for Housing, is putting the proposal forward after the Florida Legislature has worked for years to allocate affordable housing funds for other issues. Specifically, the ballot initiative would “dedicate 25 percent” of revenue generated from documentary-stamp taxes to be budgeted exclusively for affordable housing.
Documentary-stamp taxes are collected, in part, via real estate transactions and real estate groups have been frustrated with the legislature for years for rerouting affordable-housing tax dollars.
A federal lawsuit was filed Monday in Tampa by statewide real-estate group Florida Realtors, and Pinellas County based real-estate firm, R.W. Caldwell Inc. that challenges the federal moratorium implemented by the Centers for Disease Control and Prevention (CDC).
The moratorium established by the CDC was originally issued in September 2020 and was meant to expire by December 31st , 2020. The expiration date has since been extended three times, with the new expiration date on June 3oth, 2021. Florida Realtors called the moratorium “an unprecedented and unlawful federal administrative order.”
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.