The official January Florida Real Estate Report was released with the finalized statistics from December 2020.

Here is what you need to know.

Single-Family Homes: Existing single-family home sales across the state of Florida reached over 30,000 closed sales. The average sales price was $462,033, a 29.5% increase from last year. Additionally, we continue to see a shorter median time to sale, a drop from 80 days to 65 days in December 2020. Currently, there are 45,749 active listings, a 44.1% decrease year over year in inventory. The months of supply currently sits at 1.8 months.

Townhomes/Condos: In December 2020, there were 12,752 closed sales in the townhome and condo market, a 27.7% increase year over year. The average sale price was $350,004 with a median time to sale at 77 days. There are currently almost 42,000 active listings, a 18.3% decrease this time last year. That is currently a 4.2-month supply.

Key Takeaway: Florida’s housing market is strong. With the low inventory coupled with higher than normal average sales price, it remains a seller’s market.

Additional Insights:

Miami-Dade County: Single-family home sales increased 16.9% with the median sales price increasing almost 20% to $454,900. The number of active listings decreased by 41%, making it a strong seller’s market. The sale of townhomes and condos increased almost 30% with a median sales price of $274,500. With 11.8 months of inventory, this market is prime for buyers.

Broward County: Single-family homes rose 24.5% with the median sales price increasing 13.2% to $430,000. Homes in the luxury market surged 66.2%. Condo and townhomes sales also jumped 28.5% while the median sales price increased 11.1% to $200,000. With 5.6 months of supply, its slightly tilted to a seller’s market.

Palm Beach County: Single-family home sales increased 25.6% with the median sales price growing 16.8% to $425,000. Luxury homes priced at $1 million and up skyrocketed 167% last month. Condos and townhomes sales increased by only 6% with the median sales prices of $230,000. Active listings declined by 13%.

If you’re interested in buying or selling your home, the team at BHG Florida 1st can help. Contact us today!