Key factors:
- Home sales rose 15.7% year-over-year and median sales price rose 16.6%
- Condo sales up 28.7%, median price up 16.6%.

- Less new listings and low inventory levels result in a strong seller’s market.

With hopeful signs for the future, Florida’s Real Estate market reported more closed sales, higher prices, and more pending sales in February 2021 compared to a year ago, according to Florida Realtors®. Single-family existing home sales rose 15.7 % compared to February 2020. The housing market has continued to flourish despite the recent interest rate increases. Low inventory is continuing to influence home prices to increase and its creating a challenge for buyers. The statewide median sales price for single-family homes was $314,900, an increase of 16.6% from February 2020. Last month’s statewide median price for condos/townhouses was $233,240, an increase of 16.6% over February 2020's figure. The median price is the midpoint, half the homes sold for more and half for less.

On the contrary, at the end of February, single-family homes inventory was down 56.3% compared to February 2020.  A significant factor in this market that continues to trend the wrong way. There’s a possibility that an increasing number of home owners that would like to sell right now are currently shying away from selling due to the low inventory. Although it is a strong sellers market, homeowners will have to experience the low inventory challenges once they become buyers. Florida is currently seeing large numbers of new residents each day, another major factor causing the low inventory.

This market has all the clues hinting that it will continue its current trend. Unless something drastic happens that will help with housing availability, it is hard to picture our market slowing down this year. In the upcoming months before summer we will see if the Covid home buying craze will cool off or not.