A Florida Realtor's report indicates new listings and closed sales were statistically down (year-over-year) due to the pandemic; however, a recent study shows that median home sale prices have increased and pending sales are up 2.5% for single family homes. What does this mean? This is a positive sign that a recovery is imminent.
Chief Economist O'Conner with Florida Realtors states that “The most significant evidence we have of a rebound are the year-over-year changes we see for new pending sales in May. That 2.3% increase is in significant contrast to what we saw in April (2020), when new pending sales were about 35% lower than the previous April (2019.)”
He claimed that although May numbers were expected due to March and April's pending sales figures, the recovery is in progress and "this is likely the worst of it, for now." On a positive note, buyers are seeing historic record low interest rates. New rates have hit under 3% with no indication of interest rates climbing any time soon!
Last month statewide figures indicated that single family homes dropped 36% (year-over-year) while condos/town homes dropped 50%. Is this an indication that the market has turned to a buyers market amid COVID-19?
This pandemic has caused a moment in time where having a place to call home more important than ever. Thinking of buying or selling? Contact me with any questions.
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