Florida Housing Market Poised For Quick Bounce-Back After Slow April
Posted by Mike + Michelle Grizzell on
It wasn't devastating but April 2020 did reflect a negative impact on the housing market through much of Florida. Last month, Florida Realtor's reported a nearly 21% drop in closed single-family home sales year-over-year, and a 36.5% drop in closed condo sales.
If that wasn't enough, April's figures also revealed a 27.2% drop in newly listed single-family homes and a 38.5% drop in condos/townhouses, further tightening an already low inventory. Not surprisingly, pending sales also saw similar declines of about 35% in the single-family home category and a whopping 56.6% in the condo/townhouse category.
Despite being what will likely be the weakest month of the year, however, experts are optimistic that the market in Florida is already showing signs of…
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The inventory of existing homes has dropped significantly in recent weeks as many home owners de-list their properties due to an uncertain future brought on by a global pandemic. According to new data, the supply of existing homes on the market nationwide dropped by a startling 24% in April, while newly-built inventory fell just 10.5%.
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The Covid 19 pandemic has hit nearly every industry hard and the housing market is no exception. According to new data from both the Florida Realtors and the National Association of Realtors, existing home sales in April dropped by 17% throughout the U.S., which is right on par with what we saw in Tampa as well. In fact, Hillsborough County saw an 18% drop in single-family home sales in April compared to 2019, while Pinellas County fell 27%.