Florida Housing Market Poised For Quick Bounce-Back After Slow April

Posted by Mike & Michelle Grizzell on Friday, May 29th, 2020 at 2:12pm.

Florida Housing MarketIt 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 rebounding and is still holding strong on the demand side. The statewide average sales price for both single-family homes and condo/townhouse properties rose year-over-year for the 100th consecutive month—up 6% to $275,000 for single-family existing homes and up 7.7% to $209,000 for condo-townhouse units—and some feel that alone will be motivation for would-be sellers to start listing homes again sooner rather than later.

The Florida Realtors Association also surveyed many of its members and found that despite the temporary suspension of open houses, stay at home orders, and reliance on virtual tours, we're still seeing multiple offers coming in on properties due to what's seemingly a high demand and lower inventory right now.

Furthermore, the general feeling among realtors statewide is that the market has already hit a bottom with respect to the pandemic and buyer interest is returning quickly. Many homeowners in the state's larger markets are looking at refinancing as well, and with rates still at an all-time low, buyers still on the fence in Florida should also try to take advantage if possible.

 

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