Florida’s housing market recorded higher median prices and greater closed sales in the first quarter of the year when compared to 2019, while the effect of the coronavirus pandemic on the state’s economy and real estate markets started to surface in the middle of March, according to recent Florida Realtors® housing data.
Closed statewide sales of single-family homes comprised 65,602 in during the first quarter of 2020, up 10.2 per cent from the same quarter last year.
According to data from the Florida Realtors Research Department in collaboration with local Realtor boards and associations, Florida’s median selling price for single-family existing homes in 2020 first quarter was $270,000, up 6.7 percent compared to 2019. In the quarter, the statewide median price of condo-townhouse properties was $205,000, up 10.5 percent over the amount for the previous year. Florida Realtors also reports inventory being at 3.4 months supply for single-family homes and 5.5 months for townhouses and condominiums.
Examining the condo-townhouse market in Florida, statewide closed transactions amounted to 27,379 in the first quarter, up 9.3 percent from Q1 in 2019. Closed sales typically take place 30 to 90 days after sale contracts have been established.
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